Common use of Accounts for Fiduciary Purposes Clause in Contracts

Accounts for Fiduciary Purposes. (Accounts that Hold the Funds for Trusts, Wards, Conservatorships, Beneficiaries, Estates, etc.). When you open an account to hold the funds of an estate, trust, guardianship, conservatorship or court ordered purpose (or for any other legal and/or fiduciary relationship or purpose), you understand and acknowledge that we are only providing you, as the account owner, with an account to hold funds for that estate, trust, guardianship, conservatorship or court ordered purpose (or legal and/or fiduciary relationship or purpose). You further understand and acknowledge that you as the account owner are totally and completely responsible for fulfilling the duties and responsibilities of that estate, trust, guardianship, conservatorship or court ordered purpose (or any other legal and/or fiduciary relationship or purpose), and that we need only rely exclusively on the terms of Parts 1 and 2 of this contract. Furthermore, you and all persons associated in any way with the estate, trust, guardianship, conservatorship or court ordered purpose (or any other legal and/or fiduciary relationship or purpose), agree to indemnify, defend, and hold us harmless for any loss, damage, claim or liability asserted against us for our actions taken pursuant to this contract (and all disclosures, bylaws, policies and procedures incorporated by reference) that occurs as a result of opening, using and closing this account, and sign a statement acknowledging the same. In the event we need to review any documentation for the opening, maintenance or termination of the account that holds funds for fiduciary purposes, or for any transaction on the account, you agree to pay all costs and expenses, including reasonable attorney fees, incurred for the review of that documentation. We may require you to substantiate your authority to negotiate a check not specifically made payable to you before accepting it for deposit, and may require you to deposit the check into the specific account pertaining to the payee of check.