Common use of Resignation and Removal of Custodian Clause in Contracts

Resignation and Removal of Custodian. 1. The Custodian may resign at any time by giving at least 30 days’ written notice to the Responsible Individual. The Custodian may resign and appoint a successor custodian or trustee to serve under this Xxxxxxxxx ESA Custodial Agreement or under another governing instrument selected by the successor custodian or trustee by giving the Responsible Individual written notice at least 30 days prior to the effective date of such resignation and appointment, which notice shall also include a copy of such other governing instrument, if applicable. The Responsible Individual shall then have 30 days from the date of such notice to either request a complete distribution of the Custodial Account or designate a different successor custodian or trustee. If the Responsible Individual does not request distribution of the Custodial Account or designate a different successor within such 30 days, the Responsible Individual shall be deemed to have consented to the appointment of the successor custodian or trustee and the terms of any new governing instrument. No executed written instrument of any Account Party shall be required to effect such transfer. The successor custodian may rely on any information, including death beneficiary designations, previously provided to the Custodian. 2. The Responsible Individual may at any time, at the sole cost and expense of the Custodial Account, remove the Custodian and replace the Custodian with a successor custodian or trustee of the Responsible Individual’s choice by giving 30 days’ written notice to the Custodian. In such event, the Custodian shall liquidate all Investments in the Custodial Account and transfer the cash liquidation proceeds to the successor custodian in accordance with standard industry practices, including the receipt of all appropriate signed documentation, and otherwise as reasonably directed by the Responsible Individual. However, the Custodian may retain a portion of the Investments in the Custodial Account as a reserve for payment of any anticipated remaining fees and expenses, and shall pay over any remainder of this reserve to the successor custodian or trustee upon satisfaction of such fees and expenses. The Custodian may decline to act under this Section P. if any course of conduct requested of the Custodian by the Responsible Individual could reasonably be interpreted to be a violation of any law or regulation. 3. Any successor trustee or custodian shall be a bank (as defined in Code Section 408(n)) or such other person found qualified to act as a trustee or custodian under a Xxxxxxxxx ESA by the Secretary of the U.S. Treasury or his delegate. The appointment of a successor trustee or custodian shall be effective upon receipt by the Custodian of such successor's written acceptance. Within 30 days of the effective date of such successor's appointment, the Custodian shall transfer and deliver to the successor applicable Custodial Account records and Investments in the Custodial Account (reduced by any unpaid amounts as provided in Section P.2. The successor custodian shall be subject to the provisions of this Xxxxxxxxx ESA Custodial Agreement (or any successor thereto) on the effective date of its appointment.

Appears in 20 contracts

Samples: Coverdell Education Savings Account Custodial Agreement, Coverdell Education Savings Account Custodial Agreement, Coverdell Education Savings Account Custodial Agreement

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Resignation and Removal of Custodian. 1. (a) The Custodian may resign at any time by giving at least 30 days’ written notice to the Responsible Individual. The Custodian Trustee may resign and appoint a successor trustee or custodian or trustee to serve under this Xxxxxxxxx ESA Custodial Agreement agreement or under another governing instrument agreement selected by the successor trustee or custodian or trustee by giving the Responsible Individual Depositor written notice at least 30 days prior to the effective date of such resignation and appointment, which notice shall also include or be provided under separate cover a copy of such other governing instrument, if applicable, and the related disclosure statement. The Responsible Individual Depositor shall then have 30 days from the date of such notice to either request a complete distribution of the Custodial Account entire account balance or designate a different successor trustee or custodian or trusteeand notify the Custodian of such designation. If the Responsible Individual Depositor does not request distribution of the Custodial Account account balance or designate notify the Custodian of the designation of a different successor trustee or custodian within such 30 daysday period, the Responsible Individual Depositor shall be deemed to have consented to the appointment of the successor trustee or custodian or trustee and the terms of any new governing instrument. No executed written instrument of any Account Party , and neither the Depositor nor the successor shall be required to effect such transferexecute any written document to complete the transfer of the account to the successor trustee or custodian. The successor trustee or custodian may rely on any information, including death beneficiary designations, previously provided by the Depositor to the Custodian. 2. (b) The Responsible Individual Depositor may at any time, at the sole cost and expense of the Custodial Account, time remove the Custodian and replace the Custodian with a successor trustee or custodian or trustee of the Responsible Individual’s Depositor's choice by giving 30 days’ written days notice to the Custodianof such removal and replacement. In such event, the The Custodian shall liquidate all Investments in then deliver the Custodial Account and transfer assets of the cash liquidation proceeds to the successor custodian in accordance with standard industry practices, including the receipt of all appropriate signed documentation, and otherwise account as reasonably directed by the Responsible IndividualDepositor. However, the Custodian may retain a portion of the Investments in assets of the Custodial Account ESA as a reserve for payment of any anticipated remaining fees and expenses, and shall pay over any remainder of this reserve to the successor trustee or custodian or trustee upon satisfaction of such fees and expenses. . (c) The Custodian may decline to act under this Section P. if any course of conduct requested of resign and demand that the Custodian by the Responsible Individual could reasonably be interpreted to be Depositor appoint a violation of any law or regulation. 3. Any successor trustee or custodian of this ESA by giving the Depositor written notice at least 30 days prior to the effective date of such resignation. The Depositor shall be then have 30 days from the date of such notice to designate a bank (as defined in Code Section 408(n)) successor trustee or custodian, notify the Custodian of the name and address of the successor trustee or custodian, and provide the Custodian with appropriate evidence that such other person found successor has accepted the appointment and is qualified to act serve as a trustee or custodian under of a Xxxxxxxxx ESA ESA. (1) If the Depositor designates a successor trustee or custodian and provides the Custodian evidence of the successor's acceptance of appointment and qualification within such 30-day period, the Custodian shall then deliver all of the assets held by the Secretary Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the successor trustee or custodian. (2) If the Depositor does not notify the Custodian of the U.S. Treasury or his delegate. The appointment of a successor trustee or custodian shall be effective upon receipt within such 30 day period, then the Custodian may distribute all of the assets held by the Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the Depositor, outright and free of trust, and the Depositor shall be wholly responsible for the tax consequences of such successor's written acceptancedistribution. Within 30 days In either case, the Custodian may expend any assets in the account to pay expenses of transfer (including re-registering the assets and preparation of deeds, assignments, and other instruments of transfer or conveyance) to the successor trustee or custodian or the Depositor , as the case may be. In addition, the Custodian may retain a portion of the effective date assets as a reserve for payment of any anticipated remaining fees and expenses. Upon satisfaction of such successor's appointmentfees and expenses, the Custodian shall transfer and deliver pay over any remainder of the reserve to the successor applicable Custodial Account records and Investments in the Custodial Account (reduced by any unpaid amounts as provided in Section P.2. The successor trustee or custodian shall be subject or to the provisions of this Xxxxxxxxx ESA Custodial Agreement (or any successor thereto) on Depositor, as the effective date of its appointmentcase may be.

Appears in 12 contracts

Samples: Coverdell Education Savings Account Agreement, Coverdell Education Savings Account Agreement, Coverdell Education Savings Account Agreement

Resignation and Removal of Custodian. 1. The Custodian may resign at any time by giving at least 30 days’ written notice to the Responsible Individual. (a) The Custodian may resign and appoint a successor trustee or custodian or trustee to serve under this Xxxxxxxxx ESA Custodial Agreement agreement or under another governing instrument agreement selected by the successor trustee or custodian or trustee by giving the Responsible Individual Depositor written notice at least 30 days prior to the effective date of such resignation and appointment, which notice shall also include or be provided under separate cover a copy of such other governing instrument, if applicable, and the related disclosure statement. The Responsible Individual Depositor shall then have 30 days from the date of such notice to either request a complete distribution of the Custodial Account entire account balance or designate a different successor trustee or custodian or trusteeand notify the Custodian of such designation. If the Responsible Individual Depositor does not request distribution of the Custodial Account account balance or designate notify the Custodian of the designation of a different successor trustee or custodian within such 30 daysday period, the Responsible Individual Depositor shall be deemed to have consented to the appointment of the successor trustee or custodian or trustee and the terms of any new governing instrument. No executed written instrument of any Account Party , and neither the Depositor nor the successor shall be required to effect such transferexecute any written document to complete the transfer of the account to the successor trustee or custodian. The successor trustee or custodian may rely on any information, including death beneficiary designations, previously provided by the Depositor to the Custodian. 2. (b) The Responsible Individual Depositor may at any time, at the sole cost and expense of the Custodial Account, time remove the Custodian and replace the Custodian with a successor trustee or custodian or trustee of the Responsible Individual’s Depositor's choice by giving 30 days’ written days notice to the Custodianof such removal and replacement. In such event, the The Custodian shall liquidate all Investments in then deliver the Custodial Account and transfer assets of the cash liquidation proceeds to the successor custodian in accordance with standard industry practices, including the receipt of all appropriate signed documentation, and otherwise account as reasonably directed by the Responsible IndividualDepositor. However, the Custodian may retain a portion of the Investments in assets of the Custodial Account IRA as a reserve for payment of any anticipated remaining fees and expenses, and shall pay over any remainder of this reserve to the successor trustee or custodian or trustee upon satisfaction of such fees and expenses. . (c) The Custodian may decline to act under this Section P. if any course of conduct requested of resign and demand that the Custodian by the Responsible Individual could reasonably be interpreted to be Depositor appoint a violation of any law or regulation. 3. Any successor trustee or custodian of this IRA by giving the Depositor written notice at least 30 days prior to the effective date of such resignation. The Depositor shall be then have 30 days from the date of such notice to designate a bank (as defined in Code Section 408(n)) successor trustee or custodian, notify the Custodian of the name and address of the successor trustee or custodian, and provide the Custodian with appropriate evidence that such other person found successor has accepted the appointment and is qualified to act serve as a trustee or custodian under of an individual retirement account. (i) If the Depositor designates a Xxxxxxxxx ESA successor trustee or custodian and provides the Custodian evidence of the successor's acceptance of appointment and qualification within such 30-day period, the Custodian shall then deliver all of the assets held by the Secretary Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the successor trustee or custodian. (ii) If the Depositor does not notify the Custodian of the U.S. Treasury or his delegate. The appointment of a successor trustee or custodian shall be effective upon receipt within such 30 day period, then the Custodian may distribute all of the assets held by the Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the Depositor, outright and free of trust, and the Depositor shall be wholly responsible for the tax consequences of such successor's written acceptancedistribution. Within 30 days In either case, the Custodian may expend any assets in the account to pay expenses of transfer (including re-registering the assets and preparation of deeds, assignments, and other instruments of transfer or conveyance) to the successor trustee or custodian or the Depositor, as the case may be. In addition, the Custodian may retain a portion of the effective date assets as a reserve for payment of any anticipated remaining fees and expenses. Upon satisfaction of such successor's appointmentfees and expenses, the Custodian shall transfer and deliver pay over any remainder of the reserve to the successor applicable Custodial Account records and Investments in the Custodial Account (reduced by any unpaid amounts as provided in Section P.2. The successor trustee or custodian shall be subject or to the provisions of this Xxxxxxxxx ESA Custodial Agreement (or any successor thereto) on Depositor, as the effective date of its appointmentcase may be.

Appears in 11 contracts

Samples: Custodial Agreement, Individual Retirement Custodial Account Agreement, Individual Retirement Custodial Account Agreement

Resignation and Removal of Custodian. 1. The Custodian may resign at any time by giving at least 30 days’ written notice to the Responsible Individual. (a) The Custodian may resign and appoint a successor trustee or custodian or trustee to serve under this Xxxxxxxxx ESA Custodial Agreement agreement or under another governing instrument agreement selected by the successor trustee or custodian or trustee by giving the Responsible Individual Depositor written notice at least 30 days prior to the effective date of such resignation and appointment, which notice shall also include or be provided under separate cover a copy of such other governing instrument, if applicable, and the related disclosure statement. The Responsible Individual Depositor shall then have 30 days from the date of such notice to either request a complete distribution of the Custodial Account entire account balance or designate a different successor trustee or custodian or trusteeand notify the Custodian of such designation. If the Responsible Individual Depositor does not request distribution of the Custodial Account account balance or designate notify the Custodian of the designation of a different successor trustee or custodian within such 30 daysday period, the Responsible Individual Depositor shall be deemed to have consented to the appointment of the successor trustee or custodian or trustee and the terms of any new governing instrument. No executed written instrument of any Account Party , and neither the Depositor nor the successor shall be required to effect such transferexecute any written document to complete the transfer of the account to the successor trustee or custodian. The successor trustee or custodian may rely on any information, including death beneficiary designations, previously provided by the Depositor to the Custodian. 2. (b) The Responsible Individual Depositor may at any time, at the sole cost and expense of the Custodial Account, time remove the Custodian and replace the Custodian with a successor trustee or custodian or trustee of the Responsible Individual’s Depositor's choice by giving 30 days’ written days notice to the Custodianof such removal and replacement. In such event, the The Custodian shall liquidate all Investments in then deliver the Custodial Account and transfer assets of the cash liquidation proceeds to the successor custodian in accordance with standard industry practices, including the receipt of all appropriate signed documentation, and otherwise account as reasonably directed by the Responsible IndividualDepositor. However, the Custodian may retain a portion of the Investments in assets of the Custodial Account HSA as a reserve for payment of any anticipated remaining fees and expenses, and shall pay over any remainder of this reserve to the successor trustee or custodian or trustee upon satisfaction of such fees and expenses. . (c) The Custodian may decline to act under this Section P. if any course of conduct requested of resign and demand that the Custodian by the Responsible Individual could reasonably be interpreted to be Depositor appoint a violation of any law or regulation. 3. Any successor trustee or custodian of this HSA by giving the Depositor written notice at least 30 days prior to the effective date of such resignation. The Depositor shall be then have 30 days from the date of such notice to designate a bank (as defined in Code Section 408(n)) successor trustee or custodian, notify the Custodian of the name and address of the successor trustee or custodian, and provide the Custodian with appropriate evidence that such other person found successor has accepted the appointment and is qualified to act serve as a trustee or custodian under of an HSA. (1) If the Depositor designates a Xxxxxxxxx ESA successor trustee or custodian and provides the Custodian evidence of the successor's acceptance of appointment and qualification within such 30-day period, the Custodian shall then deliver all of the assets held by the Secretary Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the successor trustee or custodian. (2) If the Depositor does not notify the Custodian of the U.S. Treasury or his delegate. The appointment of a successor trustee or custodian shall be effective upon receipt within such 30 day period, then the Custodian may distribute all of the assets held by the Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the Depositor, outright and free of trust, and the Depositor shall be wholly responsible for the tax consequences of such successor's written acceptancedistribution. Within 30 days In either case, the Custodian may expend any assets in the account to pay expenses of transfer (including re-registering the assets and preparation of deeds, assignments, and other instruments of transfer or conveyance) to the successor trustee or custodian or the Depositor, as the case may be. In addition, the Custodian may retain a portion of the effective date assets as a reserve for payment of any anticipated remaining fees and expenses. Upon satisfaction of such successor's appointmentfees and expenses, the Custodian shall transfer and deliver pay over any remainder of the reserve to the successor applicable Custodial Account records and Investments in the Custodial Account (reduced by any unpaid amounts as provided in Section P.2. The successor trustee or custodian shall be subject or to the provisions of this Xxxxxxxxx ESA Custodial Agreement (or any successor thereto) on Depositor, as the effective date of its appointmentcase may be.

