Examples of Trust Subsidiary in a sentence
In accordance with the Trust Subsidiary Act, §6.2-1057 of the Code of Virginia, cash held by the trustee while awaiting investment or distribution is not used by an affiliate bank of the trustee in the conduct of its business unless the affiliate bank delivers securities to the trust department as collateral that is at least equal to the market value of the trust funds held on deposit in excess of amounts insured by federal deposit insurance.
Each transfer of Contributed Mortgage Loans and Contributed REO Property to a Trust Subsidiary constitutes reasonably equivalent value and fair consideration for such Contributed Mortgage Loan.
Deposits held by trustees are collateralized in accordance with the Trust Subsidiary Act, Section 6.1-32.8 et seq.
The Trustee complies with the Trust Subsidiary Act, §6.2-1057 of the Code of Virginia with regard to the Authority’s assets.
Each Trust Subsidiary is duly organized and validly existing and in good standing under the laws of the State of Delaware.