Powers and Duties of the Property Trustee. (a) The legal title to the ICONs shall be owned by and held of record in the name of the Property Trustee for the benefit of the Trust and the Holders of the Securities. The right, title and interest of the Property Trustee to the ICONs shall vest automatically in each Person who may hereafter be appointed as Property Trustee in accordance with Section 6.6. Such vesting and cessation of title shall be effective whether or not conveyancing documents with regard to the ICONs have been executed and delivered.
Appears in 10 contracts
Samples: Trust Agreement (Us Bancorp \De\), Trust Agreement (Us Bancorp \De\), Trust Agreement (Merrill Lynch Capital Trust III)
