IRAs. Not later than thirty (30) days prior to the expected Closing Date, SELLER shall, at SELLER's expense, mail notice of SELLER's resignation as Custodian and the appointment of BUYER as the Successor Custodian, effective upon Closing, of each IRA maintained at the Offices. The notice shall include such other information that is mutually agreed upon by SELLER and BUYER.
IRAs. Within such period prior to the Closing Date as is required by applicable law, regulation or contractual obligation, Seller shall, at Seller's cost and expense and in accordance with the applicable customer agreement, resign as trustee or custodian of each IRA for which it serves as trustee or custodian the assets of which consist solely of Deposits. Seller shall, at Purchaser's cost and expense, use its best efforts to cause by notice to each customer the appointment of Purchaser as successor trustee or custodian for each such IRA.
IRAs. The Coin Dealers claim the bullion dealer law is preempted by a federal policy of allowing bullion coins to be held in an IRA. Commissioner Arnold responds that the Coin Dealers lack standing to bring this preemption argument, and even if they have standing, the argument fails. The Court concludes that the Coin Dealers have standing, but that their argument fails.
IRAs. All vested interests, excluding remainder interests, of any one individual in amounts deposited in an insured institution which qualify under section 408(a) of the Internal Revenue Code of 1954 shall be added together and insured up to $100,000 in the aggregate, separately from other accounts held by, or other interests in such accounts owned by the beneficiary, trustee or custodian in the same institution.
IRAs can be exempt only if RMDs (Required Minimum Distributions) are taken on a regular and periodic (monthly) basis, and no previous distributions were made.
IRAs. With respect to Deposit Liabilities in IRAs (that are not Excluded IRAs), the Purchaser shall be responsible, at Purchaser's expense (and the Seller will use its reasonable best efforts to cooperate with the Purchaser in doing so) in taking any action reasonably necessary to accomplish either the appointment of the Purchaser as successor custodian or the delegation to the Purchaser (or to an affiliate of the Purchaser) of Seller’s authority and responsibility as custodian of all such IRAs, including, but not limited to, sending to the depositors thereof appropriate notices, cooperating with the Purchaser in soliciting consents from such depositors, and filing any appropriate applications with applicable regulatory authorities. If, notwithstanding the foregoing, as of the Closing Date, the Purchaser shall be unable to retain Deposit Liabilities in respect of an IRA, such Deposit Liabilities shall be deemed to be an Excluded IRA for purposes of this Agreement.
IRAs. Each Company Seller is the sole owner of the IRA set forth opposite such Company Seller’s name on Annex B. Each Company Seller has all of the requisite authority and power to cause its related IRA to sell and transfer the Shares owned by such IRA to Buyer in accordance with the provisions of this Agreement. Each Company Seller has delivered to Buyer a true, complete and correct copy of the IRA Instruction Letter executed and delivered by such Company Seller and countersigned by its related IRA. Other than the IRA Instruction Letter, no Company Seller has instructed its IRA to sell, transfer or otherwise dispose of any Shares.