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If I am the president of a small family charitable trust may I borrow trust money if I pay it back within 30 days with 18% interest?
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The rules against self dealing are strict. You ought to consult with an attorney about whether a promissory note is required, whether collateral is required, whether it has to be disclosed, etc.
Answered on Oct 24th, 2014 at 10:31 AM
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I would say that's a very bad idea. I would try to get Court approval before borrowing money from a trust that you are the trustee of.
Answered on Oct 21st, 2014 at 7:46 AM