Common use of Business Accounts Clause in Contracts

Business Accounts. If the Business Account is not owned by a natural person (such as a corporation, partnership, limited liability company, unincorporated association, etc.), then the account holder must provide us with evidence to our satisfaction of the authority of the individuals who sign the signature card to act on behalf of the account holder. On any transactions involving the account, we may act on the instructions of the person(s) authorized in the resolutions, banking agreement, or certificate of authority to act on behalf of the account holder. You agree to notify us in writing of any changes in the person(s) authorized or the form of ownership. If we receive conflicting instructions or a dispute arises as to authorization with regard to the handling of the account, you agree that we may place a hold on the account until such conflict or dispute is resolved to our satisfaction, and we will not be liable for dishonored items as a result of such hold. Fiduciary Accounts With respect to all Fiduciary Accounts, including but not limited to Estate Accounts, Guardianship Accounts, Conservatorship Accounts, and any Formal Trust Account, Uniform Transfers to Minors Act Account, or Agency Account, we reserve the right to require such documents and authorizations as we may deem necessary or appropriate to satisfy that the person(s) requesting or directing the withdrawal of funds held in the account has the authority to withdraw such funds. This applies at the time of account opening and at all times thereafter. Attorney Client Trust Subject to applicable law, an Attorney Client Trust, or Interest on Lawyers Trust Account (IOLTA) Trust Account, is an account set up by an attorney or law firm to hold client or third party funds in trust, separate from the attorney’s or law firm’s funds. Upon our request, the authorized signers for an Attorney Client Trust, or IOLTA Trust Account, will provide documentation required by applicable state law and applicable bar association or similar entity rules. We act only as custodian of the trust funds and are under no obligation to act as a trustee or to inquire as to the powers or duties of the attorney or law firm as trustee(s). The attorney, law firm, or any authorized individual on the account agrees to indemnify, defend and hold us harmless from and against any and all loss, costs, damage, liability, or exposure, including reasonable attorney’s fees, we may suffer or incur arising out of any action or claim by any client or third party with respect to the authority, actions, or inaction taken by the trustee(s) or authorized individuals in handling or dealing with the account. Additional account terms may be governed by a separate agreement. If this is an IOLTA Trust Account, we will not permit the lawyer or law firm to receive the interest. IOLTA Trust Accounts are used to hold an attorney’s or law firm’s client funds that are nominal in amount or held for short periods of time.

Business Accounts. If the Business Account is not owned by a natural person (such as for example, it is owned by a corporation, partnership, limited liability company, sole proprietorship, unincorporated association, etc.), then the account holder Account Holder must provide us with evidence to our satisfaction satisfac tion of the authority of the individuals who sign the signature card to act on behalf of the account holderAccount Holder. On any transactions involving the accountAccount, we may act on the instructions of the person(s) authorized in the resolutions, banking agreement, or certificate of authority to act on behalf of the account holderAccount Holder. You agree to notify us in writing of any changes in the person(s) authorized or the form of ownership. If we receive conflicting instructions or a dispute arises as to authorization with regard to the handling of the accountAccount, you agree that we may place a hold on the account Account until such conflict or dispute is resolved to our satisfaction, satisfaction and we will not be liable for dishonored items as a result of such hold. Fiduciary Accounts FIDUCIARY ACCOUNTS. With respect to all Fiduciary Accountsfiduciary accounts, including but not limited to Estate Accountsestate accounts, Guardianship Accountsguardianship accounts, Conservatorship Accountsrepresentative payee accounts, and conservatorship accounts, and any Formal Trust Account, Uniform Transfers to Minors Act Account, or Agency AccountAcco unt, we reserve the right to require such documents and authorizations as we may deem necessary or appropriate to satisfy that the person(s) requesting or directing the withdrawal of funds held in the account has Account have the authority to withdraw such funds. This applies at the time of account opening openin g and at all times thereafter. Attorney Client Trust ATTORNEY CLIENT TRUST. Subject to applicable law, an Attorney Client Trust, or Interest on Lawyers Trust Account (IOLTA) Trust Account, is an account set up by an attorney or law firm to hold client or third party funds in trust, separate from the attorney’s 's or law firm’s 's funds. Upon our request, the authorized signers for an Attorney Client Trust, or IOLTA Trust Account, will provide documentation required by applicable state law and applicable bar association (or similar entity entity) rules. We act only as custodian of the trust funds and are under no obligation to act as a trustee or to inquire as to the powers or duties of the attorney or law firm as trustee(str ustee(s). The attorney, law firm, or any authorized individual on the account agrees to indemnify, defend indemnify and hold us harmless