Minnesota Legislature
Office of the Revisor of Statutes
2007 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
520.10 DEPOSIT IN NAMES OF TWO OR MORE TRUSTEES.
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 any trustee or trustees authorized by the other trustee or
trustees to draw checks upon the trust account, neither the payee nor other holder nor the bank
is bound to inquire whether it is a breach of trust to authorize such trustee or trustees to draw
checks upon the trust account, and is not liable unless the circumstances be such that the action
of the payee or other holder or the bank amounts to bad faith.
History: 1945 c 202 s 10
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 any trustee or trustees authorized by the other trustee or
trustees to draw checks upon the trust account, neither the payee nor other holder nor the bank
is bound to inquire whether it is a breach of trust to authorize such trustee or trustees to draw
checks upon the trust account, and is not liable unless the circumstances be such that the action
of the payee or other holder or the bank amounts to bad faith.
History: 1945 c 202 s 10
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Revisor of Statutes