Common use of Accounts for Trusts Clause in Contracts

Accounts for Trusts. An account for a 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 trust agreement. Upon request of the Credit Union, the trustee shall complete or provide any documentation we require. The Trustee warrants that a valid trust has been created and currently exists, 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 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. The Credit Union may rely upon the directions of any trustee until a written notice of revocation of the trust or a change in trustees 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 us 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 the Credit Union relies. This Agreement shall be binding on the trust, any trustee, successor trustees and beneficiaries.