Common use of Status of Successor Trustee Clause in Contracts

Status of Successor Trustee. A successor Trustee shall have the same duties, powers and discretion conferred herein on the Trustee. A successor Trustee may accept the assets of the Trust Estate delivered to it by its predecessor Trustee as constituting the entire assets of the Trust Estate and shall not be required to take any action to determine what constitutes the Trust Estate or to obtain possession of any assets thereof or to investigate any acts, omissions or misconduct of its predecessor Trustee.

Status of Successor Trustee. A successor Trustee shall will have the same duties, powers powers, and discretion as conferred herein on the its predecessor Trustee. A successor Trustee may accept the assets of the Trust Estate Account delivered to it by its predecessor Trustee as constituting the entire assets of the Trust Estate Account created under this Agreement and shall will not be required to take any action investigate whether or not the entirety has been delivered to determine what constitutes the Trust Estate or to obtain possession of any assets thereof it or to investigate any acts, omissions omissions, or misconduct of its predecessor Trustee.

Status of Successor Trustee. A successor Trustee shall have the same duties, powers powers, and discretion conferred herein on the Trustee. A successor Trustee may accept the assets of the Trust Estate delivered to it by its predecessor Trustee as constituting the entire assets of the Trust Estate and shall not be required to take any action to determine what constitutes the Trust Estate or to obtain possession of any assets thereof or to investigate any acts, omissions or misconduct of its predecessor Trustee.