Executor Appointment Sample Clauses
The Executor Appointment clause designates an individual or entity to manage and distribute a person's estate after their death. This clause typically specifies who will serve as executor, outlines any alternate choices if the primary executor is unable or unwilling to serve, and may detail the executor's powers and responsibilities. Its core function is to ensure that the decedent's wishes are carried out efficiently and legally, preventing confusion or disputes among beneficiaries regarding estate administration.
Executor Appointment. As provided in Article 204 of the Law, the Pledgors and the Pledgee hereby appoint the Executor and the Executor hereby accepts its appointment to act as such, and the Pledgors and the Pledgee hereby grant in favor of the Executor, an irrevocable mandate with the nature of an agency (commission mercantile) (to be exercised by means of its legal representative, according with the Commercial Code and article 2554 of the Federal Civil Code, and the corresponding articles of the Civil Codes of the Federal Entities of Mexico and the Federal District) and expressly instruct such Executor to carry out any and all actions provided in this Agreement, without the need of further confirmations. In the event that, in any moment and by any reason, the Executor is unable to carry out the extrajudicial sale of the Securities in terms of this Agreement, the parties shall appoint a substitute executor, as provided in Clause Twelfth of this Agreement.