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. “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. “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.