Common use of Xxxxxx Trust Account Clause in Contracts

Xxxxxx Trust Account. The party or parties named trustee(s) to the account own the account in proportion to the party's or parties' net contributions to the account. A trustee may withdraw funds from the account. A beneficiary may not withdraw funds from the account before all trustees are deceased. On the death of the last surviving trustee, the ownership of the account passes to the beneficiary. The trust account is not part of a trustee's estate and does not pass under the trustee's will or by intestacy, unless the trustee survives all of the beneficiaries and all other trustees. Each joint ("multiple-party") Account Holder, without the consent of any other Account Holder, may, and hereby is authorized by every other joint Account Holder, to make any transaction permitted under the Agreement, including without limitation: to withdraw all or any part of the account funds; to pledge the account funds as collateral to us for any obligation, whether that of one or more Account Holders or of a third party; to endorse and deposit checks and other items payable to any joint Account Holder; to give stop payment orders on any check or item, whether drawn by that Account Holder or not; to consent to or revoke consent to payment of service charges on overdrafts that result from ATM transactions or one-time debit card transactions under the Standard Overdraft Policy; and, to close the account, with the disbursement of account proceeds as instructed by the joint Account Holder. Each joint Account Holder is authorized to act for the other Account Holder(s), and we may accept orders and instructions regarding the account from any joint Account Holder. If we believe there to be a dispute between joint Account Holders or we receive inconsistent instructions from the Account Holders, we may suspend or close the account, require a court order to act, and/or require that all joint Account Holders agree in writing to any transaction concerning the account. Your obligations under the Agreement are joint and several. This means that each joint Account Holder is fully and personally obligated under the terms of the Agreement, including liability for overdrafts and debit balances as set forth above, irrespective of which joint Account Holder benefited from the withdrawal. If you establish a joint account without the signature of the other joint Account Holder(s), you agree to hold us harmless for our reliance upon your designation of the other joint Account Holder(s) listed on our documents. Further, the Account is subject to the right of setoff as set forth below. ADDITIONAL ACCOUNT TYPES. This section applies to other deposit account types:

Xxxxxx Trust Account. The party If you, either alone or parties in combination with someone else, are named trustee(s) to the account this type of Account then you own the account Account in proportion to the party's or parties' each of your net contributions to the accountAccount. A Any named trustee may withdraw funds from the accountAccount. A beneficiary may not withdraw funds from the account Account before all trustees are deceased. On the death of the last surviving trustee, the ownership of the account Account passes to the beneficiary. The trust account is Account does not become part of a trustee's your estate and does not pass under the trustee's your will or by intestacy, unless the trustee survives you were to survive all of the beneficiaries and all other trustees. We may pay any sum in the Account to a Party, including a Party’s Power of Attorney or agent, at any time. Each joint Account Holder, designated agency signer ("multiple-party") see below for description of Agency Account), convenience signer, and Power of Attorney or agent acting on behalf of a joint Account Holder, without the consent of any other Account HolderHolder or signatory, may, and hereby is authorized by every other joint Account Holder, to make any transaction permitted under the Agreement, including without limitation: to withdraw all or any part of the account Account funds; to (except for agency signers and convenience signers) pledge the account Account funds as collateral to us for any obligation, whether that of one or more Account Holders or of a third party; to endorse and deposit checks and other items payable to any joint Account Holder; to give stop payment orders on any check or item, whether drawn by that Account Holder or not; to consent to or revoke consent to payment of service charges on overdrafts that result from ATM transactions or one-time debit card transactions under the Standard Overdraft Policy; and, to close the accountAccount, with the disbursement of account Account proceeds as instructed by the Account owner or joint Account Holder. Each joint Account Holder is authorized to act for the other Account Holder(s), ) and we may accept orders and instructions regarding the account Account from any joint Account Holder. If we believe there to be is a dispute between joint Account Holders or we receive inconsistent instructions from the Account Holders, we may suspend or close the accountAccount, require a court order to act, and/or require that all joint Account Holders agree in writing to any transaction concerning the accountAccount. Your Each Joint Account Holder’s obligations under the Agreement are joint and several. This means that each joint Account Holder Holder, but not a designated agency signer or convenience signer, is fully and personally obligated to Frost Bank under the terms of the Agreement, including liability for overdrafts and debit balances as set forth abovebalances, irrespective of which joint Account Holder or signatory benefited from the withdrawal. If you establish a joint account Account without the signature of the other joint Account Holder(s), you agree to hold us harmless for our reliance upon your designation of the other joint Account Holder(s) listed on our documents. Further, the Account is subject to the right of setoff as set forth below. ADDITIONAL ACCOUNT TYPES. This section applies to other deposit account types:.

