Common use of Accounts for Trusts Clause in Contracts

Accounts for Trusts. An account for a trust is an account held in the name of the trust by one or more trustees of a trust for the benefit of one or more beneficiaries pursuant to a revocable or irrevocable trust agreement. The trustee(s) shall sign an Account Authorization Card and provide any other evidence of the trustee’s authority that the Credit Union requires. Trustee(s) warrants that a valid living trust has been created and is currently existing. The trustor or the primary beneficiary of an irrevocable trust must be eligible for membership in the Credit

Accounts for Trusts. An account for a trust is an account held in the name of the trust by one or more trustees of a trust for the benefit of one or more beneficiaries pursuant to a revocable or irrevocable trust agreement. The trustee(s) shall sign an Account Authorization Card and provide any other evidence trustee must be a member of the trustee’s authority that the Credit Union requiresand maintain a personal membership account for the Credit Union to establish and maintain a non­membership account in the name of a revocable or irrevocable trust. Trustee(s) Trustee warrants that a valid living trust has been created and is currently existing. The trustor or the primary beneficiary of an irrevocable trust must be eligible for membership in the Credittrust