InnoVest Resource Management's Foreclosure Forum

Discussion Board Foreclosure Training Title Holding Trust Speaking Schedule Foreclosure Codes 50 State Foreclosure Basics Foreclosure Glossary 60+ Yrs Interest Rates News & Trends FAQ Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Getting the money Posted by Gary C. on March 14, 2002 at 8:55 AM In Reply to: Getting the money posted by Ward-CA- on March 09, 2002 at 7:29 AM : : 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. =============== Ward: I found an easier solution. I went to a different teller at the same bank. Gary Follow Ups: Getting the money any way you can.. Ward-CA- 4:58 PM, 03/14/02 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : : 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. : =============== : Ward: I found an easier solution. I went to a different teller at the same bank. : Gary Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction.

Copyright © 1997-2002, InnoVest Resource Management

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455