Property Trust Relationship Clause Samples
The Property Trust Relationship clause establishes a legal arrangement in which one party (the trustee) holds property on behalf of another party (the beneficiary). In practice, this clause outlines the trustee's responsibilities for managing, safeguarding, and possibly distributing the property according to the terms set out in the agreement. By clearly defining the roles and duties of each party, the clause ensures that the property is managed in the beneficiary's best interests and helps prevent disputes or misuse of the assets.
Property Trust Relationship. Real property, equipment, and intangible property, that are acquired or improved with a Federal award must be held in trust by the non-Federal entity as trustee for the beneficiaries of the project or program under which the property was acquired or improved. See 2 CFR 200.316 for additional requirements pertaining to real property, equipment, and intangible property acquired or improved under a Federal award.
Property Trust Relationship. Other than intangible property that you develop or produce under the award, you hold any real property, equipment, or intangible property that you acquire or improve under this award in trust for the beneficiaries of the project or program that you are carrying out under the award.
Property Trust Relationship. Real property, equipment, intangible property and debt instruments that are acquired or improved with Federal funds shall be held in trust by the recipient as trustee for the beneficiaries of the project or program under which the property was acquired or improved. HUD may require recipients to record liens or other appropriate notices of record to indicate that personal or real property has been acquired or improved with Federal funds and that use and disposition conditions apply to the property. Sections 84.41 through 84.48 set forth standards for use by recipients in establishing procedures for the procurement of supplies and other expendable property, equipment, real property and other services with Federal funds. These standards are furnished to ensure that such materials and services are obtained in an effective manner and in compliance with the provisions of applicable Federal statutes and executive orders. No additional procurement standards or requirements shall be imposed by HUD upon recipients, unless specifically required by Federal statute or executive order or approved by OMB.
Property Trust Relationship. Real property, equipment, intangible property and debt instruments that are acquired or improved with Federal funds shall be held in trust by the recipient as trustee for the beneficiaries of the project or program under which the property was acquired or improved. HUD may require recipients to record liens or other appropriate notices of record to indicate that personal or real property has been acquired or improved with Federal funds and that use and disposition conditions apply to the property.
Property Trust Relationship. Real property, equipment, and intangible property, that is acquired or improved with funds under this agreement – including financial assistance awards made under this agreement to non-Federal entities – must be held in trust by the Servicing Agency, or non-federal entity as applicable, as trustee for the beneficiaries of the project or program under which the property was acquired or improved. The Council may require the Servicing Agency to record liens or other appropriate notices of record to indicate that 1 Intangible property as defined by 2 C.F.R. § 200.59 means property having no physical existence, such as trademarks, copyrights, patents and patent applications and property, such as loans, notes and other debt instruments, lease agreements, stock and other instruments of property ownership (whether the property is tangible or intangible). personal or real property has been acquired or improved with a Federal award and that use and disposition conditions apply to the property.