Common use of HOLD IN TRUST Clause in Contracts

HOLD IN TRUST. Seller will hold in trust and safekeeping, as the property of Prestige and immediately turn over to Prestige, the identical check or other form of payment received by Seller if payment on the Accounts comes into Seller's possession. Should Seller come into possession of a check comprising payments owing to both Seller and Prestige, Seller shall turn over said check to Prestige. Thereafter, Prestige will refund Seller's portion, if any, to Seller.

Appears in 8 contracts

Samples: Purchase and Sale Agreement (Insci Statements Com Corp), Purchase and Sale Agreement (Fun Tyme Concepts Inc), Purchase and Sale Agreement (Powersource Corp)

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