Appears in 6 contracts

Samples: Health Savings Account Agreement, Health Savings Account Agreement, Health Savings Account Agreement

Resignation and Removal of Custodian. 1. The Custodian may resign at any time by giving at least 30 days’ written notice to the Responsible Individual. (a) The Custodian may resign and appoint a successor trustee or custodian or trustee to serve under this Xxxxxxxxx ESA Custodial Agreement agreement or under another governing instrument selected by the successor trustee or custodian or trustee by giving the Responsible Individual Depositor written notice at least 30 days prior to the effective date of such resignation and appointment, which notice shall also include or be provided under separate cover a copy of such other governing instrument, if applicable, and the related disclosure statement. The Responsible Individual Depositor shall then have 30 days from the date of such notice to either request a complete distribution of the Custodial Account entire account balance or designate a different successor trustee or custodian or trusteeand notify the Custodian of such designation. If the Responsible Individual Depositor does not request distribution of the Custodial Account account balance or designate notify the Custodian of the designation of a different successor trustee or custodian within such 30 daysday period, the Responsible Individual Depositor shall be deemed to have consented to the appointment of the successor trustee or custodian or trustee and the terms of any new governing instrument. No executed written instrument of any Account Party , and neither the Depositor nor the successor shall be required to effect such transferexecute any written document to complete the transfer of the account to the successor trustee or custodian. The successor trustee or custodian may rely on any information, including death beneficiary designations, previously provided by the Depositor to the Custodian. 2. (b) The Responsible Individual Depositor may at any time, at the sole cost and expense of the Custodial Account, time remove the Custodian and replace the Custodian with a successor trustee or custodian or trustee of the Responsible Individual’s Depositor's choice by giving 30 days’ written days notice to the Custodianof such removal and replacement. In such event, the The Custodian shall liquidate all Investments in then deliver the Custodial Account and transfer assets of the cash liquidation proceeds to the successor custodian in accordance with standard industry practices, including the receipt of all appropriate signed documentation, and otherwise account as reasonably directed by the Responsible IndividualDepositor. However, the Custodian may retain a portion of the Investments in assets of the Custodial Account IRA as a reserve for payment of any anticipated remaining fees and expenses, and shall pay over any remainder of this reserve to the successor trustee or custodian or trustee upon satisfaction of such fees and expenses. . (c) The Custodian may decline to act under this Section P. if any course of conduct requested of resign and demand that the Custodian by the Responsible Individual could reasonably be interpreted to be Depositor appoint a violation of any law or regulation. 3. Any successor trustee or custodian of this IRA by giving the Depositor written notice at least 30 days prior to the effective date of such resignation. The Depositor shall be then have 30 days from the date of such notice to designate a bank (as defined in Code Section 408(n)) successor trustee or custodian, notify the Custodian of the name and address of the successor trustee or custodian, and provide the Custodian with appropriate evidence that such other person found successor has accepted the appointment and is qualified to act serve as a trustee or custodian under of an individual retirement account. (1) If the Depositor designates a Xxxxxxxxx ESA successor trustee or custodian and provides the Custodian evidence of the successor's acceptance of appointment and qualification within such 30-day period, the Custodian shall then deliver all of the assets held by the Secretary Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the successor trustee or custodian. (2) If the Depositor does not notify the Custodian of the U.S. Treasury or his delegate. The appointment of a successor trustee or custodian shall be effective upon receipt within such 30 day period, then the Custodian may distribute all of the assets held by the Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the Depositor, outright and free of trust, and the Depositor shall be wholly responsible for the tax consequences of such successor's written acceptancedistribution. Within 30 days In either case, the Custodian may expend any assets in the account to pay expenses of transfer (including re-registering the assets and preparation of deeds, assignments, and other instruments of transfer or conveyance) to the successor trustee or custodian or the Depositor, as the case may be. In addition, the Custodian may retain a portion of the effective date assets as a reserve for payment of any anticipated remaining fees and expenses. Upon satisfaction of such successor's appointmentfees and expenses, the Custodian shall transfer and deliver pay over any remainder of the reserve to the successor applicable Custodial Account records and Investments in the Custodial Account (reduced by any unpaid amounts as provided in Section P.2. The successor trustee or custodian shall be subject or to the provisions of this Xxxxxxxxx ESA Custodial Agreement (or any successor thereto) on Depositor, as the effective date of its appointmentcase may be.

Appears in 6 contracts

Samples: Custodial Agreement & Disclosure Statement, Custodial Agreement & Disclosure Statement, Custodial Agreement & Disclosure Statement

Resignation and Removal of Custodian. 1. The Custodian may resign at any time by giving at least 30 days’ written notice to the Responsible Individual. (a) The Custodian may resign and appoint a successor trustee or custodian or trustee to serve under this Xxxxxxxxx ESA Custodial Agreement agreement or under another governing instrument agreement selected by the successor trustee or custodian or trustee by giving the Responsible Individual Depositor written notice at least 30 days prior to the effective date of such resignation and appointment, which notice shall also include or be provided under separate cover a copy of such other governing instrument, if applicable, and the related disclosure statement. The Responsible Individual Depositor shall then have 30 days from the date of such notice to either request a complete distribution of the Custodial Account entire account balance or designate a different successor trustee or custodian or trusteeand notify the Custodian of such designation. If the Responsible Individual Depositor does not request distribution of the Custodial Account account balance or designate notify the Custodian of the designation of a different successor trustee or custodian within such 30 daysday period, the Responsible Individual Depositor shall be deemed to have consented to the appointment of the successor trustee or custodian or trustee and the terms of any new governing instrument. No executed written instrument of any Account Party , and neither the Depositor nor the successor shall be required to effect such transferexecute any written document to complete the transfer of the account to the successor trustee or custodian. The successor trustee or custodian may rely on any information, including death beneficiary designations, previously provided by the Depositor to the Custodian. 2. (b) The Responsible Individual Depositor may at any time, at the sole cost and expense of the Custodial Account, time remove the Custodian and replace the Custodian with a successor trustee or custodian or trustee of the Responsible Individual’s Depositor's choice by giving 30 days’ written days notice to the Custodianof such removal and replacement. In such event, the The Custodian shall liquidate all Investments in then deliver the Custodial Account and transfer assets of the cash liquidation proceeds to the successor custodian in accordance with standard industry practices, including the receipt of all appropriate signed documentation, and otherwise account as reasonably directed by the Responsible IndividualDepositor. However, the Custodian may retain a portion of the Investments in assets of the Custodial Account IRA as a reserve for payment of any anticipated remaining fees and expenses, and shall pay over any remainder of this reserve to the successor trustee or custodian or trustee upon satisfaction of such fees and expenses. . (c) The Custodian may decline to act under this Section P. if any course of conduct requested of resign and demand that the Custodian by the Responsible Individual could reasonably be interpreted to be Depositor appoint a violation of any law or regulation. 3. Any successor trustee or custodian of this IRA by giving the Depositor written notice at least 30 days prior to the effective date of such resignation. The Depositor shall be then have 30 days from the date of such notice to designate a bank (as defined in Code Section 408(n)) successor trustee or custodian, notify the Custodian of the name and address of the successor trustee or custodian, and provide the Custodian with appropriate evidence that such other person found successor has accepted the appointment and is qualified to act serve as a trustee or custodian under of an individual retirement account. (1) If the Depositor designates a Xxxxxxxxx ESA successor trustee or custodian and provides the Custodian evidence of the successor's acceptance of appointment and qualification within such 30-day period, the Custodian shall then deliver all of the assets held by the Secretary Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the successor trustee or custodian. (2) If the Depositor does not notify the Custodian of the U.S. Treasury or his delegate. The appointment of a successor trustee or custodian shall be effective upon receipt within such 30 day period, then the Custodian may distribute all of the assets held by the Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the Depositor, outright and free of custodial, and the Depositor shall be wholly responsible for the tax consequences of such successor's written acceptancedistribution. Within 30 days In either case, the Custodian may expend any assets in the account to pay expenses of transfer (including re-registering the assets and preparation of deeds, assignments, and other instruments of transfer or conveyance) to the successor trustee or custodian or the Depositor, as the case may be. In addition, the Custodian may retain a portion of the effective date assets as a reserve for payment of any anticipated remaining fees and expenses. Upon satisfaction of such successor's appointmentfees and expenses, the Custodian shall transfer and deliver pay over any remainder of the reserve to the successor applicable Custodial Account records and Investments in the Custodial Account (reduced by any unpaid amounts as provided in Section P.2. The successor trustee or custodian shall be subject or to the provisions of this Xxxxxxxxx ESA Custodial Agreement (or any successor thereto) on Depositor, as the effective date of its appointmentcase may be.

Appears in 5 contracts

Samples: Simple Ira Custodial Agreement, Traditional Individual Retirement Custodial Agreement, Simple Ira Custodial Agreement

Resignation and Removal of Custodian. 1. The Custodian may resign at any time by giving at least 30 days’ written notice to the Responsible Individual. (a) The Custodian may resign and appoint a successor trustee or custodian or trustee to serve under this Xxxxxxxxx ESA Custodial Agreement agreement or under another governing instrument agreement selected by the successor trustee or custodian or trustee by giving the Responsible Individual Depositor written notice at least 30 days prior to the effective date of such resignation and appointment, which notice shall also include or be provided under separate cover a copy of such other governing instrument, if applicable, and the related disclosure statement. The Responsible Individual Depositor shall then have 30 days from the date of such notice to either request a complete distribution of the Custodial Account entire account balance or designate a different successor trustee or custodian or trusteeand notify the Custodian of such designation. If the Responsible Individual Depositor does not request distribution of the Custodial Account account balance or designate notify the Custodian of the designation of a different successor trustee or custodian within such 30 daysday period, the Responsible Individual Depositor shall be deemed to have consented to the appointment of the successor trustee or custodian or trustee and the terms of any new governing instrument. No executed written instrument of any Account Party , and neither the Depositor nor the successor shall be required to effect such transferexecute any written document to complete the transfer of the account to the successor trustee or custodian. The successor trustee or custodian may rely on any information, including death beneficiary designations, previously provided by the Depositor to the Custodian. 2. (b) The Responsible Individual Depositor may at any time, at the sole cost and expense of the Custodial Account, time remove the Custodian and replace the Custodian with a successor trustee or custodian or trustee of the Responsible Individual’s Depositor's choice by giving 30 days’ written days notice to the Custodianof such removal and replacement. In such event, the The Custodian shall liquidate all Investments in then deliver the Custodial Account and transfer assets of the cash liquidation proceeds to the successor custodian in accordance with standard industry practices, including the receipt of all appropriate signed documentation, and otherwise account as reasonably directed by the Responsible IndividualDepositor. However, the Custodian may retain a portion of the Investments in assets of the Custodial Account as a reserve for payment of any anticipated remaining fees and expenses, and shall pay over any remainder of this reserve to the successor trustee or custodian or trustee upon satisfaction of such fees and expenses. . (c) The Custodian may decline to act under this Section P. if any course of conduct requested of resign and demand that the Custodian by the Responsible Individual could reasonably be interpreted to be Depositor appoint a violation of any law or regulation. 3. Any successor trustee or custodian of this Custodial Account by giving the Depositor written notice at least 30 days prior to the effective date of such resignation. The Depositor shall be then have 30 days from the date of such notice to designate a bank (as defined in Code Section 408(n)) successor trustee or custodian, notify the Custodian of the name and address of the successor trustee or custodian, and provide the Custodian with appropriate evidence that such other person found successor has accepted the appointment and is qualified to act serve as a trustee or custodian under of an individual retirement account. (1) If the Depositor designates a Xxxxxxxxx ESA successor trustee or custodian and provides the Custodian evidence of the successor's acceptance of appointment and qualification within such 30-day period, the Custodian shall then deliver all of the assets held by the Secretary Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the successor trustee or custodian. (2) If the Depositor does not notify the Custodian of the U.S. Treasury or his delegate. The appointment of a successor trustee or custodian shall be effective upon receipt within such 30 day period, then the Custodian may distribute all of the assets held by the Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the Depositor, outright and free of trust, and the Depositor shall be wholly responsible for the tax consequences of such successor's distribution. In either case, the Custodian may expend any assets in the account to pay expenses of transfer (including re-registering the assets and preparation of deeds, assignments, and other instruments of transfer or conveyance) to the successor trustee or custodian or the Depositor, as the case may be. In addition, the Custodian may retain a portion of the assets as a reserve for payment of any anticipated remaining fees and expenses. Upon satisfaction of such fees and expenses, the Custodian shall pay over any remainder of the reserve to the successor trustee or custodian or to the Depositor, as the case may be. (d) Administrator may at any time select a qualified successor custodian by giving the Depositor and Custodian written acceptance. Within notice at least 30 days of prior to the effective date of such successor's appointment, which notice shall also include or be provided under separate cover a copy of such other governing instrument, if applicable, and the related disclosure statement. The Depositor shall then have 30 days from the date of such notice to either request a distribution of the entire Custodial Account balance or designate a different successor trustee or custodian and notify the Custodian and Administrator of such designation. If the Depositor does not request distribution of the Custodial Account balance or notify the Administrator of the designation of a different successor trustee or custodian within such 30 day period, the Depositor shall be deemed to have consented to the appointment of the successor custodian and the terms of any new governing instrument, and neither the Depositor nor the successor shall be required to execute any written document to complete the transfer and deliver of the Custodial Account to the successor applicable Custodial Account records and Investments in the Custodial Account (reduced by any unpaid amounts as provided in Section P.2custodian. The successor custodian shall be subject may rely on any information, including beneficiary designations, previously provided by the Depositor to the provisions of this Xxxxxxxxx ESA Custodial Agreement (or any successor thereto) on the effective date of its appointmentCustodian.

Appears in 3 contracts

Samples: Simplified Employee Pension—individual Retirement Accounts Contribution Agreement, Prototype Simplified Employee Pension Plan Agreement, Simplified Employee Pension—individual Retirement Accounts Contribution Agreement

Resignation and Removal of Custodian. 1. (a) The Custodian may resign at any time by giving at least 30 days’ written days notice to the Designated Beneficiary (or Responsible Individual). The Custodian may resign and appoint a successor trustee or custodian or trustee to serve under this Xxxxxxxxx ESA Custodial Agreement agreement or under another governing instrument selected by the successor trustee or custodian or trustee by giving the Designated Beneficiary (or Responsible Individual Individual) written notice at least 30 days prior to the effective date of such resignation and appointment, which notice shall also include a copy of such other governing instrument, if applicable, and the related disclosure statement. The Designated Beneficiary (or Responsible Individual Individual) shall then have 30 days from the date of such notice to either request a complete distribution of the Custodial Account account balance or designate a different successor custodian trustee or trusteecustodian. If the Designated Beneficiary (or Responsible Individual Individual) does not request distribution of the Custodial Account account or designate a different successor within such 30 days, the Designated Beneficiary (or Responsible Individual Individual) shall be deemed to have consented to the appointment of the successor trustee or custodian or trustee and the terms of any new governing instrument. No executed written instrument of any Account Party , and neither the Depositor, Designated Beneficiary, Responsible Individual nor the successor shall be required to effect such transferexecute any written document to complete the transfer of the account to the successor trustee or custodian. The successor trustee or custodian may rely on any information, including death beneficiary Beneficiary designations, previously provided to by the CustodianDepositor, Designated Beneficiary or Responsible Individual. 2. (b) The Designated Beneficiary (or Responsible Individual Individual) may at any time, at the sole cost and expense of the Custodial Account, time remove the Custodian and replace the Custodian with a successor trustee or custodian or trustee of the Designated Beneficiary’s (or Responsible Individual’s ’s) choice by giving 30 days’ days written notice to the Custodian. In such event, the Custodian shall liquidate all Investments in then deliver the Custodial Account and transfer assets of the cash liquidation proceeds to the successor custodian in accordance with standard industry practices, including the receipt of all appropriate signed documentation, and otherwise account as reasonably directed by the Designated Beneficiary or Responsible Individual. However, the Custodian may retain a portion of the Investments in assets of the Custodial Account Xxxxxxxxx ESA as a reserve for payment of any anticipated remaining fees and expenses, and shall pay over any remainder of this reserve to the successor trustee or custodian or trustee upon satisfaction of such fees and expenses. The Custodian may decline to act under this Section P. if any course of conduct requested of the Custodian by the Responsible Individual could reasonably be interpreted to be a violation of any law or regulation. 3. (c) Any successor trustee or custodian shall be a bank (as defined in Code Section section 408(n)) of the Code) or such other person found qualified to act as a trustee or custodian under a Xxxxxxxxx ESA by the Secretary of the U.S. Treasury or his delegate. The appointment of a successor trustee or custodian shall be effective upon receipt by the Custodian of such successor's ’s written acceptance, which shall be submitted to the Custodian, the Funds, and the Responsible Individual. Within 30 days of the effective date of such successor's a successor custodian’s appointment, the Custodian shall transfer and deliver to the successor trustee or custodian applicable Custodial Account account records and Investments in assets of the Custodial Account (reduced by any unpaid amounts as provided referred to in Section P.2paragraph 7 of this Article X ). The successor custodian shall be subject to the provisions of this Xxxxxxxxx ESA Custodial Agreement agreement (or any successor thereto) on the effective date of its appointment.

