Common use of Ownership of Trust Assets Clause in Contracts

Ownership of Trust Assets. Legal title to the Trust Estate subject from time to time to this Agreement shall be transferred to, vested in, and held by the Managing Trustees as Trustees of this Trust; provided, however, that the Managing Trustees shall have the power to cause legal title to any property of the Trust to be held by and/or in the name of one or more of the Managing Trustees, or any other Person as nominee, on such terms, in such manner, and with such powers as the Managing Trustees may determine; provided, further, that the Managing Trustees shall have the power to cause any property of the Trust to be held in the custody of any bank and that such bank may hold the property of the Trust in the name of any nominee, partnership, or nontaxable corporation.