Common use of New Appointment Clause in Contracts

New Appointment. If none of the above-named Trustee or a Successor Trustee shall be serving as such, whether by reason of death, resignation, incompetency or discharge, the Grantor or the Grantor’s legally appointed Guardian shall appoint a Successor Trustee or Trustees. Such Successor Trustee(s) must be one or more competent adults, a trust company, bank or attorney qualified to act as such, and if a bank or trust company, must possess trust powers. In the event the Grantor or his or her legally appointed guardian shall fail to designate promptly a Successor Trustee, then the Georgia Department of Community Health may apply to a court for such an appointment and for settlement of account.

New Appointment. If none of the above-above named Trustee or a Successor Trustee shall be serving as such, whether by reason of death, resignation, incompetency or discharge, the Grantor or the Grantor’s legally appointed Guardian shall appoint a Successor Trustee or Trustees. Such Successor Trustee(s) must be one or more competent adults, a trust company, bank or attorney qualified to act as such, and if a bank or trust company, must possess trust powers. In the event the Grantor or his or her legally appointed guardian shall fail to designate promptly a Successor Trustee, then the Georgia Department of Community Health may apply to a court for such an appointment and for settlement of account.