Appears in 3 contracts

Samples: Coverdell Education Savings Account Custodial Agreement, Coverdell Education Savings Account Custodial Agreement, Coverdell Education Savings Account Custodial Agreement

Resignation and Removal of Custodian. 1. The Custodian may resign at any time by giving at least 30 days’ written notice to the Responsible Individual. (a) The Custodian may resign and appoint a successor trustee or custodian or trustee to serve under this Xxxxxxxxx ESA Custodial Agreement agreement or under another governing instrument agreement selected by the successor trustee or custodian or trustee by giving the Responsible Individual Participant written notice at least 30 days prior to the effective date of such resignation and appointment, which notice shall also include or be provided under separate cover a copy of such other governing instrument, if applicable, and the related disclosure statement. The Responsible Individual Participant shall then have 30 days from the date of such notice to either request a complete distribution of the Custodial Account entire account balance or designate a different successor trustee or custodian or trusteeand notify the Custodian of such designation. If the Responsible Individual Participant does not request distribution of the Custodial Account account balance or designate notify the Custodian of the designation of a different successor trustee or custodian within such 30 daysday period, the Responsible Individual Participant shall be deemed to have consented to the appointment of the successor trustee or custodian or trustee and the terms of any new governing instrument. No executed written instrument of any Account Party , and neither the Participant nor the successor shall be required to effect such transferexecute any written document to complete the transfer of the account to the successor trustee or custodian. The successor trustee or custodian may rely on any information, including death beneficiary designations, previously provided by the Participant to the Custodian. 2. (b) The Responsible Individual Participant may at any time, at the sole cost and expense of the Custodial Account, time remove the Custodian and replace the Custodian with a successor trustee or custodian or trustee of the Responsible IndividualParticipant’s choice by giving 30 days’ written days notice to the Custodianof such removal and replacement. In such event, the The Custodian shall liquidate all Investments in then deliver the Custodial Account and transfer assets of the cash liquidation proceeds to the successor custodian in accordance with standard industry practices, including the receipt of all appropriate signed documentation, and otherwise account as reasonably directed by the Responsible IndividualParticipant. However, the Custodian may retain a portion of the Investments in assets of the Custodial Account IRA as a reserve for payment of any anticipated remaining fees and expenses, and shall pay over any remainder of this reserve to the successor trustee or custodian or trustee upon satisfaction of such fees and expenses. . (c) The Custodian may decline to act under this Section P. if any course of conduct requested of resign and demand that the Custodian by the Responsible Individual could reasonably be interpreted to be Participant appoint a violation of any law or regulation. 3. Any successor trustee or custodian of this IRA by giving the Participant written notice at least 30 days prior to the effective date of such resignation. The Participant shall be then have 30 days from the date of such notice to designate a bank (as defined in Code Section 408(n)) successor trustee or custodian, notify the Custodian of the name and address of the successor trustee or custodian, and provide the Custodian with appropriate evidence that such other person found successor has accepted the appointment and is qualified to act serve as a trustee or custodian under of an individual retirement account. (1) If the Participant designates a Xxxxxxxxx ESA successor trustee or custodian and provides the Custodian evidence of the successor’s acceptance of appointment and qualification within such 30-day period, the Custodian shall then deliver all of the assets held by the Secretary Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the successor trustee or custodian. (2) If the Participant does not notify the Custodian of the U.S. Treasury or his delegate. The appointment of a successor trustee or custodian shall be effective upon receipt within such 30 day period, then the Custodian may distribute all of the assets held by the Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the Participant, outright and free of custodial, and the Participant shall be wholly responsible for the tax consequences of such successor's written acceptancedistribution. Within 30 days In either case, the Custodian may expend any assets in the account to pay expenses of transfer (including re-registering the assets and preparation of deeds, assignments, and other instruments of transfer or conveyance) to the successor trustee or custodian or the Participant, as the case may be. In addition, the Custodian may retain a portion of the effective date assets as a reserve for payment of any antic- ipated remaining fees and expenses. Upon satisfaction of such successor's appointmentfees and expenses, the Custodian shall transfer and deliver pay over any remainder of the reserve to the successor applicable Custodial Account records and Investments in the Custodial Account (reduced by any unpaid amounts as provided in Section P.2. The successor trustee or custodian shall be subject or to the provisions of this Xxxxxxxxx ESA Custodial Agreement (or any successor thereto) on Participant, as the effective date of its appointmentcase may be.

Appears in 2 contracts

Samples: Simple Ira Custodial Account Agreement, Simple Ira Custodial Account Agreement

Resignation and Removal of Custodian. 1. The Custodian may resign at any time by giving at least 30 days’ written notice to the Responsible Individual. (a) The Custodian may resign and appoint a successor trustee or custodian or trustee to serve under this Xxxxxxxxx ESA Custodial Agreement agreement or under another governing instrument agreement selected by the successor trustee or custodian or trustee by giving the Responsible Individual Depositor written notice at least 30 days prior to the effective date of such resignation and appointment, which notice shall also include or be provided under separate cover a copy of such other governing instrument, if applicable, and the related disclosure statement. The Responsible Individual Depositor shall then have 30 days from the date of such notice to either request a complete distribution of the Custodial Account entire account balance or designate a different successor trustee or custodian or trusteeand notify the Custodian of such designation. If the Responsible Individual Depositor does not request distribution of the Custodial Account account balance or designate notify the Custodian of the designation of a different successor trustee or custodian within such 30 daysday period, the Responsible Individual Depositor shall be deemed to have consented to the appointment of the successor trustee or custodian or trustee and the terms of any new governing instrument. No executed written instrument of any Account Party , and neither the Depositor nor the successor shall be required to effect such transferexecute any written document to complete the transfer of the account to the successor trustee or custodian. The successor trustee or custodian may rely on any information, including death beneficiary designations, previously provided by the Depositor to the Custodian. 2. (b) The Responsible Individual Depositor may at any time, at the sole cost and expense of the Custodial Account, time remove the Custodian and replace the Custodian with a successor trustee or custodian or trustee of the Responsible Individual’s Depositor's choice by giving 30 days’ written days notice to the Custodianof such removal and replacement. In such event, the The Custodian shall liquidate all Investments in then deliver the Custodial Account and transfer assets of the cash liquidation proceeds to the successor custodian in accordance with standard industry practices, including the receipt of all appropriate signed documentation, and otherwise account as reasonably directed by the Responsible IndividualDepositor. However, the Custodian may retain a portion of the Investments in assets of the Custodial Account IRA as a reserve for payment of any anticipated remaining fees and expenses, and shall pay over any remainder of this reserve to the successor trustee or custodian or trustee upon satisfaction of such fees and expenses. . (c) The Custodian may decline to act under this Section P. if any course of conduct requested of resign and demand that the Custodian by the Responsible Individual could reasonably be interpreted to be Depositor appoint a violation of any law or regulation. 3. Any successor trustee or custodian of this IRA by giving the Depositor written notice at least 30 days prior to the effective date of such resignation. The Depositor shall be then have 30 days from the date of such notice to designate a bank (as defined in Code Section 408(n)) successor trustee or custodian, notify the Custodian of the name and address of the successor trustee or custodian, and provide the Custodian with appropriate evidence that such other person found successor has accepted the appointment and is qualified to act serve as a trustee or custodian under of an individual retirement account. (1) If the Depositor designates a Xxxxxxxxx ESA successor trustee or custodian and provides the Custodian evidence of the successor's acceptance of appointment and qualification within such 30-day period, the Custodian shall then deliver all of the assets held by the Secretary Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the successor trustee or custodian. (2) If the Depositor does not notify the Custodian of the U.S. Treasury or his delegate. The appointment of a successor trustee or custodian shall be effective upon receipt within such 30 day period, then the Custodian may distribute all of the assets held by the Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the Depositor, outright and free of trust, and the Depositor shall be wholly responsible for the tax consequences of such successor's written acceptancedistribution. Within 30 days In either case, the Custodian may expend any assets in the account to pay expenses of transfer (including re-registering the assets and preparation of deeds, assignments, and other instruments of transfer or conveyance) to the successor trustee or custodian or the Depositor , as the case may be. In addition, the Custodian may retain a portion of the effective date assets as a reserve for payment of any anticipated remaining fees and expenses. Upon satisfaction of such successor's appointmentfees and expenses, the Custodian shall transfer and deliver pay over any remainder of the reserve to the successor applicable Custodial Account records and Investments in the Custodial Account (reduced by any unpaid amounts as provided in Section P.2. The successor trustee or custodian shall be subject or to the provisions of this Xxxxxxxxx ESA Custodial Agreement (or any successor thereto) on Depositor, as the effective date of its appointmentcase may be.

Appears in 2 contracts

Samples: Individual Retirement Custodial Account Agreement, Individual Retirement Custodial Account Agreement

Resignation and Removal of Custodian. 1. (a) The Custodian may resign at any time by giving at least 30 days’ written days notice to the Designated Beneficiary (or Responsible Individual). The Custodian may resign and appoint a successor trustee or custodian or trustee to serve under this Xxxxxxxxx ESA Custodial Agreement agreement or under another governing instrument selected by the successor trustee or custodian or trustee by giving the Designated Beneficiary (or Responsible Individual Individual) written notice at least 30 days prior to the effective date of such resignation and appointment, which notice shall also include a copy of such other governing instrument, if applicable, and the related disclosure statement. The Designated Beneficiary (or Responsible Individual Individual) shall then have 30 days from the date of such notice to either request a complete distribution of the Custodial Account account balance or designate a different successor custodian trustee or trusteecustodian. If the Designated Beneficiary (or Responsible Individual Individual) does not request distribution of the Custodial Account account or designate a different successor within such 30 days, the Designated Beneficiary (or Responsible Individual Individual) shall be deemed to have consented to the appointment of the successor trustee or custodian or trustee and the terms of any new governing instrument. No executed written instrument of any Account Party , and neither the Depositor, Designated Beneficiary, Responsible Individual nor the successor shall be required to effect such transferexecute any written document to complete the transfer of the account to the successor trustee or custodian. The successor trustee or custodian may rely on any information, including death beneficiary Beneficiary designations, previously provided to by the CustodianDepositor, Designated Beneficiary or Responsible Individual. 2. (b) The Designated Beneficiary (or Responsible Individual Individual) may at any time, at the sole cost and expense of the Custodial Account, time remove the Custodian and replace the Custodian with a successor trustee or custodian or trustee of the Designated Beneficiary's (or Responsible Individual’s 's) choice by giving 30 days’ days written notice to the Custodian. In such event, the Custodian shall liquidate all Investments in then deliver the Custodial Account and transfer assets of the cash liquidation proceeds to the successor custodian in accordance with standard industry practices, including the receipt of all appropriate signed documentation, and otherwise account as reasonably directed by the Designated Beneficiary or Responsible Individual. However, the Custodian may retain a portion of the Investments in assets of the Custodial Account Xxxxxxxxx ESA as a reserve for payment of any anticipated remaining fees and expenses, and shall pay over any remainder of this reserve to the successor trustee or custodian or trustee upon satisfaction of such fees and expenses. The Custodian may decline to act under this Section P. if any course of conduct requested of the Custodian by the Responsible Individual could reasonably be interpreted to be a violation of any law or regulation. 3. (c) Any successor trustee or custodian shall be a bank (as defined in Code Section section 408(n)) of the Code) or such other person found qualified to act as a trustee or custodian under a Xxxxxxxxx ESA by the Secretary of the U.S. Treasury or his delegate. The appointment of a successor trustee or custodian shall be effective upon receipt by the Custodian of such successor's written acceptance, which shall be submitted to the Custodian, the Funds, and the Responsible Individual. Within 30 days of the effective date of such successora successor custodian's appointment, the Custodian shall transfer and deliver to the successor trustee or custodian applicable Custodial Account account records and Investments in assets of the Custodial Account (reduced by any unpaid amounts as provided referred to in Section P.2paragraph 7 of this Article X). The successor custodian shall be subject to the provisions of this Xxxxxxxxx ESA Custodial Agreement agreement (or any successor thereto) on the effective date of its appointment.

Appears in 2 contracts

Samples: Coverdell Education Savings Account Application & Adoption Agreement, Coverdell Education Savings Account Custodial Agreement

Resignation and Removal of Custodian. 1. (a) The Custodian may resign at any time by giving at least 30 days’ written notice to the Responsible Individual. The Custodian may resign and appoint appointing a successor trustee or custodian or trustee ("Successor Custodian") to serve under this Xxxxxxxxx ESA Custodial Agreement agreement or under another governing instrument selected by the successor trustee or custodian or trustee ("Successor Agreement") and by giving sending notification of its resignation and the Responsible Individual written notice at least 30 appointment of the Successor Custodian no less than thirty (30) days prior to in advance of the effective date of such the resignation and appointment, which including with the resignation notice shall also include a copy of such other governing instrumentthe Successor Agreement, if applicable, and any related disclosure materials. The If the Responsible Individual shall then have 30 days from does not on or before the effective date of such notice to either the resignation request a complete liquidation and distribution of all investments in the Custodial Account or designate a different successor custodian trustee or trustee. If custodian, the Responsible Individual does not request distribution Custodian is authorized and directed to liquidate all holdings of the Custodial Account or designate a different successor within such 30 days, and transfer the Responsible Individual shall be deemed to have consented cash liquidation proceeds to the appointment of the successor custodian or trustee and the Successor Custodian subject to all terms of any new governing instrument. No Successor Agreement, and no executed written instrument of any Account Party of any nature shall be required to effect such transfer. The successor custodian Successor Custodian may rely on any information, including death beneficiary designations, previously provided to the Custodian. 2. (b) The Responsible Individual may at any time, at the sole cost and expense of the Custodial Account, remove the Custodian and replace the Custodian with a successor trustee or custodian or trustee of designated by the Responsible Individual’s choice Individual by giving 30 days’ days advance written notice to the Custodian. In such event, the Custodian shall liquidate all Investments in holdings of the Custodial Account and transfer the cash liquidation proceeds to the successor custodian Successor Custodian in accordance with standard industry practices, including the receipt of all appropriate signed documentation, and otherwise as reasonably directed by the Responsible Individual. However, the Custodian may retain a portion of the Investments in assets of the Custodial Account as a reserve for payment of any anticipated remaining fees and expenses, and shall pay over any remainder of this reserve to the successor trustee or custodian or trustee upon satisfaction of such fees and expenses. The Custodian may decline to act under this Section P. provision if any course of conduct requested of the Custodian by the Responsible Individual could reasonably be interpreted to be a violation of any law or regulation. 3. (c) Any successor trustee or custodian shall be a bank (as defined in Code Section section 408(n)) of the Code) or such other person found qualified to act as a trustee or custodian under a Xxxxxxxxx ESA by the Secretary of the U.S. Treasury or his delegate. The appointment of a successor trustee or custodian shall be effective upon receipt by the Custodian of such successor's written acceptance, which shall be submitted at a minimum to the Custodian. Within 30 days of the effective date of such successor's appointment, the Custodian shall transfer and deliver to the successor applicable Custodial Account account records and Investments in assets of the Custodial Account (reduced by any unpaid amounts as provided referred to in Section P.2paragraph 7(b) of this Article X). The successor custodian Custodian shall be subject to the provisions of this Xxxxxxxxx ESA Custodial Agreement (or any successor thereto) on the effective date of its appointment.

