Dealing with Trustee Sample Clauses
The 'Dealing with Trustee' clause defines the rules and procedures for interacting with a trustee who holds assets or manages obligations on behalf of others. Typically, this clause clarifies how third parties can rely on the trustee's authority to act, what documentation may be required to confirm the trustee's powers, and the extent to which parties can assume the trustee is acting within their rights. Its core practical function is to provide certainty and protection for those dealing with the trustee, ensuring that transactions are valid and minimizing the risk of disputes over the trustee's authority.
Dealing with Trustee. No party dealing with the Trustee regarding the Trust Property in any manner whatsoever, including, but not limited to, a party to whom the Trust Property or any part of it or any interest in it shall be conveyed, contracted to be sold, leased or mortgaged by the Trustee, shall be obliged to see to the application of any purchase money, rent, money borrowed, paid or otherwise advanced to the Trustee; to see that the terms of this Trust Agreement have been complied with; to inquire into the authority, necessity or expediency of any act of the Trustee; or be privileged to inquire into any of the terms of the Trust Agreement. Every deed, mortgage, lease or other instrument executed by the Trustee in relation to the Trust Property shall be conclusive evidence in favor of every person claiming any right, title or interest from the Trustee that at the time of its delivery the Trust created under this Trust Agreement was in full force and effect; that the instrument was executed in accordance with the terms and conditions of this Trust Agreement and all its amendments, if any, and is binding upon the Beneficiaries under it; that the Trustee was duly authorized and empowered to execute and deliver every such instrument; and if a conveyance has been made to a successor or successors in trust, that the successor or successors have been appointed properly and are vested fully with all the title, estate, rights, powers, duties and obligations of the predecessor in trust.
Dealing with Trustee. Anyone dealing with the Trustee is not required to see to the application by the Trustee of the funds or other properties it receives. The Trustee shall not be liable for depreciation in the value of properties held in trust or for reasonable errors of judgment, or for any act, or failure to act, not amounting to gross negligence, bad faith or positive wrongdoing.
Dealing with Trustee. Any person dealing with the Trustee shall be under no obligation to inquire concerning the validity of anything that the Trustee purports to do, nor need any person see to the proper application of any money paid or any property transferred upon the order of the Trustee or to inquire into the Trustee’s authority as to any transaction.
Dealing with Trustee. In no event shall any purchaser, vendor, or other person dealing with the Trustee be required to ascertain the authority and power of the Trustee to make any sale, transfer, assignment, or investment of the whole or any part of the Trust Fund at any time held hereunder, or to make any contract in relation thereto, nor shall any insurance company be required to ascertain the power or authority of the Trustee to apply for and purchase any insurance or annuity contract, and any such person or company may rely upon any factual information furnished by the Trustee in connection therewith. All parties dealing with the Trustee with respect to the Trust Fund shall have the right to assume that the Trustee has full power and authority in all respects to deal with the Trust Fund and shall not be affected by any notice to the contrary, and no purchaser shall be required to see to the application of the purchase money.
Dealing with Trustee