§ 2-3-207 — Liability of bank; when check drawn by trustee

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 the trustee or trustees to
draw checks upon the trust account, and is not liable unless the
circumstances are such that the action of the payee or other
holder or the bank amounts to bad faith.