Appears in 2 contracts

Samples: Coverdell Education Savings Account Custodial Agreement, Coverdell Education Savings Account Custodial Agreement

Resignation and Removal of Custodian. 1. The Custodian may resign at any time by giving at least 30 days’ written notice to the Responsible Individual. (a) The Custodian may resign and appoint a successor trustee or custodian or trustee to serve under this Xxxxxxxxx ESA Custodial Agreement agreement or under another governing instrument agreement selected by the successor trustee or custodian or trustee by giving the Responsible Individual Depositor written notice at least 30 days prior to the effective date of such resignation and appointment, which notice shall also include or be provided under separate cover a copy of such other governing instrument, if applicable, and the related disclosure statement. The Responsible Individual Depositor shall then have 30 days from the date of such notice to either request a complete distribution of the Custodial Account entire account balance or designate a different successor trustee or custodian or trusteeand notify the Custodian of such designation. If the Responsible Individual Depositor does not request distribution of the Custodial Account account balance or designate notify the Custodian of the designation of a different successor trustee or custodian within such 30 daysday period, the Responsible Individual Depositor shall be deemed to have consented to the appointment of the successor trustee or custodian or trustee and the terms of any new governing instrument. No executed written instrument of any Account Party , and neither the Depositor nor the successor shall be required to effect such transferexecute any written document to complete the transfer of the account to the successor trustee or custodian. The successor trustee or custodian may rely on any information, including death beneficiary designations, previously provided by the Depositor to the Custodian. 2. (b) The Responsible Individual Depositor may at any time, at the sole cost and expense of the Custodial Account, time remove the Custodian and replace the Custodian with a successor trustee or custodian or trustee of the Responsible Individual’s Depositor's choice by giving 30 days’ written days notice to the Custodianof such removal and replacement. In such event, the The Custodian shall liquidate all Investments in then deliver the Custodial Account and transfer assets of the cash liquidation proceeds to the successor custodian in accordance with standard industry practices, including the receipt of all appropriate signed documentation, and otherwise account as reasonably directed by the Responsible IndividualDepositor. However, the Custodian may retain a portion of the Investments in assets of the Custodial Account IRA as a reserve for payment of any anticipated remaining fees and expenses, and shall pay over any remainder of this reserve to the successor trustee or custodian or trustee upon satisfaction of such fees and expenses. . (c) The Custodian may decline to act under this Section P. if any course of conduct requested of resign and demand that the Custodian by the Responsible Individual could reasonably be interpreted to be Depositor appoint a violation of any law or regulation. 3. Any successor trustee or custodian of this IRA by giving the Depositor written notice at least 30 days prior to the effective date of such resignation. The Depositor shall be then have 30 days from the date of such notice to designate a bank (as defined in Code Section 408(n)) successor trustee or custodian, notify the Custodian of the name and address of the successor trustee or custodian, and provide the Custodian with appropriate evidence that such other person found successor has accepted the appointment and is qualified to act serve as a trustee or custodian under of an individual retirement account. (1) If the Depositor designates a Xxxxxxxxx ESA successor trustee or custodian and provides the Custodian evidence of the successor's acceptance of appointment and qualification within such 30-day period, the Custodian shall then deliver all of the assets held by the Secretary Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the successor trustee or custodian. (2) If the Depositor does not notify the Custodian of the U.S. Treasury or his delegate. The appointment of a successor trustee or custodian shall be effective upon receipt within such 30 day period, then the Custodian may distribute all of the assets held by the Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the Depositor, outright and free of trust, and the Depositor shall be wholly responsible for the tax consequences of such successor's written acceptancedistribution. Within 30 days In either case, the Custodian may expend any assets in the account to pay expenses of transfer (including re-registering the assets and preparation of deeds, assignments, and other instruments of transfer or conveyance) to the successor trustee or custodian or the Depositor, as the case may be. In addition, the Custodian may retain a portion of the effective date assets as a reserve for payment of any anticipated remaining fees and expenses. Upon satisfaction of such successor's appointmentfees and expenses, the Custodian shall transfer and deliver pay over any remainder of the reserve to the successor applicable Custodial Account records and Investments in the Custodial Account (reduced by any unpaid amounts as provided in Section P.2. The successor trustee or custodian shall be subject or to the provisions of this Xxxxxxxxx ESA Custodial Agreement (or any successor thereto) on Depositor, as the effective date of its appointmentcase may be.

Appears in 2 contracts

Samples: Individual Retirement Custodial Account Agreement, Individual Retirement Custodial Account Agreement

Resignation and Removal of Custodian. 1. The Custodian may resign at any time by giving at least 30 days’ written notice to the Responsible Individual. (a) The Custodian may resign and appoint a successor trustee or custodian or trustee to serve under this Xxxxxxxxx ESA Custodial Agreement agreement or under another governing governin g instrument selected by the successor trustee or custodian or trustee by giving the Responsible Individual Depositor written notice at least 30 days prior to the effective date of such resignation and appointment, which notice shall also include or be provided under separate cover a copy of such other governing instrument, if applicable, and the related disclosure statement. The Responsible Individual Depositor shall then have 30 days from the date of such notice to either request a complete distribution of the Custodial Account entire account balance or designate a different successor trustee or custodian or trusteeand notify the Custodian of such designation. If the Responsible Individual Depositor does not request distribution of the Custodial Account account balance or designate notify the Custodian of the designation of a different successor trustee or custodian within such 30 daysday period, the Responsible Individual Depositor shall be deemed to have consented co nsented to the appointment of the successor trustee or custodian or trustee and the terms of any new governing instrument. No executed written instrument of any Account Party , and neither the Depositor nor the successor shall be required to effect such transferexecute any written document to complete the transfer of the account to the successor trustee or custodian. The successor trustee or custodian may rely on any information, including death beneficiary designations, previously provided by the Depositor to the Custodian. 2. (b) The Responsible Individual Depositor may at any time, at the sole cost and expense of the Custodial Account, time remove the Custodian and replace the Custodian with a successor succes sor trustee or custodian or trustee of the Responsible Individual’s Depositor's choice by giving 30 days’ written days notice to the Custodianof such removal and replacement. In such event, the The Custodian shall liquidate all Investments in then deliver the Custodial Account and transfer the cash liquidation proceeds to the successor custodian in accordance with standard industry practices, including the receipt assets of all appropriate signed documentation, and otherwise t he account as reasonably directed by the Responsible IndividualDepositor. However, the Custodian may retain a portion of the Investments in assets of the Custodial Account IRA as a reserve for payment of any anticipated remaining fees and expenses, and shall pay over any remainder of this reserve to the successor trustee or custodian or trustee upon satisfaction of such fees and expenses. . (c) The Custodian may decline to act under this Section P. if any course of conduct requested of resign and demand that the Custodian by the Responsible Individual could reasonably be interpreted to be Depositor appoint a violation of any law or regulation. 3. Any successor trustee or custodian of this IRA by giving the Depositor written notice at least 30 days prior to the effective date of such resignation. The Depositor shall be then have 30 days from t he date of such notice to designate a bank (successor trustee or custodian, notify the Custodian of the name and address of the successor trustee o r custodian, and provide the Custodian with appropriate evidence that such successor has accepted the appointment and is qualif ied to serve as defined in Code Section 408(n)) or such other person found qualified to act as a trustee or custodian under of an individual retirement account. (1) If the Depositor designates a Xxxxxxxxx ESA successor trustee or custodian and provides the Custodian evidence of the successor's acceptanc e of appointment and qualification within such 30-day period, the Custodian shall then deliver all of the assets held by the Secretary Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the successor trustee or custodian. (2) If the Depositor does not notify the Custodian of the U.S. Treasury or his delegate. The appointment of a successor trustee or custodian shall be effective upon receipt within such 30 day peri od, then the Custodian may distribute all of the assets held by the Custodian in the account (whether in cash or persona l or real property, wherever located, and regardless of value) to the Depositor, outright and free of Custodial, and the Depositor shal l be wholly responsible for the tax consequences of such successor's written acceptancedistribution. Within 30 days In either case, the Custodian may expend any assets in the account to pay expenses of transfer (including re-registering the assets and preparation of deeds, assignments, and other instruments of transfer or conveyance) to the successor trustee or custodian or the Depositor, as the case may be. In addition, the Custodian may retain a portion of the effective date assets as a reserve for payment of any anticipated remaining fees and expenses. Upon satisfaction of such successor's appointmentfees and expenses, the Custodian shall transfer and deliver pay over any remainder of the r eserve to the successor applicable Custodial Account records and Investments in the Custodial Account (reduced by any unpaid amounts as provided in Section P.2. The successor trustee or custodian shall be subject or to the provisions of this Xxxxxxxxx ESA Custodial Agreement (or any successor thereto) on Depositor, as the effective date of its appointmentcase may be.

Appears in 1 contract

Samples: Traditional and Roth Individual Retirement Account Custodial Agreement

Resignation and Removal of Custodian. 1. (a) The Custodian may resign at any time by giving at least 30 days’ written days notice to the Responsible IndividualDepositor. The Custodian may resign and appoint a successor trustee or custodian or trustee to serve under this Xxxxxxxxx ESA Custodial Agreement agreement or under another governing instrument selected by the successor trustee or custodian or trustee by giving the Responsible Individual Depositor written notice at least 30 days prior to the effective date of such resignation and appointment, which notice shall also include a copy of such other governing instrument, if applicable, and the related disclosure statement. The Responsible Individual Depositor shall then have 30 days from the date of such notice to either request a complete distribution of the Custodial Account account balance or designate a different successor custodian trustee or trusteecustodian. If the Responsible Individual Depositor does not request distribution of the Custodial Account account or designate a different successor within such 30 days, the Responsible Individual Depositor shall be deemed to have consented to the appointment of the successor trustee or custodian or trustee and the terms of any new governing instrument. No executed written instrument of any Account Party , and neither the Depositor nor the successor shall be required to effect such transferexecute any written document to complete the transfer of the account to the successor trustee or custodian. The successor trustee or custodian may rely on any information, including death beneficiary designations, previously provided to by the CustodianDepositor. 2. (b) The Responsible Individual Depositor may at any time, at the sole cost and expense of the Custodial Account, time remove the Custodian and replace the Custodian with a successor trustee or custodian or trustee of the Responsible Individual’s Depositor's choice by giving 30 days’ days written notice to the Custodian. In such event, the Custodian shall liquidate all Investments in then deliver the Custodial Account and transfer assets of the cash liquidation proceeds to the successor custodian in accordance with standard industry practices, including the receipt of all appropriate signed documentation, and otherwise account as reasonably directed by the Responsible IndividualDepositor. However, the Custodian may retain a portion of the Investments in assets of the Custodial Account IRA as a reserve for payment of any anticipated remaining fees and expenses, and shall pay over any remainder of this reserve to the successor trustee or custodian or trustee upon satisfaction of such fees and expenses. . (c) The Custodian may decline shall not be liable for any actions or failures to act under this Section P. if on the part of any course of conduct requested successor Custodian nor for any tax consequences incurred by the Depositor as a result of the Custodian by the Responsible Individual could reasonably be interpreted transfer or distribution of assets pursuant to be a violation of any law or regulationthis section. 3. Any successor trustee or custodian shall be a bank (as defined in Code Section 408(n)) or such other person found qualified to act as a trustee or custodian under a Xxxxxxxxx ESA by the Secretary of the U.S. Treasury or his delegate. The appointment of a successor trustee or custodian shall be effective upon receipt by the Custodian of such successor's written acceptance. Within 30 days of the effective date of such successor's appointment, the Custodian shall transfer and deliver to the successor applicable Custodial Account records and Investments in the Custodial Account (reduced by any unpaid amounts as provided in Section P.2. The successor custodian shall be subject to the provisions of this Xxxxxxxxx ESA Custodial Agreement (or any successor thereto) on the effective date of its appointment.

