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Foreclosure Forum |
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Getting the moneyIn Reply to: Checks made out to the trustee posted by Gary C. on March 08, 2002 at 10:35 PM : Hi Ward: : I flipped a house last week and received a cashier's check from escrow made out to me "as trustee". My bank would not cash it unless my account was a trust account (which it is not). To do that, the bank (WAMU) stated that I must show them the notarized trust declaration. My questions are: : 1) Can't I just cross out the words "as trustee" on the check and cash it in my account? : 2) If not, can I take it to the issuing bank and cash it or have them write another cashier's check made out to me without "as trustee" on the check? : 3) If I open a checking account for the trust and me as the trustee, am I correct to assume I only need to show the bank the Certification of Trust and not the trust declaration itself? : All for now. Thanks Ward. : Gary =•=•=•=•=•=•=•=•=•=•= Gary, the banks I’m familiar with frown on cashing checks where part of the payee line is crossed out. Your bank must be very critical because my bank will allow me to deposit rent checks made payable to me as trustee without requiring the account be a trust account. The easiest solution I see is go back to escrow and have them replace their check with one that’s just payable to you without the accompanying “trustee” designation.
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