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.
Appears in 4 contracts
Sources: Consumer Deposit Account Agreement, Consumer Deposit Account Agreement, Consumer Deposit Account Agreement