Common use of No Legal Title to Trust Estate in Owner Clause in Contracts

No Legal Title to Trust Estate in Owner. The Owners shall not have legal title to any part of the Trust Estate. To the fullest extent permitted by Delaware law, including, without limitation, Sections 3805(a) and 3809 of the Statutory Trust Act, no Owner shall have a direct ownership interest in the Trust Estate. Pursuant to Section 3805(c) of the Statutory Trust Act, an Owner’s interest in the Trust is personal property notwithstanding the nature of the property comprising the Trust Estate and no Owner has an interest in specific property comprising the Trust Estate. No transfer, by operation of law or otherwise, of any right, title and interest of the Owners in and to their undivided beneficial interest in the Trust Estate hereunder shall operate to terminate this Agreement or the trusts hereunder or entitle any successor transferee to an accounting or to the transfer to it of legal title to any part of the Trust Estate.

No Legal Title to Trust Estate in Owner. The Owners shall not have legal title to any part of the Trust Estate. To the fullest extent permitted by Delaware law, including, without limitation, Sections 3805(a) and 3809 of the Statutory Trust Act, no Owner shall have a direct ownership interest in the Trust Estate. Pursuant to Section 3805(c) of the Statutory Trust Act, an Owner’s interest in the Trust is personal property notwithstanding the nature of the property comprising the Trust Estate and no Owner has an interest in specific property comprising the Trust Estate. No transfer, by operation of law or otherwise, of any right, title and interest of the Owners in and to their undivided beneficial interest in the Trust Estate hereunder shall operate to terminate this Agreement or the trusts hereunder or entitle any successor transferee to an accounting or to the transfer to it of legal title to any part of the Trust Estate.