Appears in 1 contract

Samples: Custodial Account Agreement (National Investors Cash Management Fund Inc)

Resignation and Removal of Custodian. 1. (a) The Custodian may resign at any time by giving at least 30 days’ written sixty (60) days notice to the Responsible Individual. The Custodian may resign and Sponsor, in which case the Sponsor shall appoint a successor trustee or custodian or trustee to serve under this Xxxxxxxxx ESA Custodial Agreement agreement or under another governing instrument selected by the successor trustee or custodian or trustee by giving the Responsible Individual Depositor written notice at least 30 thirty (30) days prior to the effective date of such resignation and appointment, which notice shall also include a copy of such other governing instrument, if applicable, and the related disclosure statement. The Responsible Individual Depositor shall then have 30 thirty (30) days from the date of such notice to either request a complete distribution of the Custodial Account account balance or designate a different successor custodian trustee or trusteecustodian. If the Responsible Individual Depositor does not request distribution of the Custodial Account account or designate a different successor within such 30 thirty (30) days, the Responsible Individual Depositor shall be deemed to have consented to the appointment of the successor trustee or custodian or trustee and the terms of any new governing instrument. No executed written instrument of any Account Party , and neither the Depositor nor the successor shall be required to effect such transferexecute any written document to complete the transfer of the account to the successor trustee or custodian. The successor trustee or custodian may rely on any information, including death beneficiary designations, previously provided to by the CustodianDepositor. 2. (b) The Responsible Individual Sponsor may at any time, at the sole cost and expense of the Custodial Account, time remove the Custodian and replace the Custodian with a successor trustee or custodian or trustee of the Responsible Individual’s choice by giving 30 days’ thirty (30) days written notice to the CustodianCustodian and the Depositor. In such event, the Custodian shall liquidate all Investments in then deliver the Custodial Account and transfer assets of the cash liquidation proceeds to the successor custodian in accordance with standard industry practices, including the receipt of all appropriate signed documentation, and otherwise account as reasonably directed by the Responsible IndividualSponsor. However, the Custodian may retain a portion of the Investments in assets of the Custodial Account IRA as a reserve for payment of any anticipated remaining fees and expenses, and shall pay over any remainder of this reserve to the successor trustee or custodian or trustee upon satisfaction of such fees and expenses. . (c) The Custodian may decline to act under this Section P. if any course of conduct requested of resign and demand that the Custodian by the Responsible Individual could reasonably be interpreted to be Depositor appoint a violation of any law or regulation. 3. Any successor trustee or custodian of this IRA by giving the Depositor written notice at least 30 days prior to the effective date of such resignation. The Depositor shall be then have 30 days from the date of such notice to designate a bank (as defined in Code Section 408(n)) successor trustee or custodian, notify the Custodian of the name and address of the successor trustee or custodian, and provide the Custodian with appropriate evidence that such other person found successor has accepted the appointment and is qualified to act serve as a trustee or custodian under of an individual retirement account. (i) If the Depositor designates a Xxxxxxxxx ESA successor trustee or custodian and provides the Custodian evidence of the successor’s acceptance of appointment and qualification within such 30-day period, the Custodian shall then deliver all of the assets held by the Secretary Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the successor trustee or custodian. (ii) If the Depositor does not notify the Custodian of the U.S. Treasury or his delegate. The appointment of a successor trustee or custodian shall be effective upon receipt within such 30 day period, then the Custodian may distribute all of the assets held by the Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the Depositor, outright and free of trust, and the Depositor shall be wholly responsible for the tax consequences of such successor's written acceptancedistribution. Within 30 days In either case, the Custodian may expend any assets in the account to pay expenses of transfer (including re- registering the assets and preparation of deeds, assignments, and other instruments of transfer or conveyance) to the successor trustee or custodian or the Depositor, as the case may be. In addition, the Custodian may retain a portion of the effective date assets as a reserve for payment of any anticipated remaining fees and expenses. Upon satisfaction of such successor's appointmentfees and expenses, the Custodian shall transfer and deliver pay over any remainder of the reserve to the successor applicable Custodial Account records and Investments in the Custodial Account (reduced by any unpaid amounts as provided in Section P.2. The successor trustee or custodian shall be subject or to the provisions of this Xxxxxxxxx ESA Custodial Agreement (or any successor thereto) on Depositor, as the effective date of its appointmentcase may be.

Appears in 1 contract

Samples: Ira Custodial Account Agreement

Resignation and Removal of Custodian. 1. (a) The Custodian may resign at any time by giving at least 30 days’ written sixty (60) days notice to the Responsible Individual. The Custodian may resign and Sponsor, in which case the Sponsor shall appoint a successor trustee or custodian or trustee to serve under this Xxxxxxxxx ESA Custodial Agreement agreement or under another governing instrument selected by the successor trustee or custodian or trustee by giving the Responsible Individual Depositor written notice at least 30 thirty (30) days prior to the effective date of such resignation and appointment, which notice shall also include a copy of such other governing instrument, if applicable, and the related disclosure statement. The Responsible Individual Depositor shall then have 30 thirty (30) days from the date of such notice to either request a complete distribution of the Custodial Account account balance or designate a different successor custodian trustee or trusteecustodian. If the Responsible Individual Depositor does not request distribution of the Custodial Account account or designate a different successor within such 30 thirty (30) days, the Responsible Individual Depositor shall be deemed to have consented to the appointment of the successor trustee or custodian or trustee and the terms of any new governing instrument. No executed written instrument of any Account Party , and neither the Depositor nor the successor shall be required to effect such transferexecute any written document to complete the transfer of the account to the successor trustee or custodian. The successor trustee or custodian may rely on any information, including death beneficiary designations, previously provided to by the CustodianDepositor. 2. (b) The Responsible Individual Sponsor may at any time, at the sole cost and expense of the Custodial Account, time remove the Custodian and replace the Custodian with a successor trustee or custodian or trustee of the Responsible Individual’s choice by giving 30 days’ thirty (30) days written notice to the CustodianCustodian and the Depositor. In such event, the Custodian shall liquidate all Investments in then deliver the Custodial Account and transfer assets of the cash liquidation proceeds to the successor custodian in accordance with standard industry practices, including the receipt of all appropriate signed documentation, and otherwise account as reasonably directed by the Responsible IndividualSponsor. However, the Custodian may retain a portion of the Investments in assets of the Custodial Account XXX as a reserve for payment of any anticipated remaining fees and expenses, and shall pay over any remainder of this reserve to the successor trustee or custodian or trustee upon satisfaction of such fees and expenses. . (c) The Custodian may decline to act under this Section P. if any course of conduct requested of resign and demand that the Custodian by the Responsible Individual could reasonably be interpreted to be Depositor appoint a violation of any law or regulation. 3. Any successor trustee or custodian of this XXX by giving the Depositor written notice at least 30 days prior to the effective date of such resignation. The Depositor shall be then have 30 days from the date of such notice to designate a bank (as defined in Code Section 408(n)) successor trustee or custodian, notify the Custodian of the name and address of the successor trustee or custodian, and provide the Custodian with appropriate evidence that such other person found successor has accepted the appointment and is qualified to act serve as a trustee or custodian under of an individual retirement account. (i) If the Depositor designates a Xxxxxxxxx ESA successor trustee or custodian and provides the Custodian evidence of the successor’s acceptance of appointment and qualification within such 30-day period, the Custodian shall then deliver all of the assets held by the Secretary Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the successor trustee or custodian. (ii) If the Depositor does not notify the Custodian of the U.S. Treasury or his delegate. The appointment of a successor trustee or custodian shall be effective upon receipt within such 30 day period, then the Custodian may distribute all of the assets held by the Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the Depositor, outright and free of trust, and the Depositor shall be wholly responsible for the tax consequences of such successor's written acceptancedistribution. Within 30 days In either case, the Custodian may expend any assets in the account to pay expenses of transfer (including re- registering the assets and preparation of deeds, assignments, and other instruments of transfer or conveyance) to the successor trustee or custodian or the Depositor, as the case may be. In addition, the Custodian may retain a portion of the effective date assets as a reserve for payment of any anticipated remaining fees and expenses. Upon satisfaction of such successor's appointmentfees and expenses, the Custodian shall transfer and deliver pay over any remainder of the reserve to the successor applicable Custodial Account records and Investments in the Custodial Account (reduced by any unpaid amounts as provided in Section P.2. The successor trustee or custodian shall be subject or to the provisions of this Xxxxxxxxx ESA Custodial Agreement (or any successor thereto) on Depositor, as the effective date of its appointmentcase may be.

Appears in 1 contract

Samples: Ira and Roth Ira Custodial Account Agreement

Resignation and Removal of Custodian. 1. The Custodian may resign at any time by giving at least 30 days’ written notice to the Responsible Individual. (a) The Custodian may resign and appoint a successor trustee or custodian or trustee to serve under this Xxxxxxxxx ESA Custodial Agreement agreement or under another governing instrument agreement selected by the successor trustee or custodian or trustee by giving the Responsible Individual Depositor written notice at least 30 days prior to the effective date of such resignation and appointment, which notice shall also include or be provided under separate cover a copy of such other governing instrument, if applicable, and the related disclosure statement. The Responsible Individual Depositor shall then have 30 days from the date of such notice to either request a complete distribution of the Custodial Account entire account balance or designate a different successor trustee or custodian or trusteeand notify the Custodian of such designation. If the Responsible Individual Depositor does not request distribution of the Custodial Account account balance or designate notify the Custodian of the designation of a different successor trustee or custodian within such 30 daysday period, the Responsible Individual Depositor shall be deemed to have consented to the appointment of the successor trustee or custodian or trustee and the terms of any new governing instrument. No executed written instrument of any Account Party , and neither the Depositor nor the successor shall be required to effect such transferexecute any written document to complete the transfer of the account to the successor trustee or custodian. The successor trustee or custodian may rely on any information, including death beneficiary designations, previously provided previouslyprovided bythe Depositor to the Custodian. 2. (b) The Responsible Individual Depositor may at any time, at the sole cost and expense of the Custodial Account, time remove the Custodian and replace the Custodian with a successor trustee or custodian or trustee of the Responsible Individual’s Depositor's choice by giving bygiving 30 days’ written days notice to the Custodianof such removal and replacement. In such event, the The Custodian shall liquidate all Investments in then deliver the Custodial Account and transfer assets of the cash liquidation proceeds to the successor custodian in accordance with standard industry practices, including the receipt of all appropriate signed documentation, and otherwise account as reasonably directed by the Responsible IndividualDepositor. However, the Custodian may retain mayretain a portion of the Investments in assets of the Custodial Account IRA as a reserve for payment of any anticipated remaining fees and expenses, and shall pay over any remainder of this reserve to the successor trustee or custodian or trustee upon satisfaction of such fees and expenses. . (c) The Custodian may decline to act under this Section P. if any course of conduct requested of resign and demand that the Custodian by the Responsible Individual could reasonably be interpreted to be Depositor appoint a violation of any law or regulation. 3. Any successor trustee or custodian of this IRA by giving the Depositor written notice at least 30 days prior to the effective date of such resignation. The Depositor shall be then have 30 days from the date of such notice to designate a bank (as defined in Code Section 408(n)) successor trustee or custodian, notify the Custodian of the name and address of the successor trustee or custodian, and provide the Custodian with appropriate evidence that such other person found successor has accepted the appointment and is qualified to act serve as a trustee or custodian under of an individual retirement account. (1) If the Depositor designates a Xxxxxxxxx ESA successor trustee or custodian and provides the Custodian evidence of the successor's acceptance of appointment and qualification within such 30-day period, the Custodian shall then deliver all of the assets held by the Secretary Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the successor trustee or custodian. (2) If the Depositor does not notify the Custodian of the U.S. Treasury or his delegate. The appointment of a successor trustee or custodian shall be effective upon receipt within such 30 day period, then the Custodian may distribute all of the assets held by the Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the Depositor, outright and free of custodial, and the Depositor shall be wholly responsible for the tax consequences of such successor's written acceptancedistribution. Within 30 days In either case, the Custodian may expend any assets in the account to pay expenses of transfer (including re-registering the assets and preparation of deeds, assignments, and other instruments of transfer or conveyance) to the successor trustee or custodian or the Depositor , as the case may be. In addition, the Custodian may retain a portion of the effective date assets as a reserve for payment of any anticipated remaining fees and expenses. Upon satisfaction of such successor's appointmentfees and expenses, the Custodian shall transfer and deliver pay over any remainder of the reserve to the successor applicable Custodial Account records and Investments in the Custodial Account (reduced by any unpaid amounts as provided in Section P.2. The successor trustee or custodian shall be subject or to the provisions of this Xxxxxxxxx ESA Custodial Agreement (or any successor thereto) on Depositor, as the effective date of its appointmentcase may be.

Appears in 1 contract

Samples: Simple Individual Retirement Custodial Account

Resignation and Removal of Custodian. 1. The Custodian may resign at any time by giving at least 30 days’ written notice to the Responsible Individual. (a) The Custodian may resign and appoint a successor trustee or custodian or trustee to serve under this Xxxxxxxxx ESA Custodial Agreement agreement or under another governing instrument selected by the successor trustee or custodian or trustee by giving the Responsible Individual Depositor written notice at least 30 days prior to the effective date of such resignation and appointment, which notice shall also include or be provided under separate cover a copy of such other governing instrument, if applicable, and the related disclosure statement. The Responsible Individual Depositor shall then have 30 days from the date of such notice to either request a complete distribution of the Custodial Account entire account balance or designate a different successor trustee or custodian or trusteeand notify the Custodian of such designation. If the Responsible Individual Depositor does not request distribution of the Custodial Account account balance or designate notify the Custodian of the designation of a different successor trustee or custodian within such 30 daysday period, the Responsible Individual Depositor shall be deemed to have consented to the appointment of the successor trustee or custodian or trustee and the terms of any new governing instrument. No executed written instrument of any Account Party , and neither the Depositor nor the successor shall be required to effect such transferexecute any written document to complete the transfer of the account to the successor trustee or custodian. The successor trustee or custodian may rely on any information, including death beneficiary designations, previously provided by the Depositor to the Custodian. 2. (b) The Responsible Individual Depositor may at any time, at the sole cost and expense of the Custodial Account, time remove the Custodian and replace the Custodian with a successor trustee or custodian or trustee of the Responsible Individual’s Depositor's choice by giving 30 days’ written days notice to the Custodianof such removal and replacement. In such event, the The Custodian shall liquidate all Investments in then deliver the Custodial Account and transfer assets of the cash liquidation proceeds to the successor custodian in accordance with standard industry practices, including the receipt of all appropriate signed documentation, and otherwise account as reasonably directed by the Responsible IndividualDepositor. However, the Custodian may retain a portion of the Investments in assets of the Custodial Account XXX as a reserve for payment of any anticipated remaining fees and expenses, and shall pay over any remainder of this reserve to the successor trustee or custodian or trustee upon satisfaction of such fees and expenses. . (c) The Custodian may decline to act under this Section P. if any course of conduct requested of resign and demand that the Custodian by the Responsible Individual could reasonably be interpreted to be Depositor appoint a violation of any law or regulation. 3. Any successor trustee or custodian of this XXX by giving the Depositor written notice at least 30 days prior to the effective date of such resignation. The Depositor shall be then have 30 days from the date of such notice to designate a bank (as defined in Code Section 408(n)) successor trustee or custodian, notify the Custodian of the name and address of the successor trustee or custodian, and provide the Custodian with appropriate evidence that such other person found successor has accepted the appointment and is qualified to act serve as a trustee or custodian under of an individual retirement account. (1) If the Depositor designates a Xxxxxxxxx ESA successor trustee or custodian and provides the Custodian evidence of the successor's acceptance of appointment and qualification within such 30-day period, the Custodian shall then deliver all of the assets held by the Secretary Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the successor trustee or custodian. (2) If the Depositor does not notify the Custodian of the U.S. Treasury or his delegate. The appointment of a successor trustee or custodian shall be effective upon receipt within such 30 day period, then the Custodian may distribute all of the assets held by the Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the Depositor, outright and free of trust, and the Depositor shall be wholly responsible for the tax consequences of such successor's written acceptancedistribution. Within 30 days In either case, the Custodian may expend any assets in the account to pay expenses of transfer (including re-registering the assets and preparation of deeds, assignments, and other instruments of transfer or conveyance) to the successor trustee or custodian or the Depositor, as the case may be. In addition, the Custodian may retain a portion of the effective date assets as a reserve for payment of any anticipated remaining fees and expenses. Upon satisfaction of such successor's appointmentfees and expenses, the Custodian shall transfer and deliver pay over any remainder of the reserve to the successor applicable Custodial Account records and Investments in the Custodial Account (reduced by any unpaid amounts as provided in Section P.2. The successor trustee or custodian shall be subject or to the provisions of this Xxxxxxxxx ESA Custodial Agreement (or any successor thereto) on Depositor, as the effective date of its appointmentcase may be.

