2015 Arizona Revised Statutes
Title 14 - Trusts, Estates and Protective Proceedings
§ 14-7509 Deposit in names of two or more trustees
14-7509. 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.
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