Common use of Fiduciary Account Clause in Contracts

Fiduciary Account. This is an account opened by a person in the capacity as a personal representative, guardian, conservator, agent, custodian, or other fiduciary, for the benefit of other person(s) who are the beneficial owner(s) of the account. The fiduciary is the owner of the account and funds deposited in the account, together with any interest and any future additions to the account, are held and controlled by the fiduciary designated on the account, for the benefit of the beneficial owner(s) of the account. Unless specifically instructed in writing to the contrary, the designated fiduciary is deemed fully authorized to engage in any and all account transactions without the consent of any beneficial owner(s). We shall have no duty to notify any beneficial owner(s) or any one else about any transaction requested by a fiduciary. We reserve the right, but shall not be obligated, to require the signatures and/or written consent of the fiduciary and all beneficial owners before we permit any account transaction if we believe it is necessary to do so. If the designated fiduciary ceases to be the fiduciary (due to death, resignation, incapacity, removal, or otherwise), we may suspend the account until a successor fiduciary is lawfully appointed. In opening, maintaining and/or administering the account, we may, but shall not be obligated to, require such legal and other documentation as we may deem necessary, from time to time, regarding the establishment, existence, terms and conditions of the fiduciary relationship. In addition, we may, but shall not be obligated to, require satisfactory written documentation of any change in fiduciary, and of any revocation, termination or change to the fiduciary relationship. We also may, but shall not be obligated to, refer to any legal or other documentation regarding the fiduciary relationship, to answer any questions we may have about the fiduciary relationship. We shall not, however, be responsible or liable for any acts of a fiduciary in breach of the terms of any fiduciary relationship, nor shall we be responsible for enforcing or complying with the terms of any fiduciary relationship. The designated fiduciary on the account shall be solely responsible for observing and performing all of the obligations and duties of a fiduciary under, and for complying with, all laws and legal and other documentation applicable to the fiduciary and its fiduciary relationship. We shall have no duty or responsibility to ensure the fiduciary’s actions are in compliance with applicable law or the terms governing the fiduciary relationship, nor shall we have any duty or responsibility to inquire about the use or purpose of any account transaction, including, without limitation, any withdrawals from or closure of, the account. “HUTMA” ACCOUNT. This is an account opened under the Hawaii Uniform Transfers to Minors Act (“HUTMA”). Under a HUTMA account, a person designated as a custodian, maintains and administers the account for the benefit of the beneficiary, the beneficial owner of the account (who must be under twenty-one (21) years of age). A HUTMA account may have only one (1) custodian and only one (1) beneficiary. The account and funds deposited in the account, together with any interest and any future additions to the account, are held and controlled by the custodian designated on the account, for the benefit of the beneficiary. The designated custodian is the owner of the account and is deemed fully authorized to engage in any and all account transactions without the consent of the beneficial owner. We shall have no duty to notify the beneficial owner about any transaction requested by a custodian. We reserve the right, but shall not be obligated, to require the signatures and/or written consent of the custodian and the beneficial owner before we permit any account transaction if we believe it is necessary to do so. If the designated custodian ceases to be the custodian (due to death, resignation, incapacity, removal, or otherwise), we may suspend the account until a successor custodian is lawfully appointed. In opening, maintaining and/or administering the account, we may, but shall not be obligated to, require such legal and other documentation as we may deem necessary, from time to time, regarding any change in custodian, and of any termination of or change to the custodial relationship. We also may, but shall not be obligated to, refer to any legal or other documentation regarding the custodial relationship, to answer any questions we may have about the custodial relationship. We shall not, however, be responsible or liable for any acts of a custodian in breach of HUTMA, any other law, or the terms of any custodial relationship, nor shall we be responsible for enforcing or complying with HUTMA, any other law governing the custodial relationship, or the terms of the custodial relationship. The designated custodian on the account shall be solely responsible for observing and performing all of the obligations and duties of a custodian under, and for complying with, HUTMA, and all other laws and legal and other documentation applicable to the custodian and the custodial relationship. We shall have no duty or responsibility to ensure the custodian’s actions are in compliance with HUTMA or any other applicable law or the terms governing the custodial relationship, nor shall we have any duty or responsibility to inquire about the use or purpose of any account transaction, including, without limitation, any withdrawals from or closure of, the account, nor shall we be responsible for the custodian’s proper termination of the custodianship or transfer of the funds in the account to the designated beneficiary. “MINOR” ACCOUNT. This is an account opened by or in the name of an individual under eighteen (18) years of age (“Minor”). The Minor is the owner of the account and the funds held in such an account are for the exclusive right and benefit of the Minor, free from the control of any other person, but subject to the rights (under any applicable law or court order) of any guardian, custodian, trustee, conservator, or other legal representative lawfully appointed and/or designated for the Minor. The Minor is authorized to take any and all actions and conduct any account transactions on the same basis as though the Minor were an adult. We reserve the right, however, to from time to time, place additional conditions and restrictions on this type of account.

