Accounts for Trusts. At our option, we may issue shares or receive deposits in a revocable or irrevocable trust subject to such membership requirements as we may impose from time to time in keeping with applicable law. If you request that we open an Account in the name of a trust, you agree that we are authorized to release the funds in any such Account upon the signature of any Trustee. You agree that if we make payment to any Trustee or Successor Trustee, or at the direction of any one of the Trustees or Successor Trustees named, that payment shall be valid and shall discharge us from any liability for the sums paid. Any Trustee authorized to sign on any such Account shall be subject to the terms and conditions set forth in this Account Agreement and any other agreement governing any such Account. You agree that we shall have no fiduciary responsibility or obligation in connection with any such Account beyond our obligations set forth in this Agreement, and that we shall serve solely as a depository for the trust funds. You and any Trustee agree to save, indemnify, defend, and hold us harmless from any claim, demand, suit, or other charge by any person arising out of or resulting from the establishment, maintenance, and transaction of any business related to the trust and any Account established for the trust.
Accounts for Trusts. At our option, we may accept deposits in the name of a revocable or irrevocable trust subject to such membership requirements as we may impose from time to time in keeping with applicable law. If you request that we open an Account in the name of a trust, you agree that we are authorized to release the funds in any such Account upon the signature of any Trustee. You agree that if we make payment to any Trustee or Successor Trustee, or at the direction of any one of the Trustees or Successor Trustees named, that payment shall be valid and shall discharge us from any liability for the sums paid. You agree that we shall have no fiduciary responsibility or obligation in connection with any such Account beyond our obligations set forth in this Agreement, and that we shall serve solely as a depository for the trust funds. You and any Trustee agree to save, indemnify, defend, and hold us harmless from any claim, demand, suit, or other charge by any person arising out of or resulting from the establishment, maintenance, and transaction of any business related to the trust and any Account established for the trust.
Accounts for Trusts. 1. Generally. Individuals can open a separate membership account for a Revocable Living Trust.
Accounts for Trusts. An account for a trust is an account held in the name of the trust by one or more trustees of a trust for the benefit of one or more beneficiaries pursuant to a revocable or irrevocable trust agreement. The trustee(s) shall sign an Account Authorization Card and provide any other evidence of the trustee’s authority that the Credit Union requires. Trustee(s) warrants that a valid living trust has been created and is currently existing. The trustor or the primary beneficiary of an irrevocable trust must be eligible for membership in the Credit Union. The trustor of a revocable trust must be eligible for membership in the Credit Union. The Credit Union does not act as a trustee and is under no obligation to inquire as to the powers or duties of the trustee(s). Trustee agrees to notify the Credit Union in writing if a change of trustee occurs. Credit Union may withhold payment of funds to any party until proper evidence of authority is provided. Credit Union may rely upon the directions of any one trustee until a written notice of revocation of the living trust or an account change form is received. Funds may be released to any one trustee acting alone or with a co-trustee. The trustee(s) agrees to indemnify and hold Credit Union harmless of any liability, claim, damage, or loss arising as a result of unauthorized acts of any trustee or former trustee or acts of any trustee upon which Credit Union relies prior to notice of revocation of the trust. This Agreement shall be binding on the trust, any trustee, successor trustee, and beneficiaries.
Accounts for Trusts. An account for a trust is an individual account held by one or more trustees of a trust for the benefit of one or more beneficiaries pursuant to a trust agreement. Upon request of the Credit Union, the trustee shall complete or provide any documentation we require. The Trustee warrants that a valid trust has been created and currently exists, and that the trustor and primary beneficiary are eligible for membership in the Credit Union. The Credit Union does not act as a trustee and is under no obligation to inquire as to the powers or duties of the trustee(s). The Trustee agrees to notify us in writing if a change of trustee occurs. We may withhold payment of funds to any party until proper evidence of authority is provided. The Credit Union may rely upon the directions of any trustee until a written notice of revocation of the trust or a change in trustees is received. Funds may be released to any one trustee acting alone or with a co-trustee. The trustee(s) agrees to indemnify and hold us harmless of any liability, claim, damage or loss arising as a result of unauthorized acts of any trustee or former trustee or acts of any trustee upon which the Credit Union relies. This Agreement shall be binding on the trust, any trustee, successor trustees and beneficiaries.