from and against any and all loss, costs, damage, liability, or exposure, including reasonable attorney’s 's fees, we may suffer or incur arising out of any action or claim by any client beneficiary or third party with respect to the authority, actions, or inaction taken by the trustee(s) or authorized individuals in handling or dealing with the account. Additional account ac count terms may be are governed by a separate agreement. If this is an IOLTA Trust AccountREAL ESTATE BROKER CLIENT TRUST ACCOUNTS. Subject to applicable law, a real estate broker may open account(s) to hold client or third party funds in trust, separate from the broker's funds. We act only as custodian of the funds. We are under no obligation to act as a trustee or to inquire as to the powers or duties of the broker or other authorized signer(s) as trustee(s). The broker and any authorized individual on the account in their individual capacity and jointly and severally, agree to indemnify and hold us harmless from and against any and all loss, costs, damage, liability, or exposure, including reasonable attorney's fees, we may suffer or incur arising out of any action or claim by any client or third party with respect to the authority, actions or inaction taken by the broker or authorized signer(s) in handling or dealing with the Account. Upon our request, th e authorized signer(s) for this type of account will provide to us any documents required by applicable law and /or real est ate professional rules. GOVERNMENT/MUNICIPAL/PUBLIC FUNDS ACCOUNTS. This type of account is owned by a government or public entity. For this type of account, you agree to provide us with authorization document(s) (in a form acceptable to us) stating that we are designated as a depository for the funds of the government or public entity and such documentation shall state the individual(s) authorized to act on behalf of the governmen t or public entity and the extent of their authority. We may rely upon such documentation until we receive written notice of a change and new authorization documents. We are not permit responsible for any transaction conducted by a previously authorized individual until we actually receive written notice that the lawyer authorized individual's authority has been revoked. Unless specifically stated otherwise in the authorization document(s), we can rely on one authoriz ation for all accounts owned by the government or law firm public entity. If required by law, you agree to receive the interest. IOLTA Trust Accounts are used to hold an attorney’s or law firm’s client funds that are nominal in amount or held for short periods enter into a Collateral Security Agreement regarding this type of timeaccount.

Business Accounts. If the Business Account is not owned by a natural person (such as a corporation, partnership, limited liability company, unincorporated association, etc.), then the account holder must provide us with evidence to our satisfaction of the authority of the individuals who sign the signature card to act on behalf of the account holder. On any transactions involving the account, we may act on the instructions of the person(s) authorized in the resolutions, banking agreement, or certificate of authority to act on behalf of the account holder. You agree to notify us in writing of any changes in the person(s) authorized or the form of ownership. If we receive conflicting instructions or a dispute arises as to authorization with regard to the handling of the account, you agree that we may place a hold on the account until such conflict or dispute is resolved to our satisfaction, and we will not be liable for dishonored items as a result of such hold. Fiduciary Accounts With respect to all Fiduciary Accounts, including but not limited to Estate Accounts, Guardianship Accounts, Conservatorship Accounts, and any Formal Trust Account, Uniform Transfers to Minors Act Account, or Agency Account, we reserve the right to require such documents and authorizations as we may deem necessary or appropriate to satisfy that the person(s) requesting or directing the withdrawal of funds held in the account has the authority to withdraw such funds. This applies at the time of account opening and at all times thereafter. Attorney Client Trust Subject to applicable law, an Attorney Client Trust, or Interest on Lawyers Trust Account (IOLTA) Trust Account, is an account set up by an attorney or law firm to hold client or third third-party funds in trust, separate from the attorney’s or law firm’s funds. Upon our request, the authorized signers for an Attorney Client Trust, or IOLTA Trust Account, will provide documentation required by applicable state law and applicable bar association or similar entity rules. We act only as custodian of the trust funds and are under no obligation to act as a trustee or to inquire as to the powers or duties of the attorney or law firm as trustee(s). The attorney, law firm, or any authorized individual on the account agrees to indemnify, defend and hold us harmless from and against any and all loss, costs, damage, liability, or exposure, including reasonable attorney’s fees, we may suffer or incur arising out of any action or claim by any client or third party with respect to the authority, actions, or inaction taken by the trustee(s) or authorized individuals in handling or dealing with the account. Additional account terms may be governed by a separate agreement. If this is an IOLTA Trust Account, we will not permit the lawyer or law firm to receive the interest. IOLTA Trust Accounts are used to hold an attorney’s or law firm’s client funds that are nominal in amount or held for short periods of time.