Fiduciary Account. This is an account opened by a person in the capacity as a personal representative, guardian, conservator, agent, custodian, or other fiduciary, for the benefit of other person(s) who are the beneficial owner(s) of the account. The fiduciary is the owner of the account and funds deposited in the account, together with any interest and any future additions to the account, are held and controlled by the fiduciary designated on the account, for the benefit of the beneficial owner(s) of the account. Unless specifically instructed in writing to the contrary, the designated fiduciary is deemed fully authorized to engage in any and all account transactions without the consent of any beneficial owner(s). We shall have no duty to notify any beneficial owner(s) or any one else about any transaction requested by a fiduciary. We reserve the right, but shall not be obligated, to require the signatures and/or written consent of the fiduciary and all beneficial owners before we permit any account transaction if we believe it is necessary to do so. If the designated fiduciary ceases to be the fiduciary (due to death, resignation, incapacity, removal, or otherwise), we may suspend the account until a successor fiduciary is lawfully appointed. In opening, maintaining and/or administering the account, we may, but shall not be obligated to, require such legal and other documentation as we may deem necessary, from time to time, regarding the establishment, existence, terms and conditions of the fiduciary relationship. In addition, we may, but shall not be obligated to, require satisfactory written documentation of any change in fiduciary, and of any revocation, termination or change to the fiduciary relationship. We also may, but shall not be obligated to, refer to any legal or other documentation regarding the fiduciary relationship, to answer any questions we may have about the fiduciary relationship. We shall not, however, be responsible or liable for any acts of a fiduciary in breach of the terms of any fiduciary relationship, nor shall we be responsible for enforcing or complying with the terms of any fiduciary relationship. The designated fiduciary on the account shall be solely responsible for observing and performing all of the obligations and duties of a fiduciary under, and for complying with, all laws and legal and other documentation applicable to the fiduciary and its fiduciary relationship. We shall have no duty or responsibility to ensure the fiduciary’s actions are in compliance with applicable law or the terms governing the fiduciary relationship, nor shall we have any duty or responsibility to inquire about the use or purpose of any account transaction, including, without limitation, any withdrawals from or closure of, the account. “HUTMA” ACCOUNT. This is an account opened under the Hawaii Uniform Transfers to Minors Act (“HUTMA”). Under a HUTMA account, a person designated as a custodian, maintains and administers the account for the benefit of the beneficiary, the beneficial owner of the account (who must be under twenty-one (21) years of age). A HUTMA account may have only one (1) custodian and only one (1) beneficiary. The account and funds deposited in the account, together with any interest and any future additions to the account, are held and controlled by the custodian designated on the account, for the benefit of the beneficiary. The designated custodian is the owner of the account and is deemed fully authorized to engage in any and all account transactions without the consent of the beneficial owner. We shall have no duty to notify the beneficial owner about any transaction requested by a custodian. We reserve the right, but shall not be obligated, to require the signatures and/or and/ or written consent of the custodian and the beneficial owner before we permit any account transaction if we believe it is necessary to do so. If the designated custodian ceases to be the custodian (due to death, resignation, incapacity, removal, or otherwise), we may suspend the account until a successor custodian is lawfully appointed. In opening, maintaining and/or administering the account, we may, but shall not be obligated to, require such legal and other documentation as we may deem necessary, from time to time, regarding any change in custodian, and of any termination of or change to the custodial relationship. We also may, but shall not be obligated to, refer to any legal or other documentation regarding the custodial relationship, to answer any questions we may have about the custodial relationship. We shall not, however, be responsible or liable for any acts of a custodian in breach of HUTMA, any other law, or the terms of any custodial relationship, nor shall we be responsible for enforcing or complying with HUTMA, any other law governing the custodial relationship, or the terms of the custodial relationship. The designated custodian on the account shall be solely responsible for observing and performing all of the obligations and duties of a custodian under, and for complying with, HUTMA, and all other laws and legal and other documentation applicable to the custodian and the custodial relationship. We shall have no duty or responsibility to ensure the custodian’s actions are in compliance with HUTMA or any other applicable law or the terms governing the custodial relationship, nor shall we have any duty or responsibility to inquire about the use or purpose of any account transaction, including, without limitation, any withdrawals from or closure of, the account, nor shall we be responsible for the custodian’s proper termination of the custodianship or transfer of the funds in the account to the designated beneficiary. “MINOR” ACCOUNT. This is an account opened by or in the name of an individual under eighteen (18) years of age (“Minor”). The Minor is the owner of the account and the funds held in such an account are for the exclusive right and benefit of the Minor, free from the control of any other person, but subject to the rights (under any applicable law or court order) of any guardian, custodian, trustee, conservator, or other legal representative lawfully appointed and/or designated for the Minor. The Minor is authorized to take any and all actions and conduct any account transactions on the same basis as though the Minor were an adult. We reserve the right, however, to from time to time, place additional conditions and restrictions on this type of account.