Accounts for Trusts. Members who maintain a minimum $5.00 membership share in the Credit Union can open a separate membership account for a Revocable Living Trust, provided all Settlor-Trustees of that Trust are members of the credit union in their own right. The following types of financial products and services will be available to Trusts: Regular Share/Savings Account(s) Share Certificate/ Share Draft / Money Market To the extent applicable and not superseded by this section, the terms and conditions governing those types of accounts and services for individuals govern accounts and services provided to Trusts. In order to open an account for a Trust, you agree to provide such documentation as is required by the Credit Union with regard to the Trust, including, but not necessarily limited to, the Trust document itself and/or an Abstract of Trust prepared by the attorney who drafted the Trust. The Credit Union reserves the right to refuse membership to a Trust when it is not drafted in accordance with and governed by the laws of the State of Iowa. If you have opened an account for a Trust, you as Trustee(s) understand and agree that the Credit Union may distribute funds pursuant to the terms of the most recently dated Trust Agreement on file at the Credit Union, and you, on behalf of the Trust, all beneficiaries of the Trust, and all Successor Trustees forever indemnify and hold the credit union harmless for distributions made pursuant to that Trust made in good faith in the absence of gross negligence on the part of the Credit Union. You further agree that it is your responsibility to notify the Credit Union when a Trust for which an account has been opened has been revoked, rescinded, revised, or in any way modified. Other Terms and Conditions Share Insurance. Your savings in the Credit Union are insured up to $500,000; $250,000 is insured by the National Credit Union Administration (NCUA), an agency of the Federal Government, in accordance with regulations promulgated by the NCUA and, the Excess Share Insurance Corporation insures an additional $250,000 of your deposits.
Accounts for Trusts. At our option, we may issue shares or accept deposits in the name of a trust subject to such membership requirements as we may impose from time to time in keeping with applicable law. If you request that we open an Account in the name of a trust, you agree that we are authorized to release the funds in any such Account upon the signature of any Trustee. Because we cannot effectively monitor transactions performed outside of our presence, we will not be bound by any terms of the trust that require withdrawals and other transactions to be performed by two or more Xx-Xxxxxxxx.Xxx acknowledge and agree that any terms of the trust or designation by you requiring that actions be performed by two or more Co-Trustees is for the trust’s internal purposes only and is not binding on xx.Xxx agree that if we make payment to any Trustee or Successor Trustee, or at the direction of any one of the Trustees or Successor Trustees named, that payment shall be valid and shall discharge us from any liability for the sums xxxx.Xxx agree that we shall have no fiduciary responsibility or obligation in connection with any such Account beyond our obligations set forth in this Agreement, and that we shall serve solely as a depository for the trust xxxxx.Xxx and any Trustee agree to save, indemnify, defend, and hold us harmless from any claim, demand, suit, or other charge by any person arising out of or resulting from the establishment, maintenance, and transaction of any business related to the trust and any Account established for the trust.
