Common use of Rights and Powers of Successor Trustee Clause in Contracts

Rights and Powers of Successor Trustee. A successor Trustee shall have the rights and powers and shall be subject to the duties and responsibilities of a predecessor Trustee. A successor Trustee is authorized and directed, without requiring an audit or other independent accounting, to accept from a predecessor Trustee the assets delivered by the predecessor Trustee to the successor Trustee on the basis of the accounting submitted by the predecessor Trustee. A successor Trustee shall not have any duty or responsibility for the actions, defaults or omissions of a predecessor Trustee.