Xxxxxx Trust Account. The party or parties named trustee(s) to the account own the account in proportion to the party's or parties' net contributions to the account. A trustee may withdraw funds from the account. A beneficiary may not withdraw funds from the account before all trustees are deceased. On the death of the last surviving trustee, the ownership of the account passes to the beneficiary. The trust account is not part of a trustee's estate and does not pass under the trustee's will or by intestacy, unless the trustee survives all of the beneficiaries and all other trustees. Each joint ("multiple-party") Account Holder, without the consent of any other Account Holder, may, and hereby is authorized by every other joint Account Holder, to make any transaction permitted under the Agreement, including without limitation: to withdraw all or any part of the account funds; to pledge the account funds as collateral to us for any obligation, whether that of one or more Account Holders or of a third party; to endorse and deposit checks and other items payable to any joint Account Holder; to give stop payment orders on any check or item, whether drawn by that Account Holder or not; to consent to or revoke consent to payment of service charges on overdrafts that result from ATM transactions or one-time debit card transactions under the Standard Overdraft Policy; and, to close the account, with the disbursement of account proceeds as instructed by the joint Account Holder. Each joint Account Holder is authorized to act for the other Account Holder(s), and we may accept orders and instructions regarding the account from any joint Account Holder. If we believe there to be a dispute between joint Account Holders or we receive inconsistent instructions from the Account Holders, we may suspend or close the account, require a court order to act, and/or require that all joint Account Holders agree in writing to any transaction concerning the account. Your obligations under the Agreement are joint and several. This means that each joint Account Holder is fully and personally obligated under the terms of the Agreement, including liability for overdrafts and debit balances as set forth above, irrespective of which joint Account Holder benefited from the withdrawal. If you establish a joint account without the signature of the other joint Account Holder(s), you agree to hold us harmless for our reliance upon your designation of the other joint Account Holder(s) listed on our documents. Further...
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. The party or parties named trustee(s) to the account own the account in proportion to the party's or parties' net contributions to the account. A trustee may withdraw funds from the account. A beneficiary may not withdraw funds from the account before all trustees are deceased. On the death of the last surviving trustee, the ownership of the account passes to the beneficiary. The trust account is not part of a trustee's estate and does not pass under the trustee's will or by intestacy, unless the trustee survives all of the beneficiaries and all other trustees.
Xxxxxx Trust Account. 4. If the value of the above-referenced promissory note and mortgage or the proceeds thereof are not sufficient to satisfy the BOVI/fjk Page 2 indebtedness on the Promissory Note from Defendants CHAMELEON HOLDINGS, INC. and XXXXX XXXXXXXXX which is the subject of this action, the Court shall enter a deficiency judgement against Defendant XXXXXXXXX for the amount of said deficiency upon proper application by Plaintiff, pursuant to paragraph 4 of the Pledge Agreement herein.
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 beneficiaries under the Account. 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. When the last trustee dies, the Account is owned by the named beneficiary or beneficiaries. If there is more than one surviving beneficiary, the respective interest of each shall be deemed to be in equal shares, unless otherwise stated in our Account records and as allowed by applicable state law. 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. We may, in our sole discretion, allow you to establish a Xxxxxx Trust account, provided you give us the name and residential address of your account beneficiary and any other documentation we may require in a form satisfactory to us. Generally speaking, a Xxxxxx Trust is an account established by you in your own name as trustee for the benefit of another, and it is a tentative trust, revocable at will. This means that you may withdraw all of the funds in your account for your own use at any time. If your account is established as a Xxxxxx Trust, deposits made to your account will be credited to you as trustee for the benefit of the designated account beneficiary. We may make payments to you during your lifetime (or if there are multiple trustees, we may make payments to any or all trustees). Upon your death (or if there are multiple trustees, on the death of all), all of the funds in the Xxxxxx Trust account will be owned by the living beneficiary. If there are multiple trustees, as between the trustees, your account will be treated as a joint account. You may change the beneficiary of your Xxxxxx Trust account by providing written direction to us in a form satisfactory to us.
Xxxxxx Trust Account. A Xxxxxx trust account (may also be known as an “in trust for” account) is an informal trust account, reflected on our records, without a written trust agreement, where the account is owned by the depositor/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 in equal shares. 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. If two or more of you create this account, you own the account jointly with rights of survivorship. Beneficiaries cannot withdraw unless, (1) all persons creating the account die, and
Xxxxxx Trust Account. A Xxxxxx Trust Account is an informal Trust Account, as reflected on our records. The Account belongs to the trustee(s) during the lifetime of the trustee(s) and belongs to the beneficiary(s) upon the death of all trustees. Ownership of this Account cannot be changed by a Last Will and Testament.
