can anyone please briefly explain to me the circumstances in which a bank will become an express trustee?

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can anyone please briefly explain to me the circumstances in which a bank will become an express trustee?

2007-01-09 01:52:52 · 2 answers · asked by key 1 in Politics & Government ➔ Law & Ethics

2 answers

In this situation, express trustee is the opposite of implied trustee, meaning that someone would have to expressly name the bank as a trustee.

2007-01-09 10:03:53 · answer #1 · answered by Smokin' Dragon 4 · 0⤊ 0⤋

A bank can become a trustee in a couple of situations. 1. A person designates the bank as the trustee of a trust account. 2. The court appoints the bank as the trustee of a trust account.

2007-01-09 10:20:28 · answer #2 · answered by Josie 2 · 0⤊ 0⤋