Appears in 1 contract

Samples: Fully Disclosed Clearing Agreement

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Resignation and Removal of Custodian. 1. The Custodian may resign at any time by giving at least 30 days’ written notice to the Responsible Individual. (a) The Custodian may resign and appoint a successor trustee or custodian or trustee to serve under this Xxxxxxxxx ESA Custodial Agreement or under another governing instrument agreement selected by the successor trustee or custodian or trustee by giving the Responsible Individual Account Owner or Designated Beneficiary written notice at least 30 days prior to the effective date of such resignation and appointment, which notice shall also include a copy of such other governing instrument, if applicable. The Responsible Individual Account Owner or Designated Beneficiary shall then have 30 days from the date of such notice to either request a complete distribution of the Custodial Account entire account balance or designate a different successor trustee or custodian or trusteeand notify the Custodian of such designation. If the Responsible Individual Account Owner or Designated Beneficiary does not request full distribution of the Custodial Account account balance or designate notify the Custodian of the designation of a different successor trustee or custodian within such 30 daysday period, the Responsible Individual Account Owner or Designated Beneficiary shall be deemed to have consented to the appointment of the successor trustee or custodian or trustee and the terms of any new governing instrument. No executed written instrument of any , and neither the Account Party Owner or Designated Beneficiary nor the successor shall be required to effect such transferexecute any written document to complete the transfer of the account to the successor trustee or custodian. The successor trustee or custodian may rely on any information, including death beneficiary designations, previously provided by the Account Owner or Designated Beneficiary to the Custodian. 2. (b) The Responsible Individual Account Owner or Designated Beneficiary may at any time, at the sole cost and expense of the Custodial Account, time remove the Custodian and replace the Custodian with a successor trustee or custodian or trustee of the Responsible Individual’s Account Owner or Designated Beneficiary's choice by giving 30 days’ written notice to the Custodianof such removal and replacement. In such event, the The Custodian shall liquidate all Investments in then deliver the Custodial Account and transfer assets of the cash liquidation proceeds to the successor custodian in accordance with standard industry practices, including the receipt of all appropriate signed documentation, and otherwise account as reasonably directed by the Responsible IndividualAccount Owner or Designated Beneficiary. However, the Custodian may retain a portion of the Investments in assets of the Custodial Account as a reserve for payment of any anticipated remaining fees and expenses, and shall pay over any remainder of this reserve to the successor trustee or custodian or trustee upon satisfaction of such fees and expenses. . (c) The Custodian may decline to act under this Section P. if any course of conduct requested of resign and demand that the Custodian by the Responsible Individual could reasonably be interpreted to be Account Owner or Designated Beneficiary appoint a violation of any law or regulation. 3. Any successor trustee or custodian of this Custodial Account by giving the Account Owner or Designated Beneficiary written notice at least 30 days prior to the effective date of such resignation. The Account Owner or Designated Beneficiary shall be then have 30 days from the date of such notice to designate a bank (as defined in Code Section 408(n)) successor trustee or custodian, notify the Custodian of the name and address of the successor trustee or custodian, and provide the Custodian with appropriate evidence that such other person found successor has accepted the appointment and is qualified to act serve as a trustee or custodian under of a Xxxxxxxxx ESA Health Savings Account. (1) If the Account Owner or Designated Beneficiary designates a successor trustee or custodian and provides the Custodian evidence of the successor's acceptance of appointment and qualification within such 30-day period, the Custodian shall then deliver all of the assets held by the Secretary Custodian in the Custodial Account (whether in cash or personal or real property, wherever located, and regardless of value) to the successor trustee or custodian. (2) If the Account Owner or Designated Beneficiary does not notify the Custodian of the U.S. Treasury or his delegate. The appointment of a successor trustee or custodian shall be effective upon receipt within such 30 day period, then the Custodian may distribute all of the assets held by the Custodian of such successor's written acceptance. Within 30 days of the effective date of such successor's appointment, the Custodian shall transfer and deliver to the successor applicable Custodial Account records and Investments in the Custodial Account (reduced by any unpaid amounts as provided whether in Section P.2. The successor custodian cash or personal or real property, wherever located, and regardless of value) to the Account Owner or Designated Beneficiary, outright and free of trust, and the Account Owner or Designated Beneficiary shall be subject wholly responsible for the tax consequences of such distribution. In either case, the Custodian may expend any assets in the account to pay expenses of transfer (including re- registering the assets and preparation of deeds, assignments, and other instruments of transfer or conveyance) to the provisions successor trustee or custodian or the Account Owner or Designated Beneficiary, as the case may be. In addition, the Custodian may retain a portion of this Xxxxxxxxx ESA Custodial Agreement (the assets as a reserve for payment of any anticipated remaining fees and expenses. Upon satisfaction of such fees and expenses, the Custodian shall pay over any remainder of the reserve to the successor trustee or any successor thereto) on custodian or to the effective date of its appointmentAccount Owner or Designated Beneficiary, as the case may be.

Appears in 1 contract

Samples: Health Savings Account Custodial Agreement

Resignation and Removal of Custodian. 1. (a) The Custodian may resign at any time by giving at least 30 days’ written days notice to the Responsible IndividualDepositor. The Custodian may resign and appoint a successor trustee or custodian or trustee to serve under this Xxxxxxxxx ESA Custodial Agreement agreement or under another governing instrument selected by the successor trustee or custodian or trustee by giving the Responsible Individual Depositor written notice at least 30 days prior to the effective date of such resignation and appointment, which notice shall also include a copy of such other governing instrument, if applicable, and the related disclosure statement. The Responsible Individual Depositor shall then have 30 days from the date of such notice to either request a complete distribution of the Custodial Account account balance or designate a different successor custodian trustee or trusteecustodian. If the Responsible Individual Depositor does not request distribution of the Custodial Account account or designate a different successor within such 30 days, the Responsible Individual Depositor shall be deemed to have consented to the appointment of the successor trustee or custodian or trustee and the terms of any new governing instrument. No executed written instrument of any Account Party , and neither the Depositor nor the successor shall be required to effect such transferexecute any written document to complete the transfer of the account to the successor trustee or custodian. The successor trustee or custodian may rely on any information, including death beneficiary designations, previously provided to by the CustodianDepositor. 2. (b) The Responsible Individual Depositor may at any time, at the sole cost and expense of the Custodial Account, time remove the Custodian and replace the Custodian with a successor trustee or custodian or trustee of the Responsible Individual’s Depositor's choice by giving 30 days’ days written notice to the Custodian. In such event, the Custodian shall liquidate all Investments in then deliver the Custodial Account and transfer assets of the cash liquidation proceeds to the successor custodian in accordance with standard industry practices, including the receipt of all appropriate signed documentation, and otherwise account as reasonably directed by the Responsible IndividualDepositor. However, the Custodian may retain a portion of the Investments in assets of the Custodial Account Xxxx XXX as a reserve for payment of any anticipated remaining fees and expenses, and shall pay over any remainder of this reserve to the successor trustee or custodian or trustee upon satisfaction of such fees and expenses. The Custodian may decline to act under this Section P. if any course of conduct requested of the Custodian by the Responsible Individual could reasonably be interpreted to be a violation of any law or regulation. 3. Any successor trustee or custodian shall be a bank (as defined in Code Section 408(n)) or such other person found qualified to act as a trustee or custodian under a Xxxxxxxxx ESA by the Secretary of the U.S. Treasury or his delegate. The appointment of a successor trustee or custodian shall be effective upon receipt by the Custodian of such successor's written acceptance. Within 30 days of the effective date of such successor's appointment, the Custodian shall transfer and deliver to the successor applicable Custodial Account records and Investments in the Custodial Account (reduced by any unpaid amounts as provided in Section P.2. The successor custodian shall be subject to the provisions of this Xxxxxxxxx ESA Custodial Agreement (or any successor thereto) on the effective date of its appointment.

Appears in 1 contract

Samples: Custodial Account Agreement (National Investors Cash Management Fund Inc)

Resignation and Removal of Custodian. 1. (a) The Custodian may resign at any time by giving at least 30 days’ written notice to the Responsible Individual. The Custodian and/or Administrator may resign and appoint a successor trustee or custodian or trustee to serve under this Xxxxxxxxx ESA Custodial Agreement agreement or under another governing instrument agreement selected by the successor trustee or custodian or trustee by giving the Responsible Individual Depositor written notice at least 30 days prior to the effective date of such resignation and appointment, which notice shall also include or be provided under separate cover a copy of such other governing instrument, if applicable, and the related disclosure statement. The Responsible Individual Depositor shall then have 30 days from the date of such notice to either request a complete distribution of the Custodial Account entire account balance or designate a different successor trustee or custodian or trusteeand notify the Custodian and Administrator of such designation. If the Responsible Individual Depositor does not request distribution of the Custodial Account account balance or designate notify the Custodian and Administrator of the designation of a different successor trustee or custodian within such 30 daysday period, the Responsible Individual Depositor shall be deemed to have consented to the appointment of the successor trustee or custodian or trustee and the terms of any new governing instrument. No executed written instrument of any Account Party , and neither the Depositor nor the successor shall be required to effect such transferexecute any written document to complete the transfer of the account to the successor trustee or custodian. The successor trustee or custodian may rely on any information, including death beneficiary designations, previously provided by the Depositor to the Custodian. 2. (b) The Responsible Individual Depositor may at any time, at the sole cost and expense of the Custodial Account, time remove the Custodian and/or Administrator and replace the Custodian and/or Administrator with a successor trustee or custodian or trustee of the Responsible Individual’s Depositor's choice by giving 30 days’ written days notice to of such removal and replacement. The Custodian or Administrator shall then deliver the Custodian. In such event, assets of the Custodian shall liquidate all Investments in the Custodial Account and transfer the cash liquidation proceeds to the successor custodian in accordance with standard industry practices, including the receipt of all appropriate signed documentation, and otherwise account as reasonably directed by the Responsible IndividualDepositor. However, the Custodian may retain a portion of the Investments in assets of the Custodial Account IRA as a reserve for payment of any anticipated remaining fees and expenses, and shall pay over any remainder of this reserve to the successor trustee or custodian or trustee upon satisfaction of such fees and expenses. . (c) The Custodian and/or Administrator may decline to act under this Section P. if any course of conduct requested of resign and demand that the Custodian by the Responsible Individual could reasonably be interpreted to be Depositor appoint a violation of any law or regulation. 3. Any successor trustee or custodian of this IRA by giving the Depositor written notice at least 30 days prior to the effective date of such resignation. The Depositor shall be then have 30 days from the date of such notice to designate a bank (as defined in Code Section 408(n)) successor trustee or custodian, notify the Custodian of the name and address of the successor trustee or custodian, and provide the Custodian with appropriate evidence that such other person found successor has accepted the appointment and is qualified to act serve as a trustee or custodian under of an individual retirement account. (1) If the Depositor designates a Xxxxxxxxx ESA successor trustee or custodian and provides the Custodian and Administrator evidence of the successor's acceptance of appointment and qualification within such 30-day period, the Custodian shall then deliver all of the assets held by the Secretary Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the successor trustee or custodian. (2) If the Depositor does not notify the Custodian and Administrator of the U.S. Treasury or his delegate. The appointment of a successor trustee or custodian shall be effective upon receipt within such 30 day period, then the Custodian and/or Administrator may distribute all of the assets held by the Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the Depositor, outright and free of trust, and the Depositor shall be wholly responsible for the tax consequences of such successor's written acceptancedistribution. Within 30 days of the effective date of such successor's appointmentIn either case, the Custodian shall or Administrator may expend any assets in the account to pay expenses of transfer (including re-registering the assets and deliver preparation of deeds, assignments, and other instruments of transfer or conveyance) to the successor applicable Custodial Account records trustee or custodian or the Depositor, as the case may be. In addition, the Custodian and/or Administrator may retain a portion of the assets as a reserve for payment of any anticipated remaining fees and Investments in expenses. Upon satisfaction of such fees and expenses, the Custodial Account (reduced by Custodian and/or Administrator shall pay over any unpaid amounts as provided in Section P.2. The successor custodian shall be subject remainder of the reserve to the provisions of this Xxxxxxxxx ESA Custodial Agreement (successor trustee or any successor thereto) on custodian or to the effective date of its appointmentDepositor, as the case may be.

Appears in 1 contract

Samples: Self Directed Ira Application and Adoption Agreement

Resignation and Removal of Custodian. 1. (a) The Custodian may resign at any time by giving at least 30 days’ written days notice to the Designated Beneficiary (or Responsible Individual). The Custodian may resign and appoint a successor trustee or custodian or trustee to serve under this Xxxxxxxxx ESA Custodial Agreement agreement or under another governing instrument selected by the successor trustee or custodian or trustee by giving the Designated Beneficiary (or Responsible Individual Individual) written notice at least 30 days prior to the effective date of such resignation and appointment, which notice shall also include a copy of such other governing instrument, if applicable, and the related disclosure statement. The Designated Beneficiary (or Responsible Individual Individual) shall then have 30 days from the date of such notice to either request a complete distribution of the Custodial Account account balance or designate a different successor custodian trustee or trusteecustodian. If the Designated Beneficiary (or Responsible Individual Individual) does not request distribution of the Custodial Account account or designate a different successor within such 30 days, the Designated Beneficiary (or Responsible Individual Individual) shall be deemed to have consented to the appointment of the successor trustee or custodian or trustee and the terms of any new governing instrument. No executed written instrument of any Account Party , and neither the Depositor, Designated Beneficiary, Responsible Individual nor the successor shall be required to effect such transferexecute any written document to complete the transfer of the account to the successor trustee or custodian. The successor trustee or custodian may rely on any information, including death beneficiary Beneficiary designations, previously provided to by the CustodianDepositor, Designated Beneficiary or Responsible Individual. 2. (b) The Designated Beneficiary (or Responsible Individual Individual) may at any time, at the sole cost and expense of the Custodial Account, time remove the Custodian and replace the Custodian with a successor trustee or custodian or trustee of the Designated Beneficiary’s (or Responsible Individual’s ’s) choice by giving 30 days’ days written notice to the Custodian. In such event, the Custodian shall liquidate all Investments in then deliver the Custodial Account and transfer assets of the cash liquidation proceeds to the successor custodian in accordance with standard industry practices, including the receipt of all appropriate signed documentation, and otherwise account as reasonably directed by the Designated Beneficiary or Responsible Individual. However, the Custodian may retain a portion of the Investments in assets of the Custodial Account Xxxxxxxxx ESA as a reserve for payment of any anticipated remaining fees and expenses, and shall pay over any remainder of this reserve to the successor trustee or custodian or trustee upon satisfaction of such fees and expenses. The Custodian may decline to act under this Section P. if any course of conduct requested of the Custodian by the Responsible Individual could reasonably be interpreted to be a violation of any law or regulation. 3. (c) Any successor trustee or custodian shall be a bank (as defined in Code Section section 408(n)) of the Code) or such other person found qualified to act as a trustee or custodian under a Xxxxxxxxx ESA by the Secretary of the U.S. Treasury or his delegate. The appointment of a successor trustee or custodian shall be effective upon receipt by the Custodian of such successor's ’s written acceptance, which shall be submitted to the Custodian, the Funds, and the Responsible Individual. Within 30 days of the effective date of such successor's a successor custodian’s appointment, the Custodian shall transfer and deliver to the successor trustee or custodian applicable Custodial Account account records and Investments in assets of the Custodial Account (reduced by any unpaid amounts as provided referred to in Section P.2paragraph 7 of this Article X). The successor custodian shall be subject to the provisions of this Xxxxxxxxx ESA Custodial Agreement agreement (or any successor thereto) on the effective date of its appointment.

