Trustee Designation. Unless you provide the Bank with a court order or other legal written agreement governing a fiduciary account, any account which you open as “trustee for” or “trust for” shall be governed by Section 36a-296 of the Connecticut General Statutes. Briefly, such an account means that you, as trustee, have control of the funds during your life. If you die before the beneficiary, the trust terminates and the funds vest in the person named as beneficiary. You may, as trustee, pledge an account of this type as collateral for a loan. This account is often called a Xxxxxx Trust Account. To open this account, you must include your social security number on the signature card. When opening this account, the Bank may require that you provide the name, date of birth, address and social security number of the beneficiary.
Appears in 6 contracts
Samples: Deposit Account Agreement, Deposit Account Agreement, Deposit Account Agreement
