Common use of Order of Seizure Clause in Contracts

Order of Seizure. Subject to the provisions of the Act Number 255 of October 28th 2002, the shares, deposits and other funds are not subject to seizure to satisfy a debt different from the contracted with the Cooperative up to the amount contracted with the Cooperative at the date of the judicial sentence. The depositor agrees and recognizes that upon a summon of an order o request of seizure issued by a court with jurisdiction or a competent authority (including, but not limited to, the Department of Treasury and the Federal Internal Revenue Services), the Cooperative will freeze and/or deliver the funds available in the Account at the moment of the summon, according to the terms of the order o request of seizure and without the need to send previous notice to the Depositor. The Cooperative is not in the obligation to oppose, contradict or confute the terms of an order or request of seizure or to allege any defense that the Depositor might have against the person or entity promoting the order or request of seizure. The Cooperative will strictly comply with the terms of any order or request of seizure until being summoned with a relief or a resolution issued by the court or authority that issued the order or request of seizure leaving it without effect. If the order or request of seizure is issued against the funds of any of the Depositors of an indistinct account (and/or), the Cooperative will proceed with the freezing and/or delivery of such funds, according to the terms of the order or request, without the need to make any determination of the ownership of the funds or the source of the order or request. Any seizure, pledge or lien against the account is subordinated to the rights of the Cooperative to setoff and interests guaranteed.

Order of Seizure. Subject to the provisions of the Act Number 255 of October 28th 2002, the shares, deposits and other funds are not subject to seizure to satisfy a debt different from the contracted with the Cooperative up to the amount contracted with the Cooperative at the date of the judicial sentence. The depositor Depositor agrees and recognizes that upon a summon of an order o request of seizure issued by a court with jurisdiction or a competent authority (including, but not limited to, the Department of Treasury and the Federal Internal Revenue Services), the Cooperative will freeze and/or deliver the funds available in the Account at the moment of the summon, according to the terms of the order o request of seizure and without the need to send previous notice to the Depositor. The Cooperative is not in the obligation to oppose, contradict or confute the terms of an order or request of seizure or to allege any defense that the Depositor might have against the person or entity promoting the order or request of seizure. The Cooperative will strictly comply with the terms of any order or request of seizure until being summoned with a relief or a resolution issued by the court or authority that issued the order or request of seizure leaving it without effect. If the order or request of seizure is issued against the funds of any of the Depositors of an indistinct account (and/or), the Cooperative will proceed with the freezing and/or delivery of such funds, according to the terms of the order or request, without the need to make any determination of the ownership of the funds or the source of the order or request. Any seizure, pledge or lien against the account is subordinated to the rights of the Cooperative to setoff and interests guaranteed.