HB17-1157 - Bank And Credit Union Reliance On A Certificate Of Trust

Passed/Signed into Law
Concerning reliance by a financial institution on a certificate of trust.

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.)


Senate Committees

Latest update: March 23, 2017
03/23/2017 - Governor Signed
03/20/2017 - Sent to the Governor
03/17/2017 - Signed by the President of the Senate
03/17/2017 - Signed by the Speaker of the House
03/13/2017 - Senate Third Reading Passed - No Amendments
03/10/2017 - Senate Second Reading Passed - No Amendments
03/07/2017 - Senate Committee on Finance Refer Unamended - Consent Calendar to Senate Committee of the Whole
02/22/2017 - Introduced In Senate - Assigned to Finance
02/22/2017 - House Third Reading Passed - No Amendments
02/21/2017 - House Second Reading Passed - No Amendments
02/16/2017 - House Committee on Business Affairs and Labor Refer Unamended to House Committee of the Whole
02/06/2017 - Introduced In House - Assigned to Business Affairs and Labor