Fiduciary Designation Clause Samples

A Fiduciary Designation clause formally identifies a party as a fiduciary, establishing their legal obligation to act in the best interests of another party, such as a beneficiary or client. This clause typically outlines the scope of fiduciary duties, which may include duties of loyalty, care, and full disclosure, and can apply in contexts like trusts, partnerships, or financial advisory relationships. Its core function is to clarify the nature of the relationship and the heightened standard of conduct required, thereby protecting the interests of the party to whom the duty is owed and reducing the risk of conflicts of interest or misconduct.
Fiduciary Designation. A fiduciary is a person or organization named by will, trust or other legal document or appointed by a court to manage the funds or property of another. If you open this type of account, whether by court order or legal agreement, the Bank requires a certified copy of any necessary documents establishing your authority to act in this capacity. These documents will define your rights and duties as such fiduciary. The Bank is not responsible for use made of the funds by a fiduciary. If a question arises about your rights and duties as such fiduciary, the Bank will not permit you to exercise control over the account unless the Bank receives proof, satisfactory to the Bank, that you are authorized.
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Fiduciary Designation. A fiduciary is a person or organization named by will, trust, or other legal document or appointed by the court to manage the funds or property of an estate, trust, guardianship, or conservatorship. If you have opened an account as a fiduciary, the funds belong to the trust or estate and only the fiduciary may withdraw funds or otherwise transact business with us for this type of account. We may require that you give us a certified copy of any trust instru- ment, court order, or decree appointing you as a fiduciary. Whether or not a copy is filed with us, we will not be held responsible for the contents of the instrument or for any duty you may owe as trustee to any trust beneficiaries. The law and the trust instrument or court order will define your rights and duties as fiduciary. You and any others signing on the account as fiduciaries agree that it is your responsibility to comply with the terms of the governing fiduciary instrument, court order, or applicable law, including the number of fiduciaries required to exercise powers granted under the governing instrument.
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Fiduciary Designation. We may require a fully executed certified copy of any document naming you as a fiduciary. Whether or not a copy is filed with us, we will not be held responsible for the actions or inactions of any fiduciary to any beneficiary. The law and the legal documents will define your rights and duties as a fiduciary.
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Fiduciary Designation. The Company and the members of the Committee are hereby designated as "named fiduciaries" within the meaning of Section 402(a) of the Employee Retirement Income Security Act, with respect to the operation and administration of the Plan. The Trustees, the Company, and the Committee are hereby designated as "named fiduciaries" of the Plan with respect to control and management of the assets of the Plan, except as it relates to individual investment elections under Article IX. Each named fiduciary may establish procedures for the allocation of its fiduciary responsibilities among its members and the designation of persons other than the named fiduciaries to carry out its fiduciary responsibilities. In addition, the Company or the Trustees may appoint as investment manager of all or any portion of the assets of the Fund, one or more banks, investment advisers registered under the Investment Advisers Act of 1940 or insurance companies qualified under the laws of more than one state to manage assets of the Fund. Each named fiduciary shall be responsible for the proper exercise of its own powers, duties, responsibilities and obligations under the Plan, and to the maximum extent allowable under ERISA, may rely upon the directions, information or actions of any other named fiduciary as being proper under the Plan and shall not guaranty the Trust and assets of the Trust in any manner against investment loss or depreciation in asset value.
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Fiduciary Designation 
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Related to Fiduciary Designation

  • Beneficiary Designation The Participant may, from time to time, name any beneficiary or beneficiaries (who may be named contingently or successively) to whom any benefit under this Agreement is to be paid in case of his or her death before he or she receives any or all of such benefit. Each such designation shall revoke all prior designations by the Participant, shall be in a form prescribed by the Company, and will be effective only when filed by the Participant in writing with the Director of Human Resources of the Company during the Participant’s lifetime. In the absence of any such designation, benefits remaining unpaid at the Participant’s death shall be paid to the Participant’s estate.

  • Beneficiary Designations The Executive shall designate a beneficiary by filing a written designation with the Company. The Executive may revoke or modify the designation at any time by filing a new designation. However, designations will only be effective if signed by the Executive and accepted by the Company during the Executive's lifetime. The Executive's beneficiary designation shall be deemed automatically revoked if the beneficiary predeceases the Executive, or if the Executive names a spouse as beneficiary and the marriage is subsequently dissolved. If the Executive dies without a valid beneficiary designation, all payments shall be made to the Executive's estate.

  • Beneficiary Designation: Change The Executive shall designate a Beneficiary by completing and signing the Beneficiary Designation Form and delivering it to the Plan Administrator or its designated agent. The Executive’s Beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Executive or if the Executive names a spouse as Beneficiary and the marriage is subsequently dissolved. The Executive shall have the right to change a Beneficiary by completing, signing, and otherwise complying with the terms of the Beneficiary Designation Form and the Plan Administrator’s rules and procedures, as in effect from time to time. Upon the acceptance by the Plan Administrator of a new Beneficiary Designation Form, all Beneficiary designations previously filed shall be cancelled. The Plan Administrator shall be entitled to rely on the last Beneficiary Designation Form filed by the Executive and accepted by the Plan Administrator before the Executive’s death.

  • No Beneficiary Designation If the Executive dies without a valid beneficiary designation, or if all designated Beneficiaries predecease the Executive, then the Executive’s spouse shall be the designated Beneficiary. If the Executive has no surviving spouse, the benefits shall be made to the personal representative of the Executive’s estate.

  • BENEFICIARY DESIGNATION RIGHTS The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement.