Trustee and Other Fiduciary Accounts. These Accounts are held by one or more people who have been entrusted with the funds and are authorized to act for the benefit of another person, sometimes called the beneficiary, pursuant to a written trust agreement, court order or other authority. We will not advise you as to any legal, regulatory or other fiduciary obligations you may have and we will not monitor in any way your exercise of fiduciary powers and duties. We have no duty or agreement to monitor the application of any assets held for the Account or delivered on your direction to ensure that you are acting for the benefit of the beneficiaries. The relationship between you and the Bank is one of debtor/creditor, not fiduciary, even if the Account is titled as a “fiduciary” Account with that role being played by you. We will not provide periodic statements or annual summaries to anyone other than you, including anyone holding a beneficial interest in the Account, nor will we provide additional information you may be required to provide under Applicable Law or court order, or to any auditor, court or government agency. If you are a trustee or other fiduciary, you represent and warrant that:
Appears in 4 contracts
Samples: Deposit Account Agreement, Deposit Account Agreement, Deposit Account Agreement
