7-5.2 - Terms of a trust account

§ 7-5.2 Terms of a trust account    The  funds  in  a  trust account, which shall include any dividends or  interest thereon, shall be trust funds subject to the following terms:    (1) The trust can be revoked, terminated or modified by the  depositor  during  his lifetime only by means of, and to the extent of, withdrawals  from or charges against the trust account  made  or  authorized  by  the  depositor  or  by a writing which specifically names the beneficiary and  the financial institution. The writing shall be acknowledged  or  proved  in  the  manner  required  to entitle conveyances of real property to be  recorded, and shall be filed with the financial institution wherein  the  account is maintained.    (2)  A trust can be revoked, terminated or modified by the depositor's  will only by means of, and  to  the  extent  of,  an  express  direction  concerning  such  trust  account, which must be described in the will as  being in trust for a named beneficiary in a named financial institution.  Where the depositor has more than one trust  account  for  a  particular  beneficiary in a particular financial institution, such a direction will  affect all such accounts, unless the direction is limited to one or more  accounts  specifically  identified  by account number in addition to the  foregoing  requirements.  A  testamentary  revocation,  termination   or  modification  under  this  paragraph can be effected by express words of  revocation, termination or modification, or by a specific bequest of the  trust account, or any part of it, to someone other than the beneficiary.  A bequest of part of a trust  account  shall  operate  as  a  pro  tanto  revocation to the extent of the bequest.    (3)  If  the  depositor  survives  the  beneficiary,  the  trust shall  terminate and title to the funds shall continue in  the  depositor  free  and clear of the trust.    (4)  If  the  beneficiary  survives the depositor, and the depositor's  will contains no provision revoking, terminating or modifying the  trust  account  under paragraph (2), the trust shall terminate and title to the  funds shall vest in the beneficiary free and clear of the trust.    (5) If the beneficiary survives the depositor and the depositor's will  contains language sufficient under paragraph two  of  this  section,  to  revoke, terminate or modify the trust, in whole or in part, that part of  the trust which is affected shall terminate and title to the funds shall  be subject to disposition by the depositor's will, free and clear of the  trust.