Accounts for Living Trusts. An account for a living trust is an individual account held by one or more trustees of a trust for the benefit of one or more beneficiaries pursuant to a revocable trust agreement. Upon request of the Credit Union, the trustee shall sign an Account Authorization Card and provide any other evidence of the trustee’s authority the Credit Union requires. Trustee warrants that a valid living trust has been created, is currently existing, and that the trustor and primary beneficiary are eligible for membership in the Credit Union. The Credit Union does not act as a trustee and is under no obligation to inquire as to the powers or duties of the trustee(s). The trustee agrees to notify the Credit Union in writing if a change of trustee occurs. The Credit Union may withhold payment of funds to any party until proper evidence of authority is provided. The Credit Union may rely upon the directions of any one trustee until a written notice of revocation of the living trust or an Account Card form is received. Funds may be released to any one trustee acting alone or with a co-trustee. The trustee(s) agrees to indemnify and hold the Credit Union harmless of any liability, claim, damage or loss arising as a result of unauthorized acts of any trustee or former trustee or acts of any trustee upon which Credit Union relies prior to notice of revocation of the trust. This Agreement shall be binding on the trust, any trustee, successor trustee and beneficiaries.
Accounts for Living Trusts. An account for a living trust is an individual account held by one or more trustees of a trust for the benefit of one or more beneficiaries pursuant to a revocable trust agreement. The trustee(s) will sign a Signature Card and provide evidence of the trustee’s authority. Trustee warrants that a valid living trust has been created, is currently existing, and that the trustor and primary beneficiary are eligible for membership in the Credit Union. The Credit Union does not act as a trustee and is under no obligation to inquire as to the powers or duties of the trustee(s). Trustee agrees to notify us in writing if a change of trustee occurs. We may withhold payment of funds to any party until proper evidence of authority is provided. We may rely upon the directions of any one trustee until a written notice of revocation of the living trust is received. Funds may be released to any one trustee acting alone or with a co-trustee. The trustee(s) agrees to indemnify and hold the Credit Union harmless of any liability, claim, damage or loss arising as a result of unauthorized acts of any trustee or former trustee or acts of any trustee upon which we rely prior to notice of revocation of the trust. This Agreement will be binding on the trust, any trustee, successor trustee and beneficiaries.
Accounts for Living Trusts. An account for a Living Trust is an account held by one or more trustees for the benefit of one or more beneficiaries pursuant to a revocable trust agreement. Upon request of the Credit Union, the trustee(s) will supply to the Credit Union a copy of the trust agreement evidencing trustee’s authority. Trustee warrants that a valid Living Trust has been created, is currently in existence, and that trustor and beneficiary are members of the Credit Union. The Credit Union is under no obligation to act as a trustee or to inquire as to the powers or duties of the trustee(s). Xxxxxxx agrees to notify the Credit Union in writing if a change of trustee occurs. The Credit Union may withhold payment of funds to any party until proper evidence of authority is provided. Funds may be released to any one trustee acting alone or with a co- trustee. The Credit Union may rely upon the directions of any one trustee until a written notice of revocation of the living trust form is received. The trustee(s) agree to indemnify and hold the Credit Union harmless of any claim, damage or loss arising as a result of unauthorized acts of any trustee or former trustee unless a successor trustee notifies the Credit Union in writing prior to any unauthorized act. This Agreement shall be binding on the trust, successor trustee(s) and beneficiaries.
