Common use of Accounts for Trusts Clause in Contracts

Accounts for Trusts. At our option, we may issue shares or receive deposits in a revocable or irrevocable trust subject to such membership requirements as we may impose from time to time in keeping with applicable law. For a revocable trust, either the settlor must be a member of the Credit Union, or a trustee or a beneficiary must be a member of the Credit Union if the settlor is also a member of such trustee's or beneficiary's family as defined in a policy of the Credit Union. For an irrevocable trust, either or all of the settlor, trustee, or beneficiary must be a member of the Credit Union. The Credit Union may rely on any information provided by the trustee to determine whether a trust is revocable or irrevocable. If you request that we open an Account in the name of a trust, you agree that we are authorized to release the funds in any such Account upon the signature of any Trustee. We will not be bound by any terms of the trust that impose duties on the Trustees. You agree and understand that any terms of the trust or designation by you requiring actions be performed in any particular manner is for the trust’s internal purposes only and is not binding on us. You agree that if we make payment to any named Trustee or Successor Trustee or at the direction of any one of the named Trustees or Successor Trustees, such payment shall be valid and shall discharge us from any liability, including any liability to each settlor, trustee, and beneficiary, for the sums paid. Any Trustee authorized to sign on any such Account shall be subject to the terms and conditions set forth in this Account Agreement and any other agreement governing any such Account. You agree that we shall have no fiduciary responsibility or obligation in connection with any such Account beyond our obligations set forth in this Agreement, and that we shall serve solely as a depository for the trust funds. You and any Trustee agree to save, indemnify, defend, and hold us harmless from any claim, demand, suit, or other charge by any person arising out of or resulting from the establishment, maintenance, and transaction of any business related to the trust and any Account established for the trust.

Accounts for Trusts. At our option, we may issue shares or receive deposits in a revocable or irrevocable trust subject to such membership requirements as we may impose from time to time in keeping with applicable law. For a revocable trust, either the settlor must be a member of the Credit Union, ; or a trustee or a beneficiary must be is the member and the settlor is a member of the Credit Union if the settlor is also a member of such trustee's or beneficiary's family as defined in a policy of the Credit Unionfamily. For an irrevocable trust, either or all of the settlor, trustee, or beneficiary must be a member of the Credit Union. The Credit Union may rely on any information provided by the trustee to determine whether a trust is revocable or irrevocable. If you request that we open an Account in the name of a trust, you agree that we are authorized to release the funds in any such Account upon the signature of any Trustee. We will not be bound by any terms of the trust that impose duties on the Trustees. You agree and understand that any terms of the trust or designation by you requiring actions be performed in any particular manner is for the trust’s internal purposes only and is not binding on us. You agree that if we make payment to any named Trustee or Successor Trustee or at the direction of any one of the named Trustees or Successor Trustees, such payment shall be valid and shall discharge us from any liability, including any liability to each settlor, trustee, and beneficiary, for the sums paid. Any Trustee authorized to sign on any such Account shall be subject to the terms and conditions set forth in this Account Agreement and any other agreement Agreement governing any such Account. You agree that we shall have no fiduciary responsibility or obligation in connection with any such Account beyond our obligations set forth in this Agreement, and that we shall serve solely as a depository for the trust funds. You and any Trustee agree to save, indemnify, defend, defend and hold us harmless from any claim, demand, suit, suit or other charge by any person arising out of or resulting from the establishment, maintenance, and transaction of any business related to the trust and any Account established for the trust.

Accounts for Trusts. At our option, we may issue shares An account of a trust is an individual account held by one or receive deposits in more trustees of a revocable trust for the benefit of one or irrevocable trust subject more beneficiaries pursuant to such membership requirements as we may impose from time to time in keeping with applicable lawthe Trust Agreement. For a revocable trust, either Upon the settlor must be a member request of the Credit Union, or the trustee(s) shall sign a trustee or a beneficiary must be a member Trust Account Application and Membership Application and Account Card, and trustee(s) shall provide any other evidence of the trustee’s authority the Credit Union if requires. The trustee warrants that a valid trust has been created, currently exists, and that the settlor is also a member of such trustee's trustor or beneficiary's family as defined beneficiaries are eligible for membership in a policy of the Credit Union. For an irrevocable trust, either or all of the settlor, trustee, or beneficiary must be a member of 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 any change of trustee occurs. The Credit Union may withhold payment of funds to any party until a Certification of Trust by Trustee is provided. Except for irrevocable trusts, the Credit Union may rely on any information provided by the trustee to determine whether a trust is revocable or irrevocable. If you request that we open an Account in the name of a trust, you agree that we are authorized to release the funds in any such Account upon the signature directions of any Trustee. We will not be bound by any terms one trustee until a written notice of revocation of the trust that impose duties on the Trusteesis received. You agree and understand that any terms of the trust or designation by you requiring actions Funds may be performed in any particular manner is for the trust’s internal purposes only and is not binding on us. You agree that if we make payment released to any named Trustee or Successor Trustee or at the direction of any one trustee acting alone or with a co- trustee. The trustee(s) agrees to indemnify and hold the Credit Union harmless of the named Trustees or Successor Trustees, such payment shall be valid and shall discharge us from any liability, including claim, damage or loss arising as a result of unauthorized acts of any liability trustee or former trustee or acts of any trustee upon which the Credit Union relies prior to each settlornotice of revocation of the trust. This Agreement shall be binding on the trust, the settlor(s), any trustee, successor trustee and beneficiarybeneficiaries. Accounts for Businesses and Organizations‌‌‌‌‌‌ A business account is an account held for business purposes. The Credit Union offers accounts to corporations, for the sums paidpartnerships, limited liability companies, associations, and organizations within our field of membership. Any Trustee authorized to sign on any such Account shall be Business accounts are subject to the same terms and conditions as set forth in this Account Agreement and as well as additional terms. It is recommended that business account owners must report any unauthorized transactions within one day of the Settlement Date to the Credit Union. No person other agreement governing than the account owner(s) or authorized users is authorized to make transactions on the account. Funds may be deposited to any such Account. You agree that we shall have no fiduciary responsibility or obligation account in connection any manner approved by the Credit Union in accordance with any such Account beyond our obligations the requirements set forth in this Agreement. All accounts are non-assignable and non-negotiable to third parties. Certificate Accounts are governed by the terms of this Agreement and the terms and disclosures on your Certificate Account Receipt for each account, and that we shall serve solely as a depository for the trust fundswhich is incorporated herein by this reference. You agree not to deposit any substitute check or similar item that you have created, or for which no financial institution has provided any substitute check warranties and any Trustee indemnity. If you do so, you agree to saveindemnify the Credit Union for all losses the Credit Union incurs in connection with the substitute check or item. The Credit Union reserves the right to not accept as deposit any third party checks made out to another third party, indemnify, defend, and hold us harmless from any claim, demand, suit, or other charge by any person arising out of or resulting from not associated with the establishment, maintenance, and transaction of any business related to the trust and any Account established for the trustaccount.