§560:6-111 Financial institution protection; payment of trust account. Subject to the provisions of section 560:6-107, any trust account may be paid, on request and according to its terms, to any trustee. Unless the financial institution has received written notice or has actual knowledge that the beneficiary has a vested interest not dependent upon the beneficiary's surviving the trustee, payment may be made to the personal representative or heirs of a deceased trustee if proof of death is presented to the financial institution showing that the deceased trustee was the survivor of all other persons named on the account either as trustee or beneficiary. A trust account may be paid, on request and according to its terms, to the beneficiary upon presentation to the financial institution of proof of death showing that the beneficiary or beneficiaries survived all persons named as trustees. [L 1976, c 200, pt of §1; gen ch 1985]
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