Common use of Beneficial Interest Deemed Personal Property Clause in Contracts

Beneficial Interest Deemed Personal Property. The Beneficial Interest of the Beneficiary shall be personal property and shall confer upon the Beneficiary only the interest and rights specifically set forth in this Agreement. The death, dissolution, liquidation, insolvency, or incapacity of the Beneficiary shall not dissolve or terminate the Trust, affect its continuity, or give the legal representative of the Beneficiary any rights whatsoever, whether against or in respect of the Managing Trustees or the Trust Estate or otherwise.