Common use of Fiduciaries Clause in Contracts

Fiduciaries. Any person identified on the Application or an Account as a guardian, custodian, trustee, representative payee, administrator/ executor/personal representative, or similar fiduciary (collectively “Fiduciary”) acts in that capacity pursuant to contract, state or federal law or regulation, or judicial authority for the benefit of the named minor/▇▇▇▇, person under disability, trust/beneficiary, or estate/ decedent named on the Account. The Account is subject to the order of the Fiduciary, subject to any limitations imposed by any judicial order of which We have had prior notice and a reasonable opportunity to act. If a Fiduciary executes a power of attorney to appoint another person to act as the attorney-in fact for the Fiduciary, We have the right, in Our sole discretion, not to accept the power of attorney until the Fiduciary proves to Our satisfaction that the Fiduciary has the right to delegate authority to others through a power of attorney. The Fiduciary certifies that any funds deposited into or withdrawn from the Account are properly within the Fiduciary’s custody and may be lawfully deposited into or withdrawn from the Account in accordance with authority duly vested in the Fiduciary and that We have no duty to verify the authority of the Fiduciary to make particular deposits or withdrawals (except as expressly provided otherwise by judicial order of which We have had prior notice and a reasonable opportunity to act). The Fiduciary promises to keep records in good faith and in the ordinary course of Business which detail the interests of the true beneficial owner(s) of the Account at all times. All draws and transfers made to the Account must be signed by the Fiduciary. The Fiduciary agrees to be bound by the terms of this MSA and Other Agreements.