Appears in 1 contract

Samples: Coverdell Education Savings Account Custodial Agreement

Resignation and Removal of Custodian. 1. The Custodian may resign at any time by giving at least 30 days’ written notice to the Responsible Individual. (a) The Custodian may resign and appoint a successor trustee or custodian or trustee to serve under this Xxxxxxxxx ESA Custodial Agreement agreement or under another governing instrument agreement selected by the successor trustee or custodian or trustee by giving the Designated Beneficiary (or Responsible Individual Individual) written notice at least 30 days prior to the effective date of such resignation and appointment, which notice shall also include or be provided under separate cover a copy of such other governing instrument, if applicable, and the related disclosure statement. The Designated Beneficiary (or Responsible Individual Individual) shall then have 30 days from the date of such notice to either request a complete distribution of the Custodial Account entire account balance or designate a different successor trustee or custodian or trusteeand notify the Custodian of such designation. If the Designated Beneficiary (or Responsible Individual Individual) does not request distribution of the Custodial Account account balance or designate notify the Custodian of the designation of a different successor trustee or custodian within such 30 daysday period, the Designated Beneficiary (or Responsible Individual Individual) shall be deemed to have consented to the appointment of the successor trustee or custodian or trustee and the terms of any new governing instrument. No executed written instrument of any Account Party , and neither the Designated Beneficiary (or Responsible Individual) nor the successor shall be required to effect such transferexecute any written document to complete the transfer of the account to the successor trustee or custodian. The successor trustee or custodian may rely on any information, including death beneficiary designations, previously provided by the Designated Beneficiary (or Responsible Individual) to the Custodian. 2. (b) The Designated Beneficiary (or Responsible Individual Individual) may at any time, at the sole cost and expense of the Custodial Account, time remove the Custodian and replace the Custodian with a successor trustee or custodian or trustee of the Designated Beneficiary's (or Responsible Individual’s ’s) choice by giving 30 days’ written days notice to the Custodianof such removal and replacement. In such event, the The Custodian shall liquidate all Investments in then deliver the Custodial Account and transfer assets of the cash liquidation proceeds to the successor custodian in accordance with standard industry practices, including the receipt of all appropriate signed documentation, and otherwise account as reasonably directed by the Designated Beneficiary (or Responsible Individual). However, the Custodian may retain a portion of the Investments in assets of the Custodial Account as a reserve for payment of any anticipated remaining fees and expenses, and shall pay over any remainder of this reserve to the successor trustee or custodian or trustee upon satisfaction of such fees and expenses. . (c) The Custodian may decline to act under this Section P. if any course of conduct requested of resign and demand that the Custodian by the Designated Beneficiary (or Responsible Individual could reasonably be interpreted to be Individual) appoint a violation of any law or regulation. 3. Any successor trustee or custodian of this Custodial Account by giving the Designated Beneficiary (or Responsible Individual) written notice at least 30 days prior to the effective date of such resignation. The Designated Beneficiary (or Responsible Individual) shall be then have 30 days from the date of such notice to designate a bank (as defined in Code Section 408(n)) successor trustee or custodian, notify the Custodian of the name and address of the successor trustee or custodian, and provide the Custodian with appropriate evidence that such other person found successor has accepted the appointment and is qualified to act serve as a trustee or custodian under of a Xxxxxxxxx ESA ESA. (1) If the Designated Beneficiary (or Responsible Individual) designates a successor trustee or custodian and provides the Custodian evidence of the successor's acceptance of appointment and qualification within such 30-day period, the Custodian shall then deliver all of the assets held by the Secretary Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the successor trustee or custodian. (2) If the Designated Beneficiary (or Responsible Individual) does not notify the Custodian of the U.S. Treasury or his delegate. The appointment of a successor trustee or custodian shall be effective upon receipt within such 30 day period, then the Custodian may distribute all of the assets held by the Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the Designated Beneficiary (or Responsible Individual), outright and free of trust, and the Designated Beneficiary (or Responsible Individual) shall be wholly responsible for the tax consequences of such successor's distribution. In either case, the Custodian may expend any assets in the account to pay expenses of transfer (including re- registering the assets and preparation of deeds, assignments, and other instruments of transfer or conveyance) to the successor trustee or custodian or the Designated Beneficiary (or Responsible Individual), as the case may be. In addition, the Custodian may retain a portion of the assets as a reserve for payment of any anticipated remaining fees and expenses. Upon satisfaction of such fees and expenses, the Custodian shall pay over any remainder of the reserve to the successor trustee or custodian or to the Designated Beneficiary (or Responsible Individual), as the case may be. (d) Administrator may at any time select a qualified successor custodian by giving the Designated Beneficiary (or Responsible Individual) and Custodian written acceptance. Within notice at least 30 days of prior to the effective date of such successor's appointment, which notice shall also include or be provided under separate cover a copy of such other governing instrument, if applicable, and the related disclosure statement. The Designated Beneficiary (or Responsible Individual) shall then have 30 days from the date of such notice to either request a distribution of the entire Custodial Account balance or designate a different successor trustee or custodian and notify the Custodian and Administrator of such designation. If the Designated Beneficiary (or Responsible Individual) does not request distribution of the Custodial Account balance or notify the Administrator of the designation of a different successor trustee or custodian within such 30 day period, the Designated Beneficiary (or Responsible Individual) shall be deemed to have consented to the appointment of the successor custodian and the terms of any new governing instrument, and neither the Designated Beneficiary (or Responsible Individual) nor the successor shall be required to execute any written document to complete the transfer and deliver of the Custodial Account to the successor applicable Custodial Account records and Investments in the Custodial Account (reduced by any unpaid amounts as provided in Section P.2custodian. The successor custodian shall be subject may rely on any information, including beneficiary designations, previously provided by the Designated Beneficiary (or Responsible Individual) to the provisions of this Xxxxxxxxx ESA Custodial Agreement (or any successor thereto) on the effective date of its appointmentCustodian.

Appears in 1 contract

Samples: Coverdell Education Savings Custodial Account

Resignation and Removal of Custodian. 1. The Custodian may resign at any time by giving at least 30 days’ written notice to the Responsible Individual. (a) The Custodian may resign and appoint a successor trustee or custodian or trustee to serve under this Xxxxxxxxx ESA Custodial Agreement agreement or under another governing instrument selected by the successor trustee or custodian or trustee by giving the Responsible Individual Depositor written notice at least 30 days prior to the effective date of such resignation and appointment, which notice shall also include or be provided under separate cover a copy of such other governing instrument, if applicable, and the related disclosure statement. The Responsible Individual Depositor shall then have 30 days from the date of such notice to either request a complete distribution of the Custodial Account entire account balance or designate a different successor trustee or custodian or trusteeand notify the Custodian of such designation. If the Responsible Individual Depositor does not request distribution of the Custodial Account account balance or designate notify the Custodian of the designation of a different successor trustee or custodian within such 30 daysday period, the Responsible Individual Depositor shall be deemed to have consented to the appointment of the successor trustee or custodian or trustee and the terms of any new governing instrument. No executed written instrument of any Account Party , and neither the Depositor nor the successor shall be required to effect such transferexecute any written document to complete the transfer of the account to the successor trustee or custodian. The successor trustee or custodian may rely on any information, including death beneficiary designations, previously provided by the Depositor to the Custodian. 2. (b) The Responsible Individual Depositor may at any time, at the sole cost and expense of the Custodial Account, time remove the Custodian and replace the Custodian with a successor trustee or custodian or trustee of the Responsible Individual’s Depositor's choice by giving 30 days’ written days notice to the Custodianof such removal and replacement. In such event, the The Custodian shall liquidate all Investments in then deliver the Custodial Account and transfer assets of the cash liquidation proceeds to the successor custodian in accordance with standard industry practices, including the receipt of all appropriate signed documentation, and otherwise account as reasonably directed by the Responsible IndividualDepositor. However, the Custodian may retain a portion of the Investments in assets of the Custodial Account IRA as a reserve for payment of any anticipated remaining fees and expenses, and shall pay over any remainder of this reserve to the successor trustee or custodian or trustee upon satisfaction of such fees and expenses. . (c) The Custodian may decline to act under this Section P. if any course of conduct requested of resign and demand that the Custodian by the Responsible Individual could reasonably be interpreted to be Depositor appoint a violation of any law or regulation. 3. Any successor trustee or custodian of this IRA by giving the Depositor written notice at least 30 days prior to the effective date of such resignation. The Depositor shall be then have 30 days from the date of such notice to designate a bank (as defined in Code Section 408(n)) successor trustee or custodian, notify the Custodian of the name and address of the successor trustee or custodian, and provide the Custodian with appropriate evidence that such other person found successor has accepted the appointment and is qualified to act serve as a trustee or custodian under of an individual retirement account. (1) If the Depositor designates a Xxxxxxxxx ESA successor trustee or custodian and provides the Custodian evidence of the successor's acceptance of appointment and qualification within such 30-day period, the Custodian shall then deliver all of the assets held by the Secretary Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the successor trustee or custodian. (2) If the Depositor does not notify the Custodian of the U.S. Treasury or his delegate. The appointment of a successor trustee or custodian shall be effective upon receipt within such 30 day period, then the Custodian may distribute all of the assets held by the Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the Depositor, outright and free of Custodial, and the Depositor shall be wholly responsible for the tax consequences of such successor's written acceptancedistribution. Within 30 days In either case, the Custodian may expend any assets in the account to pay expenses of transfer (including re-registering the assets and preparation of deeds, assignments, and other instruments of transfer or conveyance) to the successor trustee or custodian or the Depositor, as the case may be. In addition, the Custodian may retain a portion of the effective date assets as a reserve for payment of any anticipated remaining fees and expenses. Upon satisfaction of such successor's appointmentfees and expenses, the Custodian shall transfer and deliver pay over any remainder of the reserve to the successor applicable Custodial Account records and Investments in the Custodial Account (reduced by any unpaid amounts as provided in Section P.2. The successor trustee or custodian shall be subject or to the provisions of this Xxxxxxxxx ESA Custodial Agreement (or any successor thereto) on Depositor, as the effective date of its appointmentcase may be.

Appears in 1 contract

Samples: Roth Individual Retirement Account Custodial Agreement

Resignation and Removal of Custodian. 1. The Custodian may resign at any time by giving at least 30 days’ written notice to the Responsible Individual. (a) The Custodian may resign and appoint a successor trustee or custodian or trustee to serve under this Xxxxxxxxx ESA Custodial Agreement agreement or under another governing instrument agreement selected by the successor trustee or custodian or trustee by giving the Responsible Individual Depositor written notice at least 30 days prior to the effective date of such resignation and appointment, which notice shall also include or be provided under separate cover a copy of such other governing instrument, if applicable, and the related disclosure statement. The Responsible Individual Depositor shall then have 30 days from the date of such notice to either request a complete distribution of the Custodial Account entire account balance or designate a different successor trustee or custodian or trusteeand notify the Custodian of such designation. If the Responsible Individual Depositor does not request distribution of the Custodial Account account balance or designate notify the Custodian of the designation of a different successor trustee or custodian within such 30 daysday period, the Responsible Individual Depositor shall be deemed to have consented to the appointment of the successor trustee or custodian or trustee and the terms of any new governing instrument. No executed written instrument of any Account Party , and neither the Depositor nor the successor shall be required to effect such transferexecute any written document to complete the transfer of the account to the successor trustee or custodian. The successor trustee or custodian may rely on any information, including death beneficiary designations, previously provided by the Depositor to the Custodian. 2. (b) The Responsible Individual Depositor may at any time, at the sole cost and expense of the Custodial Account, time remove the Custodian and replace the Custodian with a successor trustee or custodian or trustee of the Responsible Individual’s Depositor's choice by giving 30 days’ written days notice to the Custodianof such removal and replacement. In such event, the The Custodian shall liquidate all Investments in then deliver the Custodial Account and transfer assets of the cash liquidation proceeds to the successor custodian in accordance with standard industry practices, including the receipt of all appropriate signed documentation, and otherwise account as reasonably directed by the Responsible IndividualDepositor. However, the Custodian may retain a portion of the Investments in assets of the Custodial Account XXX as a reserve for payment of any anticipated remaining fees and expenses, and shall pay over any remainder of this reserve to the successor trustee or custodian or trustee upon satisfaction of such fees and expenses. . (c) The Custodian may decline to act under this Section P. if any course of conduct requested of resign and demand that the Custodian by the Responsible Individual could reasonably be interpreted to be Depositor appoint a violation of any law or regulation. 3. Any successor trustee or custodian of this XXX by giving the Depositor written notice at least 30 days prior to the effective date of such resignation. The Depositor shall be then have 30 days from the date of such notice to designate a bank (as defined in Code Section 408(n)) successor trustee or custodian, notify the Custodian of the name and address of the successor trustee or custodian, and provide the Custodian with appropriate evidence that such other person found successor has accepted the appointment and is qualified to act serve as a trustee or custodian under of an individual retirement account. (i) If the Depositor designates a Xxxxxxxxx ESA successor trustee or custodian and provides the Custodian evidence of the successor's acceptance of appointment and qualification within such 30-day period, the Custodian shall then deliver all of the assets held by the Secretary Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the successor trustee or custodian. (ii) If the Depositor does not notify the Custodian of the U.S. Treasury or his delegate. The appointment of a successor trustee or custodian shall be effective upon receipt within such 30 day period, then the Custodian may distribute all of the assets held by the Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the Depositor, outright and free of trust, and the Depositor shall be wholly responsible for the tax consequences of such successor's written acceptancedistribution. Within 30 days In either case, the Custodian may expend any assets in the account to pay expenses of transfer (including re-registering the assets and preparation of deeds, assignments, and other instruments of transfer or conveyance) to the successor trustee or custodian or the Depositor, as the case may be. In addition, the Custodian may retain a portion of the effective date assets as a reserve for payment of any anticipated remaining fees and expenses. Upon satisfaction of such successor's appointmentfees and expenses, the Custodian shall transfer and deliver pay over any remainder of the reserve to the successor applicable Custodial Account records and Investments in the Custodial Account (reduced by any unpaid amounts as provided in Section P.2. The successor trustee or custodian shall be subject or to the provisions of this Xxxxxxxxx ESA Custodial Agreement (or any successor thereto) on Depositor, as the effective date of its appointmentcase may be.

