Recognition of deposit ownership and fiduciary relationships.

CFR · 2024-01-01 · US · Title 12

(a) (2) (b) (2) (3) (i) One method is to: (A) Expressly indicate, on the deposit account records of the insured depository institution, the existence of each and every level of fiduciary relationships; and (B) Disclose, at each level, the name(s) and interest(s) of the person(s) on whose behalf the party at that level is acting. (ii) An alternative method is to: (A) Expressly indicate, on the deposit account records of the insured depository institution, that there are multiple levels of fiduciary relationships; (B) Disclose the existence of additional levels of fiduciary relationships in records, maintained in good faith and in the regular course of business, by parties at subsequent levels; and (C) Disclose, at each of the levels, the name(s) and interest(s) of the person(s) on whose behalf the party at that level is acting. No person or entity in the chain of parties will be permitted to claim that they are acting in a fiduciary capacity for others unless the possible existence of such a relationship is revealed at some previous level in the chain. (4) (ii)

official document · source cfr-2024 · id 12:§ 330.5