Common use of Written Trust Agreement Accounts Clause in Contracts

Written Trust Agreement Accounts. From time to time, in our sole discretion, we may allow a trustee of a formal written trust to open a trust account. To open such an account we will require a certification of trust, the name and address of the beneficiary(ies) (all of whom must be natural persons), and any other information or documentation that we may request. You agree that, by opening such an account, you are holding us harmless from and against any actions either we or the trustee takes on the account that are done in reliance on the certification of trust or other documents that we requested when you opened the account. We are under no obligation and have no duty to monitor the acts of any trustee to determine whether such acts are being done for the benefit of the beneficiary, are permissible under the terms of the trust, or are in compliance with Applicable Law. You understand and agree that we will not be liable to you if the trustee(s) exceeds his/her powers or otherwise does not comply with Applicable Law.

Written Trust Agreement Accounts. From time to time, in our sole discretion, we may allow a trustee of a formal written trust to open a trust account. To open such an account we will require a certification of trust, the name and address of the beneficiary(iesbeneficiary (ies) (all of whom must be natural persons), and any other information or documentation that we may request. You agree that, by opening such an account, you are holding us harmless from and against any actions either we or the trustee takes on the account that are done in reliance on the certification of trust or other documents that we requested when you opened the account. We are under no obligation and have no duty to monitor the acts of any trustee to determine whether such acts are being done for the benefit of the beneficiary, are permissible under the terms of the trust, or are in compliance with Applicable Law. You understand and agree that we will not be liable to you if the trustee(s) exceeds his/her powers or otherwise does not comply with Applicable Law.