Common use of Ownership of Trust Property Clause in Contracts

Ownership of Trust Property. The Trust Property shall be held separate and apart from any assets now or hereafter held in any capacity other than as Trustee hereunder by the Trustees or any successor Trustees. All right, title, and interest in the Trust Property shall at all times be considered as automatically vested in the Trustees as shall be from time to time in office, provided however that the Trustees shall have the power and authority to cause legal title to any Trust Property or the Trust Property of any Series to be held by or in the name of the Trust or any such Series or nominee of the same, or in the name of any other Person, including without limitation, any custodian or sub-custodian or other financial intermediary or agent or nominee of the same appointed in accordance with Section 7.2 hereof, on such terms as the Trustees may determine. Upon the resignation, retirement, removal, incapacity, or death of a Trustee, such Trustee shall automatically cease to have any right, title, or interest in any of the Trust Property, and the right, title, and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. Such vesting and cessation of title shall be effective without the execution or delivery of any conveyancing or other instruments. No Shareholder shall be deemed to have a severable ownership in any individual asset of the Trust or any Series or any right of partition or possession thereof.

Ownership of Trust Property. The Trust Property shall be held separate and apart from any assets now or hereafter held in any capacity other than as Trustee hereunder by the Trustees or any successor Trustees. All right, title, and interest in Legal title to all of the Trust Property shall at all times be considered as automatically to be vested in the Trustees as shall be from time to time in officeTrust, provided however except that the Board of Trustees shall have the power and authority to cause legal title to any Trust Property or the Trust Property of any Series to be held by or in the name of the Trust one or any such Series or nominee more of the sameTrustees or in the name of the Trust, or in the name of any other Person, including without limitation, any custodian or sub-custodian or other financial intermediary or agent or nominee of the same appointed in accordance with Section 7.2 hereofPerson as nominee, on such terms as the Board of Trustees may determine, in accordance with applicable law. No creditor of any Trustee shall have any right to obtain possession, or otherwise exercise legal or equitable remedies with respect to, any Trust Property with respect to any claim against, or obligation of, such Trustee in its individual capacity and not related to the Trust or any Series or Class of the Trust. The right, title and interest of the Trustees in the Trust Property shall vest automatically in each Person who may hereafter become a Trustee. Upon the resignation, retirement, removal, incapacity, removal or death of a Trustee, such Trustee shall he or she will automatically cease choose to have any right, title, title or interest in any of the Trust Property, and the right, title, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. Such vesting and cessation assumption of title shall be effective without the execution whether or delivery of any not conveyancing or other instruments. No Shareholder shall be deemed to documents have a severable ownership in any individual asset of the Trust or any Series or any right of partition or possession thereofbeen executed and delivered.