Common use of Beneficiary Statements Clause in Contracts

Beneficiary Statements. The statements provided to Trust Beneficiaries following Purchase Elections and Sale Elections shall be accompanied by instructions as to how Trust Beneficiaries may notify the Custodian of any discrepancies or errors with respect to such statements. The Custodian shall use reasonable efforts to resolve any errors and discrepancies with each Trust Beneficiary who has notified the Custodian of an error or discrepancy promptly after the statement has been received. The information contained in any such statement shall be binding with respect to a Trust Beneficiary if the Trust Beneficiary has not notified the Custodian of any errors or discrepancies within one year from the date of mailing of such statement.