Transfers to Minors Deposit Accounts Sample Clauses

Transfers to Minors Deposit Accounts. You may make a gift of money to a minor by opening a deposit account in the name of the minor with you listed as custodian on our records for the deposit account (“Custodian”), pursuant to the Massachusetts Uniform Transfers to Minors Act (“UTMA”). Only you, as Custodian, are authorized to act on the deposit account. As Custodian, you will notify us in writing immediately upon the death of the minor or at the time the minor reaches 21 years of age. After notifying us of either of these events, your authority over these deposit accounts continues only to the extent allowed by the UTMA. Before we receive such notice and have a reasonable opportunity to act on it, we may honor any checks or drafts written on the deposit account by the Custodian without incurring any liability to the minor or to any third party. You will be liable to us for any Losses we incur because of your failure to give us prompt written notice (as described above) or otherwise abide by the UTMA. We have no duty to monitor the acts of the Custodian or otherwise ensure that his/her acts are for the benefit of the minor and/ or are otherwise permissible under the UTMA. We have no liability if the Custodian exceeds his/her authority under and/or fails to comply with the UTMA. You are solely responsible for determining if the type of deposit account that you open and/ or if the joint deposit account owners and Beneficiary(ies) you select are appropriate for you. We are not responsible for reviewing any of these decisions on your behalf.
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Related to Transfers to Minors Deposit Accounts

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  • WHEREAS the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration, transfer, exchange, redemption and exercise of the Warrants; and

  • Entire Agreement This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter contained in this Agreement and supersedes all prior agreements, understandings and negotiations between the parties.

  • Termination This Agreement may be terminated at any time prior to the Closing:

  • IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the day and year first above written.

  • NOW, THEREFORE the parties hereto agree as follows:

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