Common use of Acknowledgement of Fiduciary Responsibility Clause in Contracts

Acknowledgement of Fiduciary Responsibility. As a Fiduciary, you acknowledge and understand (i) you owe the Protected Person a legal Fiduciary responsibility and (ii) your legal obligations as a Fiduciary and as more fully set forth in the Michigan Estates and Protected Individuals Code, Social Security Administration Rules and Regulations, or the Department of Veterans Affairs Rules and Regulations, as the case may be, to care for the Protected Person’s or Estate’s property, including funds held on deposit in the Credit Union. You further agree to conduct all business with the Credit Union on behalf of the Protected Person or Estate in accordance with state and federal laws as well as orders from any court of competent jurisdiction, Social Security Administration Rules and Regulations, or Department of Veterans Affairs Rules and Regulations. You understand and agree that funds in a Fiduciary Account may not be pledged as security for any purpose.