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Accounts in this category include all cases where the fiduciary capacity and title to the funds are a matter of formal or public record, as in a deed or agreement, under a will or where control of the funds is authorized by a court decree.
Note: Countersigning:
All administrators and certain executors are required by law to furnish a bond. In some cases, the Surety Company gives notice of its intention to countersign checks. A formal notice of this intention must be received and where possible, confirmed by the customer.
Upon receipt of formal notification, all signature cards should be noted “Joint Control with Surety” and notification filed in branch accounts.
Where two or more executors or administrators have been appointed, obtain a letter of agreement signed by all representatives when they desire less than the entire number to draw checks against the account.
Power of Attorney - May be Authorized
When a professional person opens an account under his or her own name, it must be decided if the account is to be used for personal or business purposes.
Example: John Jones, M.D. Jack Smith, Attorney
If the account is for personal use, use the white signature card. A married woman cannot sign under her husband’s name.
Tentative Trusts
Death of a Trustee
If beneficiary is 18 years or older: Secure death certificate or other satisfactory or proof of death. If beneficiary is under 18 years of age:
1. The Bank may pay the balance of account to the beneficiary after he/she becomes 18.
2. Tothelegalguardian,whenappointed, and
3. If a certificate of appointment of legal guardian is not filed, to a person authorized to receive such monies.
Death of a Beneficiary:
When a beneficiary predeceases depositor, no papers are required. The tentative trust is terminated and the account continues as if it had been opened in the depositor’s name with no mention of the beneficiary. If the beneficiary services the depositor and then dies, the papers required are the same as in the case of an individual.
GOSSELIN FUNERAL HOME - Page 35