Totten Trust

Totten Trust in United States

Practical Information

Note: Some of this information was last updated in 1982

Money deposited in a savings bank “in trust for” another person. A savings bank trust may be revoked by the depositor at will unless he or she acts in a way that clearly shows the intent to make the trust irrevocable. Such an intent will be evidenced by unconditional delivery of the passbook to the beneficiary or by notice to the beneficiary or bank that the trust is absolute. A savings bank trust is also called a Totten trust, the name being derived from the precedent making case Matter of Totten, which was decided in New York.

(Revised by Ann De Vries)

What is Totten Trust?

For a meaning of it, read Totten Trust in the Legal Dictionary here. Browse and search more U.S. and international free legal definitions and legal terms related to Totten Trust.


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