Common use of Xxxxxx Trust Account Clause in Contracts

Xxxxxx Trust Account. A Xxxxxx Trust Account is an informal trust account, reflected on our records, but without a written trust agreement, where the Account is owned by the trustee. The beneficiaries have no right to any funds in the Account during the trustee’s lifetime. As the owner of the Account, the trustee may withdraw money from the Account and may, by written direction to us, change the beneficiary under the Account. When the trustee dies, the Account is owned by the named beneficiary or beneficiaries. If the Xxxxxx Trust Account is held by more than one trustee, the trustees will be subject to the rules pertaining to joint account ownership as set forth above. If there is no surviving beneficiary upon the death of the last trustee, state law will determine ownership of the funds in the Account.

Xxxxxx Trust Account. A Xxxxxx Trust Account is an informal trust account, reflected on our records, but without a written trust agreement, where the Account is owned by the trustee. The beneficiaries have no right to any funds in the Account during the trustee’s 's lifetime. As the owner of the Account, the trustee may withdraw money from the Account and may, by written direction to us, change the beneficiary under the Account. When the trustee dies, the Account is owned by the named beneficiary or beneficiaries. If the Xxxxxx Trust Account is held by more than one trustee, the trustees will be subject to the rules pertaining to joint account ownership as set forth above. If there is no surviving beneficiary upon the death of the last trustee, state law will determine ownership of the funds in the Account.

Xxxxxx Trust Account. A Xxxxxx Trust Account is an informal trust accountAccount, reflected on our records, but without a written trust agreement, where the Account is owned by the trustee. The beneficiaries have no right to any funds in the Account during the trustee’s lifetime. As the owner of the Account, the trustee may withdraw money from the Account and may, by written direction to us, change the beneficiary under the Account. When the trustee dies, the Account is owned by the named beneficiary or beneficiaries. If the Xxxxxx Trust Account is held by more than one trustee, the trustees will be subject to the rules pertaining to joint account Account ownership as set forth above. If there is no surviving beneficiary upon the death of the last trustee, state law will determine ownership of the funds in the Account.

Xxxxxx Trust Account. A Xxxxxx Trust Account is an informal trust account, reflected on our records, but without a written trust agreement, where the Account account is owned by the trustee. The beneficiaries have no right to any funds in the Account account during the trustee’s lifetime. As the owner of the Accountaccount, the trustee may withdraw money from the Account account and may, by written direction to us, change the beneficiary under the Accountaccount. When the trustee dies, the Account account is owned by the named beneficiary or beneficiaries. If the Xxxxxx Trust Account is held by more than one trustee, the trustees will be subject to the rules pertaining to joint account ownership as set forth above. If there is no surviving beneficiary upon the death of the last trustee, state law will determine ownership of the funds in the Accountaccount.