Common use of Transfer to Successor Trustee Clause in Contracts

Transfer to Successor Trustee. Every successor trustee shall have all the rights, title, powers, privileges and duties conferred on or imposed upon the original trustee, without any conveyance or transfer. All right, title and interest to the trust property shall immediately vest in the successor trustee, upon the successor trustee executing a document accepting the office. The prior trustee shall, without warranty, transfer the existing trust property to the possession and control of the successor trustee. The successor trustee shall not have any duty to examine the records or actions of any former trustee, and shall not be liable for the consequences of any act or failure to act of any former trustee.