Common use of Accountings by the Trustee Clause in Contracts

Accountings by the Trustee. The Settlor, and after the death of the Settlor, the beneficiaries of each trust created hereunder shall be entitled to receive annually an account by the Trustee showing all receipts, disbursements, and distributions of both principal and income from such Trust Estate since the last annual account. Unless, however, the Trustee's account is objected to in writing within sixty (60) days of the rendition thereof, such account shall be deemed approved as stated. The approval by such persons, or by their guardians or legal representatives, of such statement shall, as to all matters and transactions stated in the account or shown by the Trustee, be final and binding on all persons, whether or not in being, who are then or who thereafter may become entitled to share in either the income or principal of any trust created herein. Nevertheless, the Trustee shall at all times be entitled to obtain a judicial settlement of the Trustee's accounts.