Appears in 1 contract

Samples: Fully Disclosed Clearing Agreement

Resignation and Removal of Custodian. 1. The Custodian may resign at any time by giving at least 30 days’ written notice to the Responsible Individual. (a) The Custodian may resign and appoint a successor trustee or custodian or trustee to serve under this Xxxxxxxxx ESA Custodial Agreement agreement or under another governing instrument governin g agreement selected by the successor trustee or custodian or trustee by giving the Responsible Individual Depositor written notice at least 30 days prior to the effective date of such resignation and appointment, which notice shall also include or be provided under separate cover a copy of such other governing instrument, if applicable, and the related disclosure statement. The Responsible Individual Depositor shall then have 30 days from the date dat e of such notice to either request a complete distribution of the Custodial Account entire account balance or designate a different successor trustee or custodian or trusteeand no tify the Custodian of such designation. If the Responsible Individual Depositor does not request distribution of the Custodial Account account bal ance or designate notify the Custodian of the designation of a different successor trustee or custodian within such 30 daysday period, the Responsible Individual Depositor shall be deemed to have consented co nsented to the appointment of the successor trustee or custodian or trustee and the terms of any new governing instrument. No executed written instrument of any Account Party , and neither the Depositor nor the successor shall be required to effect such transferexecute any written document to complete the transfer of the account to the successor trustee or custodian. The successor trustee or custodian may rely on any information, including death beneficiary designations, previously provided by the Depositor to the Custodian. 2. (b) The Responsible Individual Depositor may at any time, at the sole cost and expense of the Custodial Account, time remove the Custodian and replace the Custodian with a successor trustee or custodian or trustee of the Responsible Individual’s Depositor's choice by giving 30 days’ written days notice to the Custodianof such removal and replacement. In such event, the The Custodian shall liquidate all Investments in then deliver the Custodial Account and transfer the cash liquidation proceeds to the successor custodian in accordance with standard industry practices, including the receipt assets of all appropriate signed documentation, and otherwise t he account as reasonably directed by the Responsible IndividualDepositor. However, the Custodian may retain a portion of the Investments in assets of the Custodial Account IRA as a reserve res erve for payment of any anticipated remaining fees and expenses, and shall pay over any remainder of this reserve to the successor custodian trustee or trustee custodi an upon satisfaction of such fees and expenses. . (c) The Custodian may decline to act under this Section P. if any course of conduct requested of resign and demand that the Custodian by the Responsible Individual could reasonably be interpreted to be Depositor appoint a violation of any law or regulation. 3. Any successor trustee or custodian of this IRA by giving the Depositor written notice at least 30 days prior to the effective date of such resignation. The Depositor shall be then have 30 days from t he date of such notice to designate a bank (successor trustee or custodian, notify the Custodian of the name and address of the successor trustee or custodian, and provide the Custodian with appropriate evidence that such successor has accepted the appointment and is qualif ied to serve as defined in Code Section 408(n)) or such other person found qualified to act as a trustee or custodian under of an individual retirement account. (1) If the Depositor designates a Xxxxxxxxx ESA successor trustee or custodian and provides the Custodian evidence of the successor's acceptanc e of appointment and qualification within such 30-day period, the Custodian shall then deliver all of the assets held by the Secretary Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the successor tru stee or custodian. (2) If the Depositor does not notify the Custodian of the U.S. Treasury or his delegate. The appointment of a successor trustee or custodian shall be effective upon receipt within such 30 day period, then the Custodian may distribute all of the assets held by the Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the Depositor, outright and free of trust, and the Depositor shall be wholly responsible for the tax consequences of such successor's written acceptancedistribution. Within 30 days In either case, the Custodian may expend any assets in the account to pay expenses of transfer (including re -registering the assets and preparation of deeds, assignments, and other instruments of transfer or conveyance) to the successor trustee or custodian or the Depositor , as the case may be. In addition, the Custodian may retain a portion of the effective date assets as a reserve for payment of any anticipated remaining fees and expenses. Upon satisfaction of such successor's appointmentfees and expenses, the Custodian shall transfer and deliver pay over any remainder of the reserve to the successor applicable Custodial Account records and Investments in the Custodial Account (reduced by any unpaid amounts as provided in Section P.2. The successor trustee or custodian shall be subject or to the provisions of this Xxxxxxxxx ESA Custodial Agreement (or any successor thereto) on Depositor, as the effective date of its appointmentcase may be.

Appears in 1 contract

Samples: Traditional and Roth Individual Retirement Account Custodial Agreement

Resignation and Removal of Custodian. 1. The Custodian may resign at any time by giving at least 30 days’ written notice to the Responsible Individual. (a) The Custodian may resign and appoint a successor trustee or custodian or trustee to serve under this Xxxxxxxxx ESA Custodial Agreement agreement or under another governing instrument selected by the successor trustee or custodian or trustee by giving the Responsible Individual Depositor written notice at least 30 days prior to the effective date of such resignation and appointment, which notice shall also include or be provided under separate cover a copy of such other governing instrument, if applicable, and the related disclosure statement. The Responsible Individual Depositor shall then have 30 days from the date of such notice to either request a complete distribution of the Custodial Account entire account balance or designate a different successor trustee or custodian or trusteeand notify the Custodian of such designation. If the Responsible Individual Depositor does not request distribution of the Custodial Account account balance or designate notify the Custodian of the designation of a different successor trustee or custodian within such 30 days30-day period, the Responsible Individual Depositor shall be deemed to have consented to the appointment of the successor trustee or custodian or trustee and the terms of any new governing instrument. No executed written instrument of any Account Party , and neither the Depositor nor the successor shall be required to effect such transferexecute any written document to complete the transfer of the account to the successor trustee or custodian. The successor trustee or custodian may rely on any information, including death beneficiary designations, previously provided by the Depositor to the Custodian. 2. (b) The Responsible Individual Depositor may at any time, at the sole cost and expense of the Custodial Account, time remove the Custodian and replace the Custodian with a successor trustee or custodian or trustee of the Responsible IndividualDepositor’s choice by giving 30 days’ written notice to the Custodianof such removal and replacement. In such event, the The Custodian shall liquidate all Investments in then deliver the Custodial Account and transfer assets of the cash liquidation proceeds to the successor custodian in accordance with standard industry practices, including the receipt of all appropriate signed documentation, and otherwise account as reasonably directed by the Responsible IndividualDepositor. However, the Custodian may retain a portion of the Investments in assets of the Custodial Account IRA as a reserve for payment of any anticipated remaining fees and expenses, and shall pay over any remainder of this reserve to the successor trustee or custodian or trustee upon satisfaction of such fees and expenses. . (c) The Custodian may decline to act under this Section P. if any course of conduct requested of resign and demand that the Custodian by the Responsible Individual could reasonably be interpreted to be Depositor appoint a violation of any law or regulation. 3. Any successor trustee or custodian of this IRA by giving the Depositor written notice at least 30 days prior to the effective date of such resignation. The Depositor shall be then have 30 days from the date of such notice to designate a bank (as defined in Code Section 408(n)) successor trustee or custodian, notify the Custodian of the name and address of the successor trustee or custodian, and provide the Custodian with appropriate evidence that such other person found successor has accepted the appointment and is qualified to act serve as a trustee or custodian under of an individual retirement account. (1) If the Depositor designates a Xxxxxxxxx ESA successor trustee or custodian and provides the Custodian evidence of the successor’s acceptance of appointment and qualification within such 30-day period, the Custodian shall then deliver all of the assets held by the Secretary Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the successor trustee or custodian. (2) If the Depositor does not notify the Custodian of the U.S. Treasury or his delegate. The appointment of a successor trustee or custodian shall be effective upon receipt within such 30-day period, then the Custodian may distribute all of the assets held by the Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the Depositor, outright and free of trust, and the Depositor shall be wholly responsible for the tax consequences of such successor's written acceptancedistribution. Within 30 days In either case, the Custodian may expend any assets in the account to pay expenses of transfer (including re-registering the assets and preparation of deeds, assignments, and other instruments of transfer or conveyance) to the successor trustee or custodian or the Depositor, as the case may be. In addition, the Custodian may retain a portion of the effective date assets as a reserve for payment of any anticipated remaining fees and expenses. Upon satisfaction of such successor's appointmentfees and expenses, the Custodian shall transfer and deliver pay over any remainder of the reserve to the successor applicable Custodial Account records and Investments in the Custodial Account (reduced by any unpaid amounts as provided in Section P.2. The successor trustee or custodian shall be subject or to the provisions of this Xxxxxxxxx ESA Custodial Agreement (or any successor thereto) on Depositor, as the effective date of its appointmentcase may be.

Appears in 1 contract

Samples: Roth Individual Retirement Account Custodial Agreement

Resignation and Removal of Custodian. 1. The Custodian may resign at any time by giving at least 30 days’ written notice to the Responsible Individual. (a) The Custodian may resign and appoint a successor trustee or custodian or trustee to serve under this Xxxxxxxxx ESA Custodial Agreement agreement or under another governing instrument agreement selected by the successor trustee or custodian or trustee by giving the Responsible Individual Depositor written notice at least 30 days prior to the effective date of such resignation and appointment, which notice shall also include or be provided under separate cover a copy of such other governing instrument, if applicable, and the related disclosure statement. The Responsible Individual Depositor shall then have 30 days from the date of such notice to either request a complete distribution of the Custodial Account entire account balance or designate a different successor trustee or custodian or trusteeand notify the Custodian of such designation. If the Responsible Individual Depositor does not request distribution of the Custodial Account account balance or designate notify the Custodian of the designation of a different successor trustee or custodian within such 30 daysday period, the Responsible Individual Depositor shall be deemed to have consented to the appointment of the successor trustee or custodian or trustee and the terms of any new governing instrument. No executed written instrument of any Account Party , and neither the Depositor nor the successor shall be required to effect such transferexecute any written document to complete the transfer of the account to the successor trustee or custodian. The successor trustee or custodian may rely on any information, including death beneficiary designations, previously provided by the Depositor to the Custodian. 2. (b) The Responsible Individual Depositor may at any time, at the sole cost and expense of the Custodial Account, time remove the Custodian and replace the Custodian with a successor trustee or custodian or trustee of the Responsible Individual’s Depositor's choice by giving 30 days’ written notice to the Custodianof such removal and replacement. In such event, the The Custodian shall liquidate all Investments in then deliver the Custodial Account and transfer assets of the cash liquidation proceeds to the successor custodian in accordance with standard industry practices, including the receipt of all appropriate signed documentation, and otherwise account as reasonably directed by the Responsible IndividualDepositor. However, the Custodian may retain a portion of the Investments in assets of the Custodial Account as a reserve for payment of any anticipated remaining fees and expenses, and shall pay over any remainder of this reserve to the successor trustee or custodian or trustee upon satisfaction of such fees and expenses. . (c) The Custodian may decline to act under this Section P. if any course of conduct requested of resign and demand that the Custodian by the Responsible Individual could reasonably be interpreted to be Depositor appoint a violation of any law or regulation. 3. Any successor trustee or custodian of this Custodial Account by giving the Depositor written notice at least 30 days prior to the effective date of such resignation. The Depositor shall be then have 30 days from the date of such notice to designate a bank (as defined in Code Section 408(n)) successor trustee or custodian, notify the Custodian of the name and address of the successor trustee or custodian, and provide the Custodian with appropriate evidence that such other person found successor has accepted the appointment and is qualified to act serve as a trustee or custodian under of an individual retirement account. (1) If the Depositor designates a Xxxxxxxxx ESA successor trustee or custodian and provides the Custodian evidence of the successor's acceptance of appointment and qualification within such 30-day period, the Custodian shall then deliver all of the assets held by the Secretary Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the successor trustee or custodian. (2) If the Depositor does not notify the Custodian of the U.S. Treasury or his delegate. The appointment of a successor trustee or custodian shall be effective upon receipt within such 30 day period, then the Custodian may distribute all of the assets held by the Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the Depositor, outright and free of trust, and the Depositor shall be wholly responsible for the tax consequences of such successor's written acceptancedistribution. Within 30 days In either case, the Custodian may expend any assets in the account to pay expenses of transfer (including re-registering the assets and preparation of deeds, assignments, and other instruments of transfer or conveyance) to the successor trustee or custodian or the Depositor, as the case may be. In addition, the Custodian may retain a portion of the effective date assets as a reserve for payment of any anticipated remaining fees and expenses. Upon satisfaction of such successor's appointmentfees and expenses, the Custodian shall transfer and deliver pay over any remainder of the reserve to the successor applicable Custodial Account records and Investments in the Custodial Account (reduced by any unpaid amounts as provided in Section P.2. The successor trustee or custodian shall be subject or to the provisions of this Xxxxxxxxx ESA Custodial Agreement (or any successor thereto) on Depositor, as the effective date of its appointmentcase may be.

Appears in 1 contract

Samples: Simplified Employee Pension—individual Retirement Accounts Contribution Agreement

Resignation and Removal of Custodian. 1. The Custodian may resign at any time by giving at least 30 days’ written notice to the Responsible Individual. (a) The Custodian may resign and appoint a successor trustee or custodian or trustee to serve under this Xxxxxxxxx ESA Custodial Agreement agreement or under another governing instrument agreement selected by the successor trustee or custodian or trustee by giving the Responsible Individual Depositor written notice at least 30 days prior to the effective date of such resignation and appointment, which notice shall also include or be provided under separate cover a copy of such other governing instrument, if applicable, and the related disclosure statement. The Responsible Individual Depositor shall then have 30 days from the date of such notice to either request a complete distribution of the Custodial Account entire account balance or designate a different successor trustee or custodian or trusteeand notify the Custodian of such designation. If the Responsible Individual Depositor does not request distribution of the Custodial Account account balance or designate notify the Custodian of the designation of a different successor trustee or custodian within such 30 days30-day period, the Responsible Individual Depositor shall be deemed to have consented to the appointment of the successor trustee or custodian or trustee and the terms of any new governing instrument. No executed written instrument of any Account Party , and neither the Depositor nor the successor shall be required to effect such transferexecute any written document to complete the transfer of the account to the successor trustee or custodian. The successor trustee or custodian may rely on any information, including death beneficiary designations, previously provided by the Depositor to the Custodian. 2. (b) The Responsible Individual Depositor may at any time, at the sole cost and expense of the Custodial Account, time remove the Custodian and replace the Custodian with a successor trustee or custodian or trustee of the Responsible Individual’s Depositor's choice by giving 30 days’ written notice to the Custodianof such removal and replacement. In such event, the The Custodian shall liquidate all Investments in then deliver the Custodial Account and transfer assets of the cash liquidation proceeds to the successor custodian in accordance with standard industry practices, including the receipt of all appropriate signed documentation, and otherwise account as reasonably directed by the Responsible IndividualDepositor. However, the Custodian may retain a portion of the Investments in assets of the Custodial Account IRA as a reserve for payment of any anticipated remaining fees and expenses, and shall pay over any remainder of this reserve to the successor trustee or custodian or trustee upon satisfaction of such fees and expenses. . (c) The Custodian may decline to act under this Section P. if any course of conduct requested of resign and demand that the Custodian by the Responsible Individual could reasonably be interpreted to be Depositor appoint a violation of any law or regulation. 3. Any successor trustee or custodian of this IRA by giving the Depositor written notice at least 30 days prior to the effective date of such resignation. The Depositor shall be then have 30 days from the date of such notice to designate a bank (as defined in Code Section 408(n)) successor trustee or custodian, notify the Custodian of the name and address of the successor trustee or custodian, and provide the Custodian with appropriate evidence that such other person found successor has accepted the appointment and is qualified to act serve as a trustee or custodian under of an individual retirement account. (1) If the Depositor designates a Xxxxxxxxx ESA successor trustee or custodian and provides the Custodian evidence of the successor's acceptance of appointment and qualification within such 30-day period, the Custodian shall then deliver all of the assets held by the Secretary Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the successor trustee or custodian. (2) If the Depositor does not notify the Custodian of the U.S. Treasury or his delegate. The appointment of a successor trustee or custodian shall be effective upon receipt within such 30- da y period, then the Custodian may distribute all of the assets held by the Custodian in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the Depositor, outright and free of custodial, and the Depositor shall be wholly responsible for the tax consequences of such successor's written acceptancedistribution. Within 30 days In either case, the Custodian may expend any assets in the account to pay expenses of transfer (including re-registering the assets and preparation of deeds, assignments, and other instruments of transfer or conveyance) to the successor trustee or custodian or the Depositor, as the case may be. In addition, the Custodian may retain a portion of the effective date assets as a reserve for payment of any anticipated remaining fees and expenses. Upon satisfaction of such successor's appointmentfees and expenses, the Custodian shall transfer and deliver pay over any remainder of the reserve to the successor applicable Custodial Account records and Investments in the Custodial Account (reduced by any unpaid amounts as provided in Section P.2. The successor trustee or custodian shall be subject or to the provisions of this Xxxxxxxxx ESA Custodial Agreement (or any successor thereto) on Depositor, as the effective date of its appointmentcase may be.

Appears in 1 contract

Samples: Simple Ira Custodial Agreement

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