Lex Armarum
Ultimate Member
- Oct 19, 2009
- 3,450
A trust is not a legal entity (as defined in other sections of MD law).
I believe the purpose of the trust checking account is to fund the trust, so that the trust is valid when you file the paperwork with ATF (trust does not come into existence until funded, I believe.) It would be the same as people who place a $1 bill in the Schedule A before sending it off to ATF.
I cannot think of anything bad that would happen without a trust account, or paying the transfer fee out of any personal account. Hell, the transfer fee is payable by the transferor under the law, and we're talking about transferees paying the tax. ATF wants the money, they don't care who or what it comes from, IMO.
I've answered this question before - earlier in this thread I might add - but for the sake of brevity, here is my take on this issue:
http://www.mdshooters.com/showpost.php?p=1241383&postcount=108