Re: Bank insists on seeing Trust Agreement - Posted by AndrewC
Posted by AndrewC on October 25, 2000 at 06:51:05:
I believe that officially you cannot divulge the Trust
information / agreement without the written consent of the beneficiaries, or a court order.
Also, as Trustee, you are not allowed to sign personally on any debt instrument concerning the property. That in itself , would be silly for a Trustee to be personally liable for a beneficiaries obligations. What would happen if the benficiary fired the Trustee, you would still be liable , since you had signed a personal guarantee. Now, you may be able to get away with signing it “AS Trustee”.
Best thing to do , 1) read the entire agreement , it should have something pointing this out; 2) always consult an attorney.
Now, if you are the beneficary, then its not a big deal. But you cannot legally obligate yourself or the beneficary without written consent from the beneficiary.
I am not an attorney. This is my opinion. Consult an attorney.