Manner of Holding Trust Property Sample Clauses
The "Manner of Holding Trust Property" clause defines how assets within a trust are to be owned, titled, or registered by the trustee. It typically specifies whether property should be held in the trustee's name, in the name of the trust, or in another legally recognized form, and may address how records of ownership are maintained. This clause ensures that trust property is clearly distinguished from the trustee's personal assets, thereby protecting the trust's integrity and simplifying administration and legal compliance.
Manner of Holding Trust Property. To keep property and securities of the Trust registered in the name of the Trustees or in the name of a nominee or nominees, or in unregistered or bearer form without disclosure of any fiduciary relationship, except that the Trustees shall not maintain the indicia of ownership of any asset of the Trust outside the jurisdiction of the district courts of the United Stated unless approved by ruling or regulation under ERISA by the Secretary of Labor.
Manner of Holding Trust Property. Each item of Trust Property that constitutes a security entitlement shall be held by the Trustee through a securities intermediary, and The Bank of New York, as initial securities intermediary shall agree that (i) such investment property at all times shall be credited to a securities account of the Trustee, (ii) all property credited to such securities account shall be treated as a financial asset, (iii) it shall treat the Trustee as entitled to exercise the rights that comprise each financial asset credited to such securities account, (iv) it shall comply with entitlement orders originated by the Trustee without the further consent of any other Person, (v) it shall not agree with any Person other than the Trustee to comply with entitlement orders originated by any Person other than the Trustee, (vi) such securities account and all property credited thereto shall not be subject to any lien, security interest, right of set-off, or encumbrance in favor of it or any Person claiming through it (other than the Trustee), (vii) such agreement between it and the Trustee shall be governed by the laws of the State of New York, and (viii) the State of New York shall be the jurisdiction for purposes of the UCC. The Trustee shall maintain possession in the State of New York of each item of Trust Property that constitutes money, an instrument, tangible chattel paper, or a certificated security, separate and apart from all other property held by the Trustee. The issuer of any Trust Property that constitutes an uncertificated security shall register the Trustee as the registered owner of such uncertificated security. Any Trust Property that constitutes a deposit account shall be established and maintained in the name of the Trustee by a bank, the Relevant UCC State of which is the State of New York. Notwithstanding any other provision of this Agreement, the Trustee shall not hold any Trust Property through an agent except as expressly permitted by this Section 4.02. Each term used in this Section 4.07 and defined in the New York UCC shall have the meaning set forth in the New York UCC. [THE REMAINDER OF ARTICLE IV IS RESERVED AND MAY BE SPECIFIED IN ANY SUPPLEMENT WITH RESPECT TO ANY SERIES]