Common use of Transfer of Records and Trust Funds Clause in Contracts

Transfer of Records and Trust Funds. Within 90 days of receiving written notice that a successor trustee has been appointed, the outgoing Trustee shall liquidate the Trust Funds and transfer the liquidation proceeds, net of any accrued by unpaid expenses and compensation of the outgoing Trustee, to the successor trustee. When such transfer is completed, the outgoing Trustee shall be released and discharged from all liability relating to further administration, oversight and investment of Trust Funds.

Transfer of Records and Trust Funds. Within 90 days of receiving written notice that a successor trustee has been appointed, the outgoing Trustee shall liquidate the Trust Funds and transfer the liquidation proceeds, net of any accrued by but unpaid expenses and compensation of the outgoing Trustee, to the successor trustee. When such transfer is completed, the outgoing Trustee shall be released and discharged from all liability relating to further administration, oversight and investment of the Trust Funds.

Transfer of Records and Trust Funds. Within 90 days of receiving written notice that a successor trustee has been appointed, the outgoing Trustee shall liquidate the Trust Funds and transfer the liquidation proceeds, net of any accrued by but unpaid expenses and compensation of the outgoing Trustee, to the successor trustee. When such transfer is completed, the outgoing Trustee shall be released and discharged from all liability relating to further administration, oversight and investment of Trust Funds.