Bank Deposits; Trust Deposits, Alternate Deposits, Joint Deposits a Full Statement of the General Principles of Law Governing These Forms of Deposits.

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be presumed where the depositor dies, leaving the matter unexplained and the apparent intention undisputed. It is certainly clear that the depositor is not conclusively bound by the mere form of a deposit as trustee for another. ...
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Overview

Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free.
This is an OCR edition with typos.
Excerpt from book:
be presumed where the depositor dies, leaving the matter unexplained and the apparent intention undisputed. It is certainly clear that the depositor is not conclusively bound by the mere form of a deposit as trustee for another. The proposition rests upon the good reason that one, who is dealing with his own property, either ig- norantly or for convenience, or pursuant to a purpose, not fully determined or executed, should not be held to have dispossessed himself against his will." § 3. Intent of depositor governs.—The determination of the question of whether a valid trust of a bank account has been created is referable to the intent of the depositor. If, in making the deposit, he intended to create a trust, and such intent can be established, and, in addition to such intention has taken the requisite steps to create a trust, the courts will dispose of the fund in accordance with such intention. On the other hand, although the money is deposited in the form of a trust account, if it is shown that the depositor never intended to create a trust in favor of the party named as beneficiary, it will be held that no trust was created.8 8. Williams v. Brooklyn Savings Bank, (1900), 51 N. Y. App. Div. 332; 64 N. Y. Supp. 1021; Matter of Biggars, (1902), 39 Misc. Rep. (N. Y.) 426, 80 N. Y. Supp. 214; Green v. Sutherland, (1903) 40 Misc. Rep. (N. Y.) 559, 82 N. Y. Supp. 87S; Matter of Barofield, (1904), 177 N. Y. 387; 69 N. E. Rep. 732; Matter of Smith, (19(), 40 Misc. Rep. (N. Y.) 331, 81 N. Y. Supp. 1035; Sayre v. Weil, (1901), 94 Ala. 466, 10 So. Rrp. 546: Cleveland v. Harnpclen Savings Bank, (1902), 182 Mass. 110, 65 N. E. Rep. 27; Rambo v. Pile, (1908), 220 Pa. 235; 69 Atl. Rep. 807; Haux v. Dry Dock Savings Institution (1897), 2 N. Y. App. Div. 165, Aff'd., 154 N. Y. 736; Decker ...
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Product Details

  • ISBN-13: 9781459081109
  • Publisher: General Books LLC
  • Publication date: 2/28/2012
  • Pages: 96
  • Product dimensions: 7.44 (w) x 9.69 (h) x 0.20 (d)

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be presumed where the depositor dies, leaving the matter unexplained and the apparent intention undisputed. It is certainly clear that the depositor is not conclusively bound by the mere form of a deposit as trustee for another. The proposition rests upon the good reason that one, who is dealing with his own property, either ig- norantly or for convenience, or pursuant to a purpose, not fully determined or executed, should not be held to have dispossessed himself against his will." § 3. Intent of depositor governs.The determination of the question of whether a valid trust of a bank account has been created is referable to the intent of the depositor. If, in making the deposit, he intended to create a trust, and such intent can be established, and, in addition to such intention has taken the requisite steps to create a trust, the courts will dispose of the fund in accordance with such intention. On the other hand, although the money is deposited in the form of a trust account, if it is shown that the depositor never intended to create a trust in favor of the party named as beneficiary, it will be held that no trust was created.8 8. Williams v. Brooklyn Savings Bank, (1900), 51 N. Y. App. Div. 332; 64 N. Y. Supp. 1021; Matter of Biggars, (1902), 39 Misc. Rep. (N. Y.) 426, 80 N. Y. Supp. 214; Green v. Sutherland, (1903) 40 Misc. Rep. (N. Y.) 559, 82 N. Y. Supp. 87S; Matter of Barofield, (1904), 177 N. Y. 387; 69 N. E. Rep. 732; Matter of Smith, (19(), 40 Misc. Rep. (N. Y.) 331, 81 N. Y. Supp. 1035; Sayre v. Weil, (1901), 94 Ala. 466, 10 So. Rrp. 546: Cleveland v. Harnpclen Savings Bank, (1902), 182 Mass. 110, 65 N. E. Rep. 27; Rambo v. Pile, (1908), 220 Pa. 235; 69 Atl. Rep.807; Haux v. Dry Dock Savings Institution (1897), 2 N. Y. App. Div. 165, Aff'd., 154 N. Y. 736; Decker ...
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