Formal Trust Account. A Formal Trust Account is an account held by one or more trustees for the benefit of one or more beneficiaries according to a written trust agreement. Upon our request, the trustee(s) will supply to us a copy of any trust agreement covering the account. We act only as custodian of the trust funds and are under no obligation to act as a trustee or to inquire as to the powers or duties of the trustee(s). The trustee(s) and/or any person opening the Account, in their individual capacity and jointly and severally, agree to indemnify and hold us harmless from and against any and all loss, costs, damage, liability, or exposure, including reasonable attorney's fees, we may suffer or incur arising out of any action or claim by any beneficiary or other trustee with respect to the authority or actions taken by the trustee(s) in handling or dealing with the Account.
Formal Trust Account. We may, in our sole discretion, allow a trustee or the trustees of a formal written trust (other than a Xxxxxx Trust) to establish a trust account if all of the trust’s beneficiaries are natural persons. In the case of such trust accounts, you agree to provide us with a certification of trust, the name and residential address of your account beneficiary (ies), and any other documentation in a form satisfactory to us, and to hold us harmless from and against any actions that we take or any trustee takes regarding your account in reliance on such certification or other documentation. We have no duty to monitor or ensure that the acts of any trustee are for the use or benefit of the beneficiaries or are otherwise permissible under any trust instrument or Applicable Law. We will not be liable if any trustee exceeds his or her powers or does not comply with Applicable Law.
Formal Trust Account. A Formal Trust Account is an account held by one or more trustees for the benefit of one or more beneficiaries according to a written trust agreement. Upon our request, the trustee(s) will supply to us a copy of any trust agreement or a Certification of Trust covering the account. To the extent permitted by law, we may require additional information and documentation. We may require the trustee(s) to provide additional certifications and documentation to support any change in the trust agreement or the opening of additional accounts by the trust. We act only as custodian of the trust funds and are under no obligation to act as a trustee or to inquire as to the powers or duties of the trustee(s). The trustee(s) and/or any person opening the Account, in their individual capacity and jointly and severally, agree to indemnify and hold us harmless from and against any and all loss, costs, damage, liability, or exposure, including reasonable attorney’s fees, we may suffer or incur arising out of any action or claim by any beneficiary or other trustee with respect to the authority or actions taken by the trustee(s) in handling or dealing with the Account.
Formal Trust Account. We may allow a trustee or the trustees of a formal written trust to establish a trust Account if all the trust beneficiaries are natural persons. In the case of such trust Accounts, you agree to provide the Bank with an attorney-prepared Certification or Declaration of Trust or all trustees will need to complete and sign the Bank’s Certification of Trust form. The trustees agree and understand that we have no duty to monitor or ensure that the acts of any trustee are for the use or benefit of the beneficiaries or are otherwise permissible under any trust instrument or applicable law. You understand and agree that we will not be liable to you or to any third party for any actions that we take in reliance on the Certification of Trust document. You further agree to hold us harmless from and against any actions that we take in reliance on the trust documents that you provide to us upon the opening of the Account. We reserve the right to request a copy of the legal documents pertaining to the trust. Your Account is for your use only. Ownership of your Account is transferable only on our records. You may not transfer or assign ownership of your Account to another party without our written consent. Even if we consent, we may require that you close the Account and that the new Account owner open a new Account in his/her name. We may refuse to acknowledge or accept attempted pledges or assignments of an Account or purported security interests in an Account. We may, at our sole discretion, permit you to pledge your Account as collateral for a loan made by us. However, you may not pledge your IRA or SEP Account as collateral for a loan.
Formal Trust Account. A Formal Trust Account is an account held by one or more trustees for the benefit of one or more beneficiaries according to a written trust agreement. Upon our request, the trustee(s) will supply to us a copy of any trust agreement covering the account. We act only as custodian of the trust funds and are under no obligation to act as a trustee or to inquire as to the powers or duties of the trustee(s). The trustee(s) and/or any person opening the
Formal Trust Account. A Formal Trust Account is an Account held by one or more trustees for the benefit of one or more beneficiaries according to a written trust agreement. Upon our request, the trustee(s) will give us a copy of any trust agreement covering the Account and, if requested, the trustee(s) will give us an affidavit of the trustee(s) certifying certain aspects of the trust agreement upon which we may rely. We act only as custodian of the trust funds and are under no obligation to act as a trustee or to inquire as to the powers or duties of the trustee(s). The trustee(s) and/or any person opening the Account, in their individual capacity and jointly and severally, agree to indemnify and hold us harmless from and against any and all Costs may suffer or incur arising out of any Claim by any beneficiary or other trustee with respect to the authority or actions taken by the trustee(s) in handling or dealing with the Account.
Formal Trust Account. A formal trust account is an account held by one or more trustees for the benefit of one or more beneficiaries according to a written trust agreement. Upon our request, the trustee(s) will supply to us a copy of any trust agreement covering the account. We act only as custodian of the trust funds and are under no obligation to act as a trustee or to inquire as to the powers or duties of the trustee(s). The trustee(s) and/or any person opening the account, in their individual capacity and jointly and severally, agree to indemnify and hold us harmless from and against any and