Accounts for Living Trusts. An Account of a living trust is an individual account held by one or more trustees of a trust for the benefit of one or more beneficiaries pursuant to a revocable trust agreement. The trustee shall sign a Membership Application and provide any other evidence of the trust’s authority that we require. Trustee warrants that a valid living trust has been created, currently exists, and that the trust or beneficiaries are eligible for membership. We will not act as a trustee and is under no obligation to inquire as to the powers or duties of the trustee(s). The Trustee agrees to notify us in writing if any change of trustee occurs. We may withhold payment of funds to any party until proper evidence of authority is provided. Except for irrevocable trust, we may rely upon the direction of any one trustee until a written notice of revocation of the trust is received. Funds may be released to any one trustee acting alone or with a co-trustee. The trustee(s) agrees to indemnify and hold the Credit Union harmless of any liability, claim, damage, or loss arising as a result of unauthorized acts of any trustee or former trustee or acts of any trustee upon which we rely on prior to notice of revocation of the trust. This Agreement shall be binding on the trust, any trustee, successor trustee and beneficiaries. Representative Payee Accounts. A Representative Payee account is established on behalf of a recipient (Beneficiary) of benefits from the Social Security Administration (SSA), Supplemental Security Income (SSI), or the Veterans Administration (VA) on which a person, as designation by SSA/VA as Representative Xxxxx, acts on behalf of the beneficiary as Authorized Signer. The account is established in the name of the beneficiary as the only owner, by the Representative Xxxxx as Authorized Signer. Neither the Representative Xxxxx nor a third party can have ownership interest in the account. While the Beneficiary retains ownership interest, the account title must be established to not permit him or her to have direct access to the funds, for example. “(Beneficiary’s (member’s) Name) by (Representative Xxxxx’s Name), Representative Payee or (Representative Xxxxx’s Name), Representative Payee for (Beneficiary’s (member’s) Name). The Beneficiary must be eligible for membership and is the Primary Member. The Representative Xxxxx agrees to be bound by the terms of the Account Agreement to provide us a copy of the written Social Security Administration authorization designati...
Accounts for Living Trusts. You may open an account to hold the funds of your trust, and this account can be opened on either our Account Contract Part 1 form, or our Account Contract for Trust form. Regardless of which form you select to open the account, for IRS reporting purposes the name that appears first on Part 1 of the agreement must match Social Security or Employer Identification Number (SSN or EIN) provided by you to open the account (though we will be able to write the full legal name of the trust in the specially designated area of Part 1 of the contract should you so desire). You, any person designated in Part 1 of this contract, and any person or organization associated in any way with the trust (i.e., all grantors, trustees, successor trustees, and/or beneficiaries) agree that the terms, responsibilities and liabilities of this contract are binding on all account owners, any person or organization associated with the trust and the trust (i.e., all grantors, trustees, successor trustees, and/or beneficiaries), and agree to abide by the terms this contract. Additionally, all persons or organizations associated in any way with the trust (i.e., all grantors, trustees, successor trustees, and/or beneficiaries) agree to indemnify, defend, and hold us harmless for any loss, damage, claim or liability that occurs as a result of opening, using and closing this account, and sign a statement acknowledging the same. You further understand and acknowledge that you, any person designated in Part 1 of this contract, and any person or organization associated in any way with the trust (i.e., all grantors, trustees, successor trustees, and/or beneficiaries), are totally and completely responsible for fulfilling the duties and responsibilities of the trust, and that we need only rely exclusively on the terms of Parts 1 and 2 of this contract. In the event we need to review your trust for opening, maintenance or termination of the account, or for any transaction on the account, you agree to pay all costs and expenses, including reasonable attorney fees, incurred for the review of your trust. If you elect to use our Account Contract Part 1 form and wish to designate a successor trustee to claim the funds in the account in the event of your death, we can include that person’s name as beneficiary/pod payee on the account, who is a successor trustee for funds under your trust. We may require you to substantiate your authority to negotiate a check payable to a trust before accepting any check...
Accounts for Living Trusts. An account of a living trust is an individual account held by one or more trustees of a trust for the benefit of one or more beneficiaries pursuant to a revocable trust agreement. When an account is established, the trustee will provide evidence of the trustee’s authority. The trustee warrants that a valid living trust has been created, and is currently existing. We do not act as a trustee and are under no obligation to inquire as to the powers or duties of the trustee(s). The trustee agrees to notify the Bank in writing if a change of trustee occurs. The Bank may rely upon the directions of any one trustee until a written notice of revocation of the living trust or a written change notification is received. Funds may be released to any one trustee acting alone or with a co-trustee. The trustee(s) agrees to indemnify, defend and hold First Bank harmless from any liability, claim, damage or loss arising as a result of unauthorized acts of any trustee or former trustee or acts of any trustee upon which the Bank relies prior to notice of revocation of the trust. This Agreement shall be binding on the trust, any trustee, successor trustee and all beneficiaries.