Accounts for Trusts. Members who maintain a minimum $5.00 membership share in the Credit Union can open a separate membership account for a Revocable Living Trust, provided all Settlor-Trustees of that Trust are members of the credit union in their own right. The following types of financial products and services will be available to Trusts: Regular Share/Savings Account Share Draft/Checking Account Certificate of Deposit To the extent applicable and not superseded by this section, the terms and conditions governing those types of accounts and services for individuals govern accounts and services provided to Trusts. In order to open an account for a Trust, you agree to provide such documentation as is required by the Credit Union with regard to the Trust, including, but not necessarily limited to, the Trust document itself and/or an Abstract of Trust prepared by the attorney who drafted the Trust. The Credit Union reserves the right to refuse membership to a Trust when it is not drafted in accordance with and governed by the laws of the State of Ohio. If you have opened an account for a Trust, you as Trustee(s) understand and agree that the Credit Union may distribute funds pursuant to the terms of the most recently dated Trust Agreement on file at the Credit Union, and you, on behalf of the Trust, all beneficiaries of the Trust, and all Successor Trustees forever indemnify and hold the credit union harmless for distributions made pursuant to that Trust made in good faith in the absence of gross negligence on the part of the Credit Union. You further agree that it is your responsibility to notify the Credit Union when a Trust for which an account has been opened has been revoked, rescinded, revised, or in any way modified. Other Terms and Conditions
Accounts for Trusts. At our option, we may issue shares or receive deposits in a revocable or irrevocable trust subject to such membership requirements as we may impose from time to time in keeping with applicable law. For a revocable trust, either the settlor must be a member of the Credit Union, or a trustee or a beneficiary must be a member of the Credit Union if the settlor is also a member of such trustee's or beneficiary's family as defined in a policy of the Credit Union. For an irrevocable trust, either or all of the settlor, trustee, or beneficiary must be a member of the Credit Union. The Credit Union may rely on any information provided by the trustee to determine whether a trust is revocable or irrevocable. If you request that we open an Account in the name of a trust, you agree that we are authorized to release the funds in any such Account upon the signature of any Trustee. We will not be bound by any terms of the trust that impose duties on the Trustees. You agree and understand that any terms of the trust or designation by you requiring actions be performed in any particular manner is for the trust’s internal purposes only and is not binding on us. You agree that if we make payment to any named Trustee or Successor Trustee or at the direction of any one of the named Trustees or Successor Trustees, such payment shall be valid and shall discharge us from any liability, including any liability to each settlor, trustee, and beneficiary, for the sums paid. Any Trustee authorized to sign on any such Account shall be subject to the terms and conditions set forth in this Account Agreement and any other agreement governing any such Account. You agree that we shall have no fiduciary responsibility or obligation in connection with any such Account beyond our obligations set forth in this Agreement, and that we shall serve solely as a depository for the trust funds. You and any Trustee agree to save, indemnify, defend, and hold us harmless from any claim, demand, suit, or other charge by any person arising out of or resulting from the establishment, maintenance, and transaction of any business related to the trust and any Account established for the trust.
Accounts for Trusts. An Account for a Trust will be opened only if at least one of the settlors of the Trust is eligible for membership in the Credit Union or, if no settlor is living, at least one of the beneficiaries of the Trust is eligible for membership. At Our sole option, We may require the settlor(s) and trustee(s) to be the same individual(s). The Credit Union may, at its sole option, decline to open an Account for a trust. We may require proof of the Trust's terms and conditions to be submitted to Us in a manner that is consistent with Our current policies, and You agree that We may use such information as part of Our evaluation to determine whether or not to open such an Account or later for any purpose related to the Account. Any Accounts for a Trust will be opened as single name accounts and will not list joint owners or beneficiaries. The terms of the trust document shall determine ownership and how funds are to be handled both before and after the death of the settlor(s). By signing the documentation required to open such an Account, the trustee(s) represent and warrant the truthfulness of the following: (i) the Trust is in full force and effect and has not been revoked or amended in any manner which would cause the representations made herein to be inaccurate or incorrect; (ii) the named trustee(s) is acting in the capacity of trustee(s), and is authorized to open the Account and complete other documents on behalf of the Trust, for the receipt of financial services from the Credit Union; (iii) the trustee(s) is authorized to hold, manage, deposit, withdraw, invest and reinvest funds deposited, purchase and sell investments and securities, including without limitation, certificates of deposit, share certificates and mutual funds, to borrow money, and is authorized to grant a security interest in Trust assets, and accomplish any or all other banking transactions, including the maintenance of a safety deposit box; (iv) the Trust document contains a hold harmless provision for any third party dealing with the Trust or any trustee(s) and that such provision applies to Credit Union; (v) Trustee(s) will send written notice of any change in trustee(s), of any amendment or modification of the Trust which would cause the representations made herein to be or become inaccurate or incorrect, or of the occurrence of any event which would effect the Trust's revocability, the powers of the Trustee(s), or affect any other representations made to the Credit Union; and (vi) any o...
