Statutory Trustee Clause Samples
A Statutory Trustee clause designates an individual or entity to act as a trustee in accordance with statutory requirements, typically when a trust is created by law or when a court appoints a trustee to manage property or assets. This clause outlines the trustee's powers, duties, and the circumstances under which they may be appointed, such as in the event of a dispute among co-owners of property or upon the incapacity of an original trustee. Its core function is to ensure that trust property is managed and administered in compliance with legal standards, providing a clear mechanism for the appointment and authority of a trustee when required by statute.
Statutory Trustee. The Statutory Trustee is hereby appointed as a Trustee of the Trust effective as of the date hereof, solely to serve as resident trustee as required by Section 3807(a) of the Delaware Business Trust Act and to perform the functions specifically required of a resident trustee thereunder. The Statutory Trustee shall have no other power or duties with respect to the Trust. The Statutory Trustee shall receive as compensation for its services hereunder those fees described on Exhibit A hereto (and incorporated herein by reference) and the Statutory Trustee shall be entitled to be reimbursed by Settlor for its other reasonable expenses hereunder, including the reasonable compensation, expenses and disbursements of such agents, representatives, experts and counsel as such Statutory Trustee may employ in connection with the exercise and performance of its rights and duties hereunder. The Statutory Trustee shall at all times be a corporation or other Person satisfying the provisions of Section 3807(a) of the Delaware Business Trust Act. If at any time the Statutory Trustee shall cease to be eligible in accordance with the provisions of this Section 3.10 and shall fail to resign after written request therefore by the Managing Trustees or if at any time the Statutory Trustee shall be legally unable to act or shall be adjudged bankrupt or insolvent or a receiver of the Statutory Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Statutory Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Managing Trustees may remove the Statutory Trustee. If the Managing Trustees remove the Statutory Trustee under the authority of the immediately preceding sentence, the Managing Trustees shall promptly appoint a successor Statutory Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Statutory Trustee so removed (together with payment of all fees owing to the outgoing Statutory Trustee) and one copy shall be delivered to the successor Statutory Trustee. Any successor Statutory Trustee appointed pursuant to this Section 3.10 shall execute, acknowledge and deliver to the Managing Trustees and to its predecessor Statutory Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Statutory Trustee shall become effective and such successor Statutory ...
Statutory Trustee. Statutory Trustee" shall mean Delaware Trust Capital Management, a Delaware corporation, not in its individual capacity, but solely in its capacity as Statutory Trustee for the purpose of qualifying the Trust as a Delaware business trust, and any successor Statutory Trustee hereunder.