Business Accounts. If the Business Account is not owned by a natural person (such as i.e., it is owned by a corporation, partnership, limited liability company, sole proprietorship, or unincorporated association, etc.), then the account Account holder must provide us Bank with evidence evidence, to our satisfaction the Bank’s satisfaction, of the authority of the individuals who sign the signature card to act on behalf of the account Account holder. On any transactions involving the accountAccount, we Bank may act on the instructions of the person(s) authorized in the applicable corporate resolutions, banking agreement, or certificate of authority to act on behalf of the account Account holder, including but not limited to authorized signers, authorized individuals and online banking users. You agree to indemnify and hold Bank, its directors, officers, employees and agents harmless from and against any and all loss, costs, damage, liability, or exposure, including reasonable attorneys’ fees, Bank may suffer or incur arising out of any action taken by any person with apparent authority to act on behalf of the Account holder or the Account(s). You agree to promptly notify us Bank in writing of any changes in the person(s) authorized on behalf of or who make up the form ownership of ownershipAccount holder or on behalf of the Account(s). If we receive Bank receives conflicting instructions or a dispute arises as to any authorization with regard to the handling and/or ownership of the accountAccount, you agree that we Bank may place a hold on the account Account until such conflict or dispute is resolved to our satisfaction, Bank’s satisfaction and we Bank will not be liable for dishonored items as a result of such hold. Trust Account A trust account is an Account held in the name of a trust for the benefit of one or more beneficiaries according to a written trust agreement. The trustee(s) will supply Bank with a notarized certification or abstract of trust validating the existence of the trust and the authority of the trustee(s). Bank acts only as a depository bank to the trust funds and is under no obligation to act as a trustee, trust administrator, or to inquire as to the powers or duties of the trustee(s). The trustee(s) opening the Account, in their individual capacity and jointly and severally (individually), agree to indemnify and hold Bank, its directors, officers, employees and agents harmless from and against any and all loss, costs, damage, liability, or exposure, including reasonable attorneys’ fees, each may suffer or incur arising out of any action or claim by any beneficiary or other trustee with respect to the authority or actions taken by the trustee(s) in handling or dealing with the Account. Uniform Transfers to Minors Act (“UTMA”) or Uniform Gifts to Minors Act (“UGMA”) Account If you have established the Account as a custodian for a minor beneficiary under the applicable state’s UTMA or UGMA, your rights and duties are governed by that state’s laws and there are certain fiduciary and record-keeping responsibilities you must meet. For purposes of this section, “applicable state” means the state in which your Account is located as provided in the Governing Law section of this Agreement. If you establish an UTMA/UGMA Account, you agree to comply with all of the applicable state requirements, such as using the funds for the benefit and interest of the minor named on the Account and/or, upon the minor reaching the applicable termination age or the minor’s death, transferring the Account funds to the minor or the minor’s estate, as appropriate. You will not be allowed to pledge the Account as collateral for any loan to you. Deposits in the Account will be held by Bank for the exclusive right and benefit of the minor. There may only be one custodian and one minor per UTMA/UGMA account. The custodian and/or any person opening the Account, in their individual capacity, agrees to indemnify and hold Bank harmless from and against any and all loss, costs, damage, liability, or exposure, including reasonable attorneys’ fees, Bank may suffer or incur arising out of any action or claim by any beneficiary or other custodian with respect to the authority or actions taken by the custodian in handling or dealing with the Account. Fiduciary Accounts or Agent Account With respect to all Fiduciary fiduciary or agency Accounts, including but not limited to Estate Accountsestate accounts, Guardianship Accountsguardianship accounts, Conservatorship Accountsrepresentative payee accounts, and any Formal Trust Accountconservatorship accounts, Uniform Transfers to Minors Act Accounttrust accounts, UTMA/UGMA accounts, Xxxxxx accounts, or Agency Accountagent accounts, we reserve Bank reserves the right to require such documents and authorizations as we it may deem necessary or appropriate to satisfy that the person(s) requesting or directing the withdrawal of funds held in the account Account has the authority to withdraw such funds. This applies at the time of account Account opening and at all times thereafter. Attorney Client Trust Subject Bank has no fiduciary duties to applicable lawyou as a trustee, an Attorney Client Trustexecutor, guardian, or Interest on Lawyers Trust Account (IOLTA) Trust Account, is an account set up by an attorney conservator or law firm to hold client or third party funds in trust, separate from the attorney’s or law firm’s funds. Upon our request, the authorized signers for an Attorney Client Trust, or IOLTA Trust Account, will provide documentation required by applicable state law and applicable bar association or similar entity rules. We act only as custodian beneficial owners of the trust funds Account. You and are under no obligation to act as a trustee or to inquire as to the powers or duties of the attorney or law firm as trustee(s). The attorney, law firm, or any authorized individual on the account agrees Account agree to indemnify, defend indemnify and hold us Bank, its directors, officers, employees and agents harmless from and against any and all loss, costs, damage, liability, or exposure, including reasonable attorney’s attorneys’ fees, we each may suffer or incur arising out of any action or claim by any client beneficiary or third party with respect to the authority, actions, or inaction taken by the trustee(s) fiduciary, agent, or authorized individuals in handling or dealing with the accountAccount. Additional account terms may be governed by a separate agreement. Attorney Trust Account If this is you open an attorney trust Account, including an IOLTA Trust Accountor similar account, we will not permit you authorize Bank to notify the lawyer appropriate state agency if the Account is overdrawn or law firm to receive checks are dishonored, if the interest. IOLTA Trust Accounts are used to hold an attorney’s or law firm’s client funds that are nominal in amount or held for short periods applicable state requires notice of timethose events.