§ 30-2-4-10 — Deposit in names of two or more trustees

When a deposit is made in a bank in the name
of two (2) 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.
Formerly: Acts 1927, c.17, s.10.