Common use of Formal Trust Account Clause in Contracts

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. 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 LawApplicableLaw.