Q: May an employee of an institution serve as a trustee on a promissory note from the institution to another employee?
An employee of an institution is issued a promissory note by the institution and the note is secured by a deed of trust. Real estate owned by the borrower serves as security for the note. Under the Virginia Uniform Custodial Trust Act, may another employee of the institution serve as the trustee for the deed of trust? If so, is this advisable?
A: Is it allowed, yes, is it advisable is a fact based analysis that depends on the goals of the parties, and especially the trust instrument. Given the level of complexity you are discussing, you are far beyond the point of needing professional paid legal advice, rather than advice trough online forums.
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