Death of a Unitholder Clause Samples

The 'Death of a Unitholder' clause outlines the procedures and consequences that occur when a unitholder in a trust or partnership passes away. Typically, this clause specifies how the deceased unitholder's interest is transferred, whether to their estate, heirs, or another party, and may set out requirements for documentation or approval by other unitholders or trustees. Its core function is to ensure a clear and orderly transition of ownership, minimizing disputes and maintaining the stability of the entity after a unitholder's death.
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Death of a Unitholder. The death of a Unitholder during the continuance of the Trust shall not terminate the Trust or any of the mutual or respective rights and obligations created by or arising hereunder nor give such Unitholder’s legal representatives a right to an accounting or to take any action in the Courts or otherwise against other Unitholders or the Manager, or the Trust Property, but shall merely entitle the personal representative of the deceased Unitholder to be registered as the holder of such Units pursuant to the provisions of Sections 5.4 and 5.7 in place of the deceased Unitholder and upon acceptance thereof such personal representative shall succeed to all rights of the deceased Unitholder hereunder.
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Death of a Unitholder. The death of a Unitholder during the continuance of the Fund shall not operate to terminate the Fund, nor shall it entitle the personal representative of any such deceased Unitholder to an accounting or to take any action in the courts or otherwise against the Fund or the Trustees; provided, however, the right of redemption provided for in Paragraph 14 below shall not expire with the death of the Unitholder, but such right may be exercised by the personal representatives, legatees, distributees, or beneficiaries in the manner provided in Paragraph 14.
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Death of a Unitholder. Notwithstanding Section 5.1, in the event of the death of a Unitholder, the Units of such deceased Unitholder shall, upon the Manager being advised in writing of the death of such Unitholder, not be dealt with until directions to redeem or transfer, which directions must be satisfactory in form to the Manager and which are in accordance with instructions received from time to time as to payment of any applicable taxes (or a release therefrom), are received from the executor, administrator, survivor, successor or personal representative, as the case may be, of such Unitholder, whereupon such Units will be processed through the Manager. Notwithstanding the foregoing, until such directions are received, the Unitholders of Record shall be deemed to be the holder of such Units for all purposes hereof and the Manager and the Trustee shall incur no liability to any person of any nature whatsoever by reason only that such Units shall not be redeemed until such directions are so received, and in particular, by reason that the Series Net Asset Value per Unit of the Units for purposes of redemption is calculated on the day when actual redemption occurs and not on the day when notice of death was received by the Manager. The death of a Unitholder during the continuance of the applicable Fund or Funds shall not terminate this Master Trust Agreement nor give any such deceased Unitholder’s legal representatives a right to an accounting or to take any action in the courts of otherwise against other Unitholders or the Trustee or the Manager, or the securities, monies or other property of the applicable Fund or Funds, but shall simply entitle the legal representatives of any such deceased Unitholder to succeed to all rights of the deceased Unitholder under this Master Trust Agreement.
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Death of a Unitholder. The death of any Unitholder during the continuance of this Fund shall not operate to terminate the Fund, nor shall it entitle the personal representative of any such deceased Unitholder to an accounting or to take any action in the courts or otherwise against the Fund or the Trustees; provided, however, that the right of redemption provided for in Paragraph 16 shall not expire with the death of such Unitholder, but such right may be exercised by the personal representatives, legatees, distributees or Designated Beneficiaries in the manner provided in said Paragraph 16.
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Death of a Unitholder. The death of a Unitholder during the continuance of the Trust shall not terminate the Trust or any of the mutual or respective rights and obligations created by or arising under this Indenture nor give such Unitholder's personal representative a right to an accounting or take any action in court or otherwise against other Unitholders or the Trustee or the Trust Fund, but shall entitle the personal representatives of the deceased Unitholder to demand and receive, pursuant to the provisions hereof, a new Trust Certificate for Trust Units in place of the Trust Certificate, if any, held by the deceased Unitholder, and upon the acceptance thereof such personal representatives shall succeed to all rights of the deceased Unitholder under this Indenture.
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Related to Death of a Unitholder

  • Death of Member Upon the death of the Member, the Company shall be dissolved. By separate written documentation, the Member shall designate and appoint the individual who will wind down the Company’s business and transfer or distribute the Member's Interests and Capital Account as designated by the Member or as may otherwise be required by law.

  • Death of the Participant In the event of the Participant’s death prior to the Settlement Date, delivery of shares of Common Stock pursuant to Section 6 shall be made to the duly appointed and qualified executor or other personal representative of the Participant, to be distributed in accordance with the Participant’s will or applicable intestacy law.

  • Death of Optionee If the Optionee shall die while in the employ of the Company, Optionee's personal representative or the person entitled to Optionee's rights hereunder may at any time within six (6) months after the date of Optionee's death, or during the remaining term of this Option, whichever is the lesser, exercise this Option and purchase Shares to the extent, but only to the extent, that Optionee could have exercised this Option as of the date of Optionee's death; provided, in any case, that this Option may be so exercised only to the extent that this Option has not previously been exercised by Optionee.

  • Death of Participant Any distribution or delivery to be made to Participant under this Award Agreement will, if Participant is then deceased, be made to Participant’s designated beneficiary, or if no beneficiary survives Participant, the administrator or executor of Participant’s estate. Any such transferee must furnish the Company with (a) written notice of his or her status as transferee, and (b) evidence satisfactory to the Company to establish the validity of the transfer and compliance with any laws or regulations pertaining to said transfer.

  • Limited Partner The name and address of the New Limited Partner of the Partnership is ▇▇▇▇ ▇. ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇. The names and addresses of any other Limited Partners shall be set forth on Exhibit B, as amended from time to time, attached hereto and incorporated herein by this reference. The Partnership Interest of a Limited Partner shall be referred to herein as a “Limited Partnership Interest.”