Examples of IRA Owner – in a sentence
This Article III shall only apply if this IRA has been designated by the IRA Owner on the Adoption Agreement as a Traditional IRA.
In addition to the amounts described in Sections 3.01(A) and (B) of this Agreement, a Traditional IRA Owner who was a participant in a Code Section 401(k) plan of a certain employer in bankruptcy described in Code Section 219(b)(5)(C) may contribute up to $3,000 for taxable years beginning after 2006 and before 2010 only.
Further, the IRA Owner agrees that any directions the IRA Owner gives, or action the IRA Owner takes will be proper under this Agreement, and that the Custodian is entitled to rely upon any such information or directions.
The IRA Owner further agrees to pay for the defense of the Custodian, its subsidiaries and affiliates by independent counsel of Custodian’s choice against any such claims, demands, liabilities or costs.
IRA Owner understands that if the product is not publicly traded, redemptions may be limited and these factors and IRA requirements, such as required minimum distributions, were considered when determining the suitability of this investment.
The IRA Owner represents and warrants to the Custodian that any information he or she has given or will give to the Custodian with respect to this Agreement is complete and accurate.
If the Custodian fails to receive directions from the IRA Owner regarding any transaction, or if the Custodian receives ambiguous directions regarding any transaction, or the Custodian, in good faith, believes that any transaction requested is in dispute, the Custodian reserves the right to take no action until further clarification acceptable to the Custodian is received from the IRA Owner or the appropriate government or judicial authority.
In addition to the amounts described in Sections 3.01(A) and (B), a Traditional IRA Owner may make additional contributions specifically authorized by statute – such as repayments of qualified reservist distributions, repayments of certain plan distributions made on account of a federally declared disaster and certain amounts received in connection with the Exxon Xxxxxx litigation.
If the Traditional IRA Owner dies before his or her entire interest is distributed to him or her, the entire remaining interest will be distributed as follows.
The IRA Owner affirms that the IRA Owner has had the opportunity to review this transaction with tax, legal, financial and/or other advisors of the IRA Owner’s choice and is satisfied that all suitability requirements imposed by the product company(ies) as indicated in Step 6 (“product”) have been met and the investment is suitable for the IRA Owner and the IRA.