Totten trust account definition

Totten trust account means an account in the name of one or
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Totten trust account means an account in the name of one or more parties as trustee for one or more beneficiaries where the relationship is established by the form of the account and the deposit agreement with the financial institution and there is no subject of the trust other than the sums on deposit in the account. In a Totten trust account, it is not essential that payment to the beneficiary be mentioned in the deposit agreement. A Totten trust account does not include (1) a regular trust account under a testamentary trust or a trust agreement which has significance apart from the account or (2) a fiduciary account arising from a fiduciary relation such as attorney-client.
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Examples of Totten trust account in a sentence

  • A single form may be filed for all affected assets held by the institution.A financial institution under California Probate Code section 2892(b) is a bank, trust (including a Totten trust account but excluding other trust arrangements described in Probate Code section 82(b)), savings and loan association, savings bank, industrial bank, or credit union.

  • By surviving the death of a depositor of a Totten trust account or P.O.D. account.

  • An interest created by surviving the death of a depositor of a Totten trust account or P.O.D. account.

  • As discussed above, Sam gets both the Totten trust account at Bbank and, since he could validly contest the joint bank account as a mere convenience account, he gets $60,000 in that account as well.

  • Sue's elective share will include: the $60,000 in the Totten trust account, as a testamentary substitute, the $10,000 left in the Cbank account of Sam's and the $50,000 left to Ned.

  • Except as provided in Section 5307, a right of survivorship arising from the express terms of the account or under Section 5302, a beneficiary designation in a Totten trust account, or a P.O.D. payee designation, may not be changed by will.

  • A person who is only a person named as the beneficiary of a Totten trust account.

  • When the size of the label set is large (which is∈ { }τ 1, 3, 5, 7, 9 .

  • Personal care services must be provided by or under the direction of a registered nurse licensed by the State of Idaho.

  • These assets are typically marked with language such as "Jt. Ten," "JTWROS," and similar abbreviations for "Joint Tenants with Right of Survivorship." Additional types of "multi-party account arrangements" that are often used with bank and brokerage accounts are the "Totten trust account," the "payable on death" or "POD" arrangement, and the "Transfer on Death" or "TOD" arrangement.

Related to Totten trust account

  • Trust Account means the trust account established by the Company upon the consummation of its IPO and into which a certain amount of the net proceeds of the IPO, together with a certain amount of the proceeds of a private placement of warrants simultaneously with the closing date of the IPO, will be deposited.

  • Trust Accounts has the meaning assigned thereto in Section 5.1.

  • Property Trustee Account has the meaning set forth in Section 3.8(c).

  • the Trust Fund means the Bond(s) referred to in the First Schedule to the Declaration of Trust and the property from time to time representing the same (and also includes any other property which may become Trust Property as a result of any loan to the Trustees or any addition by way of gift or any accumulation of income).

  • the Eileen Trust means the charitable trust of that name established on 29th March 1993 out of funds provided by the Secretary of State for the benefit of persons eligible for payment in accordance with its provisions;

  • Note A-1 Trust Fund means the trust formed pursuant to the Note A-1 PSA.

  • Trust Account Property means the Trust Accounts, all amounts and investments held from time to time in any Trust Account (whether in the form of deposit accounts, Physical Property, book-entry securities, uncertificated securities or otherwise), and all proceeds of the foregoing.

  • Direct Account : means any Account which is not an ISA Account.

  • Collection Account means the account designated as such, established and maintained pursuant to Section 5.1.

  • Liquidating Trust Assets means the assets of a Debtor or Debtor-Controlled Entity to be transferred to a Liquidating Trust as may be determined by the Plan Administrator, which shall be described in a Liquidating Trust Agreement.

  • Servicer Account means any account established by Servicer in connection with the servicing of the Mortgage Loans.

  • Custodial P&I Account The Custodial P&I Account, as defined in each of the Servicing Agreements, with respect to the Mortgage Loans. In determining whether the Custodial P&I Account under any Servicing Agreement is "acceptable" to the Master Servicer (as may be required by the definition of "Eligible Account" contained in the Servicing Agreements), the Master Servicer shall require that any such account shall be acceptable to each of the Rating Agencies. Custodian: Initially, the Trustee, and thereafter the Custodian, if any, hereafter appointed by the Trustee pursuant to Section 8.13, or its successor in interest under the Custodial Agreement. The Custodian may (but need not) be the Trustee or any Person directly or indirectly controlling or controlled by or under common control of the Trustee. Neither a Servicer, nor the Seller nor the Master Servicer nor any Person directly or indirectly controlling or controlled by or under common control with any such Person may be appointed Custodian.

  • Owner Trust Estate means all right, title and interest of the Trust in and to the property and rights assigned to the Trust pursuant to Article II of the Sale and Servicing Agreement, all funds on deposit from time to time in the Trust Accounts and all other property of the Trust from time to time, including any rights of the Trust pursuant to the Sale and Servicing Agreement.

  • Distribution Account Deposit Date As to any Distribution Date, 12:30 p.m. Pacific time on the Business Day immediately preceding such Distribution Date.

  • the Macfarlane Trust means the charitable trust, established partly out of funds provided by the Secretary of State to the Haemophilia Society, for the relief of poverty or distress among those suffering from haemophilia;

  • Pre-Funding Account means the account designated as the Pre-Funding Account in, and which is established and maintained pursuant to Section 7.07.

  • Administration Account As defined in Section 7.02.

  • Interest Collection Account A sub-account of the Collection Account created and maintained on the books and records of the Securities Intermediary entitled “Interest Collection Account” in the name of the Borrower and subject to the Lien of the Collateral Agent for the benefit of the Secured Parties.

  • Payahead Account means the account designated as such and established and maintained pursuant to Section 4.01.

  • Owner Trust means with respect to any Leased Aircraft, the trust created by the "Trust Agreement" referred to in the Leased Aircraft Indenture related thereto.

  • Note Account As defined in the Indenture.

  • Retention Account means an interest bearing Dollar account of the Borrowers opened or (as the context may require) to be opened jointly by the Borrowers with the Account Bank and includes any sub-accounts thereof and any other account designated in writing by the Agent to be a Retention Account for the purposes of this Agreement;

  • Master Servicer Collection Account The trust account or accounts created and maintained pursuant to Section 4.02, which shall be denominated "JPMorgan Chase Bank, as Trustee f/b/o holders of Structured Asset Mortgage Investments II Inc., Bear Xxxxxxx ALT-A Trust 2004-8, Mortgage Pass-Through Certificates, Series 2004-8 - Master Servicer Collection Account," and which shall be an Eligible Account.

  • Liquidating Trust Agreement means an agreement evidencing the terms and provisions governing a Liquidating Trust that shall be entered into prior to the establishment of such Liquidating Trust and pursuant to which a Liquidating Trustee shall manage and administer Liquidating Trust Assets.

  • Lead Securitization Trust means the Securitization Trust created in connection with the Lead Securitization.

  • Interest Collection Subaccount The meaning specified in Section 10.2(a).