A[n] ______ Trust Is a Trust Created While the Settlor

question 45

Multiple Choice

A[n] ______ trust is a trust created while the settlor is alive or by will.

• A) Actual
• B) Express
• C) Implied
• D) Resulting
• E) Congruent

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Definitions:

Drawer

In the context of banking and checks, the individual or entity that writes and signs a check, directing a bank to pay the stated amount.

Drawee

The entity, often a bank, on which a check or draft is drawn and is responsible for paying the amount specified.

Depositary Bank

A financial institution that holds and manages the securities of a depositor, facilitating the exchange of securities and related transactions.

Payor Bank

A bank that is responsible for paying a check or draft on behalf of its client.