Xxxxxx Trust Account. The party or parties named trustee(s) to the account own the account in proportion to the party's ’s or parties' ’ net contributions to the account. A trustee may withdraw funds from the account. A beneficiary may not withdraw funds from the account before all trustees are deceased. On the death of the last surviving trustee, the ownership of the account passes to the beneficiary. The trust account is not part of a trustee's ’s estate and does not pass under the trustee's ’s will or by intestacy, unless the trustee survives all of the beneficiaries and all other trustees. Each joint ("“multiple-party"”) Account HolderOwner, without the consent of any other Account HolderOwner, may, and hereby is authorized by every other joint Account HolderOwner, to make any transaction permitted under the Agreement, including without limitation: to withdraw all or any part of the account funds; to pledge the account funds as collateral to us for any obligation, whether that of one or more Account Holders Owners or of a third party; to endorse and deposit checks and other items payable to any joint Account HolderOwner; to give stop payment orders on any check or item, whether drawn by that Account Holder Owner or not; to consent to or revoke consent to payment of service charges on overdrafts that result from ATM transactions or one-time debit card transactions under the Standard Overdraft Policy; and, to close the account, with the disbursement of account proceeds as instructed by the joint Account HolderOwner. Each joint Account Holder Owner is authorized to act for the other Account Holder(s), Owner(s) and we may accept orders and instructions regarding the account from any joint Account HolderOwner. If we believe there to be a dispute between joint Account Holders Owners or we receive inconsistent instructions from the Account HoldersOwners, we may suspend or close the account, require a court order to act, and/or require that all joint Account Holders Owners agree in writing to any transaction concerning the account. Your obligations under the Agreement are joint and several. This means that each joint Account Holder Owner is fully and personally obligated under the terms of the Agreement, including liability for overdrafts and debit balances as set forth above, irrespective of which joint Account Holder Owner benefited from the withdrawal. If you establish a joint account without the signature of the other joint Account Holder(sOwner(s), you agree to hold us harmless for our reliance upon your designation of the other joint Account Holder(sOwner(s) listed on our documents. Further, the Account is subject to the right of setoff as set forth below. ADDITIONAL ACCOUNT TYPES. This section applies to other deposit account types:

Xxxxxx Trust Account. The party or parties named trustee(s) to the account own the account in proportion to the party's ’s or parties' ’ net contributions to the account. A trustee may withdraw funds from the account. A beneficiary may not withdraw funds from the account before all trustees are deceased. On the death of the last surviving trustee, the ownership of the account passes to the beneficiary. The trust account is not part of a trustee's ’s estate and does not pass under the trustee's ’s will or by intestacy, unless the trustee survives all of the beneficiaries and all other trustees. Each joint ("multiple-party") Account Holderparty")Account Owner, without the consent of any other Account HolderOwner, may, and hereby is authorized by every other joint Account HolderOwner, to make any transaction permitted under the Agreement, including without limitation: to withdraw all or any part of the account funds; to pledge the account funds as collateral to us for any obligation, whether that of one or more Account Holders Owners or of a third party; to endorse and deposit checks and other items payable to any joint Account HolderOwner; to give stop payment orders on any check or item, whether drawn by that Account Holder Owner or not; to consent to or revoke consent to payment of service charges on overdrafts that result from ATM transactions or one-time debit card transactions under the Standard Overdraft Policy; and, to close the account, with the disbursement of account proceeds as instructed by the joint Account HolderOwner. Each joint Account Holder Owner is authorized to act for the other Account Holder(s), Owner(s) and we may accept orders and instructions regarding the account from any joint Account HolderOwner. If we believe there to be a dispute between joint Account Holders Owners or we receive inconsistent instructions from the Account HoldersOwners, we may suspend or close the account, require a court order to act, and/or require that all joint Account Holders Owners agree in writing to any transaction concerning the account. Your obligations under the Agreement are joint and several. This means that each joint Account Holder Owner is fully and personally obligated under the terms of the Agreement, including liability for overdrafts and debit balances as set forth above, irrespective of which joint Account Holder Owner benefited from the withdrawal. If you establish a joint account without the signature of the other joint Account Holder(sOwner(s), you agree to hold us harmless for our reliance upon your designation of the other joint Account Holder(sOwner(s) listed on our documents. Further, the Account is subject to the right of setoff as set forth below. ADDITIONAL ACCOUNT TYPES. This section applies to other deposit account types:

Xxxxxx Trust Account. The party or parties named trustee(s) to the account own the account in proportion to the party's or parties' net contributions to the account. A trustee may withdraw funds from the account. A beneficiary may not withdraw funds from the account before all trustees are deceased. On the death of the last surviving trustee, the ownership of the account passes to the beneficiary. The trust Thetrust account is not part of a trustee's estate and does not pass under the trustee's will or by intestacy, unless the trustee survives all of the beneficiaries and all other trustees. Each joint ("multiple-party") Account Holder, without the consent of any other Account Holder, may, and hereby is authorized by every other joint Account Holder, to make any transaction permitted under the Agreement, including without limitation: to withdraw all or any part of the account funds; to pledge the account funds as collateral to us for any obligation, whether that of one or more Account Holders or of a third party; to endorse and deposit checks and other items payable to any joint Account Holder; to give stop payment orders on any check or item, whether drawn by that Account Holder or not; to consent to or revoke consent to payment of service charges on overdrafts that result from ATM transactions or one-time debit card transactions under the Standard Overdraft Policy; and, to close the account, with the disbursement of account proceeds as instructed by the joint Account Holder. Each joint Account Holder is authorized to act for the other Account Holder(s), and we may accept orders and instructions regarding the account from any joint Account Holder. If we believe there to be a dispute between joint Account Holders or we receive inconsistent instructions from the Account Holders, we may suspend or close the account, require a court order to act, and/or require that all joint Account Holders agree in writing to any transaction concerning the account. Your obligations under the Agreement are joint and several. This means that each joint Account Holder is fully and personally obligated under the terms of the Agreement, including liability for overdrafts and debit balances as set forth above, irrespective of which joint Account Holder benefited from the withdrawal. If you establish a joint account without the signature of the other joint Account Holder(s), you agree to hold us harmless for our reliance upon your designation of the other joint Account Holder(s) listed on our documents. Further, the Account is subject to the right of setoff as set forth below. ADDITIONAL ACCOUNT TYPES. This section applies to other deposit account types: