Death of Beneficiary Prior to Distribution of Trust Property Sample Clauses

Death of Beneficiary Prior to Distribution of Trust Property. After the death of the Settlor, if a beneficiary of any trust created under this Trust Agreement dies before trust property to be distributed to such beneficiary has been distributed to such beneficiary, the Trustee will distribute such trust property to such beneficiary’s descendants who survive such beneficiary per stirpes, subject to being held, administered, and distributed according to the terms and provisions of Article VI in the case of a descendant who is under age 25. If none of such beneficiary’s descendants survive such beneficiary, the Trustee will distribute such trust property to such beneficiary’s heirs who survive such beneficiary per stirpes, subject to being held, administered, and distributed according to the terms and provisions of Article VI in the case of an heir who is under age 25. If a descendant or heir of such beneficiary hereunder has attained age 25, the Trustee may distribute all trust property consisting of firearms and firearms-related personal property of any kind, including without limitation, firearms, firearms parts, magazines, firearms accessories, and ammunition, to such descendant or heir free of trust or to a trust for the descendant or heir (if an appropriate trust exists) or, with the written consent of such descendant or heir, may postpone the distribution of such trust property until such consent is revoked in writing. Notwithstanding the foregoing, if a descendant or heir of such beneficiary hereunder elects, the trust property subject to this Section may be retained in the trust indefinitely for the benefit of the descendant or heir of such beneficiary, who will be treated as if he or she is the Settlor with respect to such trust property, and such descendant or heir will retain the following rights: (1) the right to withdraw all trust property attributable to such beneficiary or heir’s share at any time; and (2) the right to direct the Trustee to sell such beneficiary’s or heirs share of such trust property and to distribute the proceeds from the sale of such trust property to such beneficiary or heir. All distributions of such trust property must comply with Federal firearms laws, including the NFA and the GCA, and any applicable state and local firearms laws. Notwithstanding any other provision in this Trust Agreement to the contrary, the Trustee may not distribute trust property consisting of firearms or any other trust property regulated by Federal firearms law, including the NFA and the GCA, and any appli...
Sample 1
AutoNDA by SimpleDocs

Related to Death of Beneficiary Prior to Distribution of Trust Property

  • Application of Trust Funds (a) On each Payment Date, the Paying Agent will distribute to Certificateholders, on the basis of the Percentage Interest evidenced by their Trust Certificates, amounts deposited in the Certificate Distribution Account pursuant to Section 4.06 of the Sale and Servicing Agreement with respect to such Payment Date.

  • Designation of Beneficiary The depositor may designate a beneficiary or beneficiaries to receive benefits from the custodial account in the event of the depositor’s death. In the event the depositor has not designated a beneficiary, or if all beneficiaries shall predecease the depositor, the following persons shall take in the order named:

  • Termination of Trust Section 9.01

  • Termination of Trust Agreement Section 9.01.

  • Compensation of Trustee Any individual Trustee serving hereunder shall be entitled to: (Choose One) ☐ - No compensation whatsoever. ☐ - Be paid a reasonable fee from the Trust Estate based on the amount of time expended by such Trustee in carrying out his or her duties hereunder. Any corporate Trustee shall be entitled to be paid a fee based upon its fee schedule from time to time that is required to be published.

  • Application of Trust Money The Trustee shall hold in trust money or U.S. Government Obligations deposited with it pursuant to this Article 8. It shall apply the deposited money and the money from U.S. Government Obligations through the Paying Agent and in accordance with this Indenture to the payment of principal of and interest on the Securities.

  • Replacement of Trustee A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee's acceptance of appointment as provided in this Section. The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Company. The Holders of Notes of a majority in principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the Trustee if:

  • Restoration of Benefits The correction method should restore the plan to the position it would have been in had the failure not occurred, including restoration of current and former participants and beneficiaries to the benefits and rights they would have had if the failure had not occurred.

  • Inalienability of Benefits The benefits provided under this custodial account shall not be subject to alienation, assignment, garnishment, attachment, execution or levy of any kind and any attempt to cause such benefits to be so subjected shall not be recognized except to the extent as may be required by law.

  • Preservation of Benefits The Employer agrees not to make changes to State statutes, administrative rules, regulations, guidelines, TSHRS or policies that are mandatory subjects of bargaining per the law until negotiated in accordance with this agreement (Article 35).

Time is Money Join Law Insider Premium to draft better contracts faster.