Common use of Refusal and Return of Property by Trustee Clause in Contracts

Refusal and Return of Property by Trustee. If property is offered for transfer to a Trust Account, the Trustee shall have sole and absolute discretion and authority to accept or refuse to accept the property, impose any conditions that must be met prior to acceptance or require that the property be liquidated. If the Trustee decides not to accept a transfer of property, he shall advise the person making the transfer or the personal representative of his estate in writing within thirty (30) days after receiving written notification of the nature of the property to be transferred. If the property has already been received or ownership transferred to the Trust, the Trustee shall have the right to cancel the transfer of the property, and the Trustee shall promptly have the property transferred and returned to the person making the transfer or his estate, who shall assume all costs related to the transfer and return of the property, as determined by the Trustee, including but not limited to any costs, fees and expenses related to the filing of documents or transfer of the property and costs of shipping, storage or handling.