Trust No Clause Samples
The "Trust No" clause establishes that no trust relationship is created between the parties involved in the agreement. In practice, this means that neither party is acting as a trustee or beneficiary for the other, and no fiduciary duties arise from their interactions under the contract. This clause is important because it clarifies the legal relationship, preventing misunderstandings or unintended obligations that could arise if a trust were implied, thereby ensuring that each party is only responsible for their own actions and interests.
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Trust No. 113790. Anything herein to the contrary notwithstanding, each and all of the representations, covenants, undertakings and agreements herein made on the part of Declarant Trust No. 113790, while in form purporting to be the representations, covenants, undertakings and agreements of said Declarant, are nevertheless each and every one of them made and intended not as personal representations, covenants, undertakings and agreements by Declarant or for any other purpose or intention other than the limited purpose of binding only that portion of the trust property specifically described herein, and this instrument is executed and delivered by LaSalle National Bank, not in its own right, but solely in the exercise of the powers conferred upon it as Trustee of Trust No. 113790, and that no personal liability or personal responsibility is assumed by nor shall at any time be asserted or enforceable against Declarant or LaSalle National Bank on account of this instrument or on the account of any representation, covenant, undertaking, or agreement of said Declarant in this instrument contained, either expressed or implied, all such personal liability, if any, being expressly waived and released.
Trust No. The interest of every beneficiary and of any person who may become entitled to any interest under this trust shall consist only of (1) the power to direct the trustee to deal with title to the property; (2) the power to manage, possess, use and control the property; and (3) the right to receive the earnings, avails and proceeds from leases and other uses from mortgages, sales and other dispositions of the property. Such rights and powers shall be personal property and may be assigned as such. On the death of any beneficiary his interest, except as otherwise specifically provided, shall pass to his executor or administrator and not to his heirs at law. No beneficiary at any time shall have any right, title or interest in or to any portion of the legal or equitable title to the property. The death of any beneficiary shall not terminate the trust or affect the rights or powers of the trustee or of the beneficiaries except as provided by law.