Trust fund established Clause Samples
The 'Trust fund established' clause formally creates a legal trust fund, specifying that certain assets or funds are to be held and managed by a trustee for the benefit of designated beneficiaries. In practice, this clause outlines the initial funding of the trust, identifies the trustee, and may set forth the purposes for which the trust assets can be used, such as paying for education or supporting dependents. Its core function is to ensure that assets are managed and distributed according to the settlor's intentions, providing legal structure and protection for both the beneficiaries and the assets involved.
Trust fund established. Upon the insolvency of any licensee, a trust fund must be established for the benefit of claimants and to pay the costs incurred by the commission in the administration of the insolvency. The trust fund must consist of the following:
1. Hay of the insolvent licensee held in storage or the proceeds obtained from the conversion of stored hay.
2. The proceeds of insurance policies on hay destroyed in storage.
3. The claims for relief, and proceeds therefrom, for damages upon bond given by the licensee to ensure faithful performance of the duties of a licensee.
4. Unencumbered accounts receivable for hay sold at the time or following the filing of a claim that precipitates an insolvency.
Trust fund established. Upon the insolvency of any licensee, a trust fund must be established for the benefit of noncredit-sale receiptholders and to pay the costs incurred by the commissioner in the administration of the insolvency. The trust fund must consist of the following:
1. Nonwarehouse receipt grain of the insolvent licensee held in storage or the proceeds obtained from the conversion of such grain.
2. The proceeds, including accounts receivable, from any grain sold from the time of the filing of the claim that precipitated an insolvency until the commissioner is appointed trustee must be remitted to the commissioner and included in the trust fund.
3. The proceeds of insurance policies on destroyed grain.
4. The claims for relief, and proceeds from the claims for relief, for damages upon bond given by the licensee to ensure faithful performance of the duties of a licensee.
5. The claim for relief, and proceeds from the claim for relief, for the conversion of any grain stored in the warehouse.
6. Unencumbered accounts receivable for grain sold prior to the filing of the claim that precipitated an insolvency.
7. Unencumbered equity in grain hedging accounts.
8. Unencumbered grain product assets. Each surety on the insolvent licensee's bonds must be joined as a party to the insolvency proceeding. If it is in the best interests of the receiptholders, the court may order a surety to deposit some or all of the penal sum of the bond into the trustee's trust account pending determination of the surety's liability under the bond.
Trust fund established. Upon the insolvency of any licensee, a trust fund must be established for the benefit of noncredit-sale receiptholders and to pay the costs incurred by the commission in the administration of the insolvency. The trust fund must consist of the following:
1. Nonwarehouse receipt grain of the insolvent licensee held in storage or the proceeds obtained from the conversion of such grain.
2. The proceeds, including accounts receivable, from any grain sold from the time of the filing of the claim that precipitated an insolvency until the commission is appointed trustee must be remitted to the commission and included in the trust fund.
3. The proceeds of insurance policies on destroyed grain.
4. The claims for relief, and proceeds therefrom, for damages upon bond given by the licensee to ensure faithful performance of the duties of a licensee.
5. The claim for relief, and proceeds therefrom, for the conversion of any grain stored in the warehouse.
6. Unencumbered accounts receivable for grain sold prior to the filing of the claim that precipitated an insolvency.
7. Unencumbered equity in grain hedging accounts.
8. Unencumbered grain product assets. Each surety on the insolvent licensee's bonds must be joined as a party to the insolvency proceeding. If it is in the best interests of the receiptholders, the court may order a surety to deposit some or all of the penal sum of the bond into the trustee's trust account pending determination of the surety's liability under the bond.
Trust fund established. 1. Upon the insolvency of any warehouseman, a trust fund must be established:
a. For the benefit of noncredit-sale receiptholders of the insolvent warehouseman, other than those who have waived their rights as beneficiaries of the trust fund in accordance with section 60-02-11; and
b. To pay the costs incurred by the commissioner in the administration of this chapter.
2. The trust fund consists of the following:
a. The grain in the warehouse of the insolvent warehouseman or the proceeds as obtained through the sale of such grain;
b. The proceeds, including accounts receivable, from any grain sold from the time of the filing of the claim that precipitated an insolvency until the commissioner is appointed trustee;
c. The proceeds of insurance policies upon grain destroyed in the elevator;
d. The claims for relief, and proceeds from the claims for relief, for damages upon any bond given by the warehouseman to ensure faithful performance of the duties of a warehouseman;
e. The claims for relief, and proceeds from the claims for relief, for the conversion of any grain stored in the warehouse;
f. Unencumbered accounts receivable for grain sold before the filing of the claim that precipitated an insolvency;
g. Unencumbered equity in grain hedging accounts; and
h. Unencumbered grain product assets.
Trust fund established. 1. Upon the insolvency of any warehouseman, a trust fund must be established:
a. For the benefit of noncredit-sale receiptholders of the insolvent warehouseman, other than those who have waived their rights as beneficiaries of the trust fund in accordance with section 60-02-11; and
b. To pay the costs incurred by the commissioner in the administration of this chapter.
Trust fund established. A Trust Fund is hereby established by the County and shall be continued for the sole purpose of funding or pre-funding the obligations, liabilities and expenses of the Plan. The Trust Fund shall be held by the Custodian in trust and dealt with in accordance with the provisions of this Trust Agreement. At the direction, and in coordination with the Trustee, the Administrator may create separate accounts within the Trust Fund as deemed necessary by the Trustee or Administrator (e.g. to separately account for individual money managers or book keeping accounts to separately account for employee contributions).