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HB17-1157

Bank And Credit Union Reliance On A Certificate Of Trust

Concerning reliance by a financial institution on a certificate of trust.
Session:
2017 Regular Session
Subject:
Financial Services & Commerce

Currently, a bank may rely on a certificate of trust when trustees open a trust deposit account. The bill requires trustees to provide additional information in a certificate of trust. The bill also permits a bank to rely on a certificate of trust for any transaction between the bank and the trustees unless the bank has knowledge that the certificate of trust is contrary to the trust agreement. Knowledge will not be inferred solely because the bank has a copy of the trust agreement.

The bill allows credit unions to rely on a certificate of trust in the same manner as a bank.


(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

Status

Introduced
Passed
Became Law

Bill Text

  • All Versions (7 )
    Date Bill Type Documents
    03/23/2017 Signed Act PDF
    03/17/2017 Final Act PDF
    03/13/2017 Rerevised PDF
    03/10/2017 Revised PDF
    02/22/2017 Reengrossed PDF
    02/21/2017 Engrossed PDF
    02/06/2017 Introduced PDF