Sell In Trust
Does anyone have a suggestion for selling a prop in a trust. I do not want to setup a bank account for each one and the attorney wants to write the check to the trust. Not sure if the bank will deposit into the corp if signed by the trustee. Thoughts?
The best approach would be to contact your bank and find out what there procedures are. Ask for the Customer Service Manager (CSM) to make sure that you get the right answer. The teller's mean well, but are not always up on these technical issues.
[addsig]
make sure you have the trust agreement to show you can sign for the trust (or whom every the ttee is)
So are you saying deposit it in a company account, and have the trustee sign to put it there? The bank does not seem to have a problem but they said that the cashing bank could return the check. Anyone have a problem with that.?
you should keep the monies of your enities separate. But you don't want the headache of multiple checking account.
If you have the corp account and a reason to deposit the trust money there, then endorsemnt should be fine.
if you have a check pay to foo trust, and you endorse it to Acme, Inc, and have the trustee sign it then a signatory of the corp sing it, it's just a 2-party check.
No some banks have become anal about 2 party checks.
Quote:
On 2004-06-30 08:39, victorb wrote:
Does anyone have a suggestion for selling a prop in a trust. I do not want to setup a bank account for each one and the attorney wants to write the check to the trust. Not sure if the bank will deposit into the corp if signed by the trustee. Thoughts?
*An escrow officer would be able to advise you on this and what documentation they need from you to complete the sale and disburse your proceeds