Formal Trust Account definition

Formal Trust Account. We may allow a trustee or the trustees of a formal written trust to establish a trust Account if all the trust beneficiaries are natural persons. In the case of such trust Accounts, you agree to provide the Bank with an attorney prepared Certification or Declaration of Trust or all trustees will need to complete and sign the Bank’s Certification of Trust form. The trustees agree and understand that we have no duty to monitor or ensure that the acts of any trustee are for the use or benefit of the beneficiaries or are otherwise permissible under any trust instrument or applicable law. You understand and agree that we will not be liable to you or to any third party for any actions that we take in reliance on the Certification of Trust document. You further agree to hold us harmless from and against any actions that we take in reliance on the trust documents that you provide to us upon the opening of the Account. We reserve the right to request a copy of the legal documents pertaining to the trust. Assignment, Pledge or Transfer of Account:
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Formal Trust Account is an account held by one or more trustees (each a fiduciary) for the benefit of one or more beneficiaries according to a written trust agreement. If your Account is a Formal Trust Account, the following terms apply:
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Examples of Formal Trust Account in a sentence

  • A Formal Trust Account is an account held by one or more trustees for the benefit of one or more beneficiaries according to a written trust agreement.

  • With respect to all fiduciary accounts, including but not limited to estate accounts, guardianship accounts, representative payee accounts, and conservatorship accounts, and any Formal Trust Account, Uniform Transfers to Minors Act Account, or Agency Account, we reserve the right to require such documents and authorizations as we may deem necessary or appropriate to satisfy that the person(s) requesting or directing the withdrawal of funds held in the Account have the authority to withdraw such funds.

  • This Agreement shall be binding upon and inure to the benefit of the Credit Parties, the Administrative Agent and the Lenders, all future holders of the Notes, and their respective successors and assigns, except that the Credit Parties shall not assign or transfer any of its rights or obligations under this Agreement without the prior written consent of each Lender.

  • A Formal Trust Account is an Account held by one or more trustees for the benefit of one or more beneficiaries according to a written trust agreement.

  • With respect to all fiduciary accounts, including but not limited to estate accounts, guardianship accounts, representative payee accounts, and conservatorship accounts, and any Formal Trust Account, Uniform Transfers to Minors Act Account, or Agency Acco unt, we reserve the right to require such documents and authorizations as we may deem necessary or appropriate to satisfy that the person(s) requesting or directing the withdrawal of funds held in the Account have the authority to withdraw such funds.

  • With respect to all fiduciary accounts, including but not limited to estate accounts, guardianship accounts, representative payee accounts, and conservatorship accounts, and any Formal Trust Account, Uniform Transfers to Minors Act Account, or Agency Account, we reserve the right to require such documents and authorizations as we may deem necessary or appropriate to satisfy that the person(s) requesting or directing the withdrawal of funds held inthe Account have the authority to withdraw such funds.

  • Account types available, but not limited to: • Regular Account (no named beneficiaries) • Sole Proprietorship Account • Informal Trust Account (also known as Payable on Death) • Partnership Account • Formal Trust Account • Corporation Account.

  • A Formal Trust Account is an account held by one or more Trustees for the benefit of one or more beneficiaries according to a written trust agreement.

  • A Formal Trust Account is an Account held by you and one or more other persons, each acting as a trustee for the benefit of one or more beneficiaries according to a written trust agreement.

  • Such an account will be established upon the proper completion of the applicable Formal Trust Account Enrollment Form ("Enrollment Form") which will designate all parties to the trust and bind all such parties to the terms of this Agreement.

Related to Formal Trust Account

  • Trust Account means the trust account established by the Company upon the consummation of its IPO and into which a certain amount of the net proceeds of the IPO, together with a certain amount of the proceeds of a private placement of warrants simultaneously with the closing date of the IPO, will be deposited.

  • Liquidating Trust Agreement means the agreement, substantially in the form annexed hereto as Exhibit A, establishing the Liquidating Trust in conformity with the provisions of the Plan, which shall be approved in the Confirmation Order and entered into by the Debtors, on behalf of the beneficiaries, and the Liquidating Trustee on the Confirmation Date pursuant to the terms of the Plan.

  • Liquidation Trust Agreement means the Liquidation Trust Agreement to be dated as of the Effective Date establishing the terms and conditions of the Liquidation Trust, substantially in the form attached hereto as Exhibit B.

  • Liquidating Trust Assets means all of the Assets of the Liquidating Debtor as of the time of transfer of the Assets to the Liquidating Trust.

  • Trust Accounts has the meaning assigned thereto in Section 5.01 of the Sale and Servicing Agreement.