Cfirs Study guides, Class notes & Summaries

is charged with the responsibility to marshal assets, pay debts and make distributions per terms of the will. - As executor of an estate, a Bank Trust Department typically: should petition a court of proper jurisdiction for instruction as to the proper course of action. - When the terms of an irrevocable living trust become illegal, imprudent or impossible with which to comply, the trustee: all real and personal property owned by the testator at death - As executor of an estate, a bank mus...

Employee Benefit and Retirement Accounts - Answer-Which of the following types of accounts make up the majority of non-managed asset products? Investment Management & Advisory Accounts - Answer-Which of the following types of accounts make up the majority of managed asset products? Legislation - Answer-_______________is a law which has been enacted by a legislature and signed into law by the governor or president. Regulation - Answer-___________ is a rule created by an administrative agenc...

Cannon Financial Institute CFIRs Sample Questions and Answers Rated A+ "As an executor of an estate, a Bank Trust Department typically: a. Does not have a fiduciary duty. b. Is charged with the responsibility to marshal assets, pay debts, and make distributions per terms of the will. c. Can only serve if granted special permission by the regulatory authorities in addition to the bank's general fiduciary powers. d. Must have capital in excess of the normal capital required to exe...

Which of the following is not taken into account in computing trust accounting income? A. Distributions made to a beneficiary B. Expenses attributable to earnings tax exempt income C. Trustee fees paid from income D. Tax preparation fees paid from income - Answer-Distributions made to a beneficiary In securities lending, the securities should be market to market: - Answer-daily In security lending, the investment of cash collateral is the responsibility of the: a. Borrower. b. Lender. c...

"As an executor of an estate, a Bank Trust Department typically: a. Does not have a fiduciary duty. b. Is charged with the responsibility to marshal assets, pay debts, and make distributions per terms of the will. c. Can only serve if granted special permission by the regulatory authorities in addition to the bank's general fiduciary powers. d. Must have capital in excess of the normal capital required to exercise general trust powers. " - Answer-B "As an executor of an estate, a Ban...

"As an executor of an estate, a Bank Trust Department typically: a. Does not have a fiduciary duty. b. Is charged with the responsibility to marshal assets, pay debts, and make distributions per terms of the will. c. Can only serve if granted special permission by the regulatory authorities in addition to the bank's general fiduciary powers. d. Must have capital in excess of the normal capital required to exercise general trust powers. " : B "When the terms of an irrevocable liv...

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