Common use of Custodian Powers Clause in Contracts

Custodian Powers. We may register securities in our name or in the name of our nominee without disclosing that such securities are held as custodian or as nominee. Except as expressly provided otherwise in this agreement, we shall have all of the powers generally conferred on custodians under the laws of the State of North Dakota. Additionally, we shall also have the power to perform any and all acts that it deems necessary or appropriate for the proper custodial servicing of your HSA. We may adjust the balance of your HSA as necessary to correct administrative errors, including improperly allocated contributions, distributions, earnings or losses. In the event a check or other instrument is returned for insufficient funds, any corresponding contributions to your HSA are also subject to adjustment by us.

Custodian Powers. We may register securities in our name or in the name of our nominee without disclosing that such securities are held as custodian or as nominee. Except as expressly provided otherwise in this agreement, we shall have all of the powers generally conferred on custodians under the laws of the State of North Dakota. Additionally, we shall also have the power to perform any and all acts that it deems necessary or appropriate for the proper custodial servicing of your HSA. We may adjust the balance of your HSA as necessary to correct administrative errors, including improperly allocated contributions, distributions, earnings or losses. In the event a check or other instrument is returned for insufficient funds, any corresponding contributions to your HSA are also subject to adjustment by us. We or your HSA Administrator may liquidate all or a portion of your investments and your Cash Account and transfer the proceeds as may be required to satisfy levies or garnishments under applicable state law.