Planning for the Future
 
 

Escrow Agent

We act as a neutral third-party to conclude your financial transaction.

JCB can act as agent to holds funds in escrow for an individual or entity until terms of an underlying agreement are met; such as completion of the sale of a business or real estate, merger and acquisition, private placement and subscription, or other business escrows.

Escrow Agency Services

An escrow agreement is a legal document that outlines the terms and conditions between parties involved in an escrow arrangement. An escrow agreement defines the arrangement by which one party deposits an asset with a third person (called an escrow agent), who, in turn, makes delivery to another party if and when the specified conditions of the contract are met.

As escrow agent in your transaction, JCB holds in safekeeping original documents, deeds, titles, or other security until the terms of the agreement have been met and the items are released. As escrow agent, JCB provides the following services:

 Holds escrow documents in safekeeping
 Processes all payments and disburses proceeds to seller
 Maintains an accounting of all transactions
 Provides tax reporting at year-end, if applicable

You will have security and peace of mind that our staff will take care of your business needs from start to finish ensuring that you reach your transaction and financial goals.


Section 1031 Real Estate Exchange Trusts

JCB can act as trustee for a 1031 real estate exchange trust. This arrangement is not always beneficial to everyone. You are encouraged to seek the advice of your attorney and tax advisor to determine how the use of a Section 1031 “Starker” exchange will affect your situation.

Real Estate Exchange Trust

Owners of commercial real estate may be able to benefit from the utilization of a 1031 "Starker" Exchange Trust when seeking to sell property and acquire a different parcel. The Internal Revenue Code Section 1031 provides for the taxdeferred exchange of commercial property for a similar type of property. Taxes are not paid at the time of the sale if a Starker Trust is used to acquire similar property within a specified period of time.

For this to happen, the person, or corporation seeking to sell the property in question must establish a Starker Trust. The proceeds from the sale of the property are placed into the trust. After closing on the sale of the property being exchanged, the exchanger has 45 days to identify up to three replacement properties. The closing on the replacement property must occur no later than 180 days from the initial closing on the property being exchanged. Properties being exchanged must be used for investment. Personal residences are not exchangeable.

Jackson County Bank, through its Trust Department, can act as trustee for 1031 Exchange Trusts. This arrangement is not always beneficial to everyone. You are encouraged to seek the advice of your attorney and tax advisor to determine how the use of a Section 1031 “Starker” exchange will affect your situation.

Our fees for serving as trustee for a Starker Trust are quoted individually, based on the details of the situation. The bank does not offer legal or tax advice, on this or any matter, but will work with the attorneys and accountants of the person or entity making the exchange to ensure the process is carried out in accordance with the Internal Revenue Code.

The bank does not offer legal or tax advice, on this or any matter, but will work with the attorneys and accountants of the person or entity making the exchange to ensure the process is carried out in accordance with the Internal Revenue Code.

Trust Services Solutions & Resources

Use these tools to learn more about JCB's Trust Services.

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Meet Your Trust Officers

JCB's Trust Officers have the experience and knowledge to guide your financial decisions. Contact one of our Trust Officers to learn about our services. Select a photo for contact information.

George F Spray

George F. Spray, CTFA

Senior Vice President

jc bank 812-524-4436 800-204-6477 x 4436

jc bank Email George

George F. Spray, CTFA
Brandon L Hunsley

Brandon L. Hunsley, CTFA

Assistant Vice President & Trust Officer

jc bank 812-524-4411 800-204-6477 x 4411

jc bank Email Brandon

Brandon L. Hunsley, CTFA
Denise_Siefker

Denise Schneider Siefker

Assistant Trust Officer

jc bank 812-524-4482

jc bank Email Denise

Denise Schneider Siefker