Utah Code 75A-1-210. Deposits in name of several trustees
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When a deposit is made in a bank in the name of two or more persons as trustees and a check is drawn upon the trust account by a trustee authorized by another trustee to draw checks upon the trust account:
(1) the payee or bank is not bound to inquire whether the deposit is a breach of trust to authorize a trustee to draw checks upon the trust account; and
Terms Used In Utah Code 75A-1-210
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
- Trustee: A person or institution holding and administering property in trust.
(2) the payee or bank is not liable unless the circumstances are such that the action of the payee or bank amounts to bad faith.