Written Trust definition
Written Trust means a trust which is created by a duly executed instrument in writing. Such instrument can be testamentary (ie. Created under a will) or non-testamentary.
Written Trust. (or documentary trust) Account”, an entity account, is established pursuant to a Written Trust Agreement or court order. We may require a notarized Trustee’s Certificate of Trust, Certification of Trust Affidavit, or other evidence satisfactory to us, of the Written Trust agreement’s existence, content, and trustee powers, prior to opening the account. We are not required to know, understand, interpret or enforce the terms of any trust documentation provided. By accepting the Written Trust Certification or other documentation, Logix in no way assumes any responsibility to comply with the terms of the trust agreement or court order. We shall not accept responsibility to act as a trustee or successor trustee under any circumstances, regardless of any trust agreement which provides otherwise. The designation "trustee" reflected on your statement under the “additional names on account,” identifies your account as a Written Trust Account. Upon the death or evidence satisfactory to us of incapacity of all Account Holders named as trustee, we shall rely upon the instructions of the successor trustee(s) after successor trustees execute a New Account Application and Certification of Trust Affidavit identifying the new trustees of the account. If more than one person is named as trustee on the account, we shall act on the signature of any one of them, regardless of whether any other person named on the account as trustee is incapacitated or deceased. Logix shall have no duty to monitor the Account to determine the status of the trustee or beneficiaries or whether the trustee is in compliance with the trust agreement or court order. Written Trust Accounts may not have the same regulatory protections afforded to consumer accounts.