Utah Reference Trust Agreement between Prudential Securities Incorporated and The Chase Manhattan Bank

• Category: Corporations - Public - Agreements - Trusts
• State: Multi-State
• Control #: US-EG-9075
• Format: Word; Rich Text

Description

Reference Trust Agreement between Prudential Securities Incorporated and The Chase Manhattan Bank dated December 29, 1999. 14 pages Keywords: Utah Reference Trust Agreement, Prudential Securities Incorporated, The Chase Manhattan Bank, detailed description: The Utah Reference Trust Agreement refers to a legally binding document entered into between Prudential Securities Incorporated (PSI) and The Chase Manhattan Bank (TOMB) in regard to the establishment and operation of a trust arrangement in the state of Utah. This agreement serves as a comprehensive framework outlining the rights, responsibilities, and obligations of both entities in relation to the trust. Under this agreement, PSI acts as the settler or granter, commonly referred to as the party who creates the trust. TOMB assumes the role of the trustee, which involves managing and administering the trust in accordance with the terms set forth in the agreement. The primary purpose of the Utah Reference Trust Agreement is to provide a mechanism for PSI to utilize and protect assets or funds entrusted to TOMB. There may be different types of Utah Reference Trust Agreements between PSI and TOMB, tailored to specific objectives or requirements. Some common types include: 1. Revocable Trust Agreement: This type of trust allows PSI to retain the ability to modify, terminate, or amend the trust agreement at any point during its existence. 2. Irrevocable Trust Agreement: Unlike a revocable trust, an irrevocable trust is unable to be modified, revoked, or terminated without the consent of all parties involved, providing a more permanent and secure arrangement. 3. Testamentary Trust Agreement: This type of trust is established through a will and only comes into effect upon the death of the settler. It allows PSI to specify how the funds or assets should be managed or distributed after their passing. 4. Living Trust Agreement: A living trust, also known as an inter Vito trust, is created during PSI's lifetime and helps manage assets during their lifetime and ensure their smooth transfer upon their passing, bypassing the need for probate. The Utah Reference Trust Agreement between PSI and TOMB may contain provisions such as the designation of beneficiaries, identification of the trust property, guidelines for investment management, distribution instructions, and dispute resolution mechanisms. It also outlines the rights and responsibilities of the trustee, including fiduciary duties, accounting requirements, and reporting obligations to ensure proper oversight and protection of the trust assets. The agreement may incorporate applicable state laws governing trusts in Utah and adhere to industry best practices and regulatory requirements. It is crucial for both PSI and TOMB to thoroughly review and understand the terms of the Utah Reference Trust Agreement before entering into the agreement to ensure a transparent and mutually beneficial trust relationship.

Keywords: Utah Reference Trust Agreement, Prudential Securities Incorporated, The Chase Manhattan Bank, detailed description: The Utah Reference Trust Agreement refers to a legally binding document entered into between Prudential Securities Incorporated (PSI) and The Chase Manhattan Bank (TOMB) in regard to the establishment and operation of a trust arrangement in the state of Utah. This agreement serves as a comprehensive framework outlining the rights, responsibilities, and obligations of both entities in relation to the trust. Under this agreement, PSI acts as the settler or granter, commonly referred to as the party who creates the trust. TOMB assumes the role of the trustee, which involves managing and administering the trust in accordance with the terms set forth in the agreement. The primary purpose of the Utah Reference Trust Agreement is to provide a mechanism for PSI to utilize and protect assets or funds entrusted to TOMB. There may be different types of Utah Reference Trust Agreements between PSI and TOMB, tailored to specific objectives or requirements. Some common types include: 1. Revocable Trust Agreement: This type of trust allows PSI to retain the ability to modify, terminate, or amend the trust agreement at any point during its existence. 2. Irrevocable Trust Agreement: Unlike a revocable trust, an irrevocable trust is unable to be modified, revoked, or terminated without the consent of all parties involved, providing a more permanent and secure arrangement. 3. Testamentary Trust Agreement: This type of trust is established through a will and only comes into effect upon the death of the settler. It allows PSI to specify how the funds or assets should be managed or distributed after their passing. 4. Living Trust Agreement: A living trust, also known as an inter Vito trust, is created during PSI's lifetime and helps manage assets during their lifetime and ensure their smooth transfer upon their passing, bypassing the need for probate. The Utah Reference Trust Agreement between PSI and TOMB may contain provisions such as the designation of beneficiaries, identification of the trust property, guidelines for investment management, distribution instructions, and dispute resolution mechanisms. It also outlines the rights and responsibilities of the trustee, including fiduciary duties, accounting requirements, and reporting obligations to ensure proper oversight and protection of the trust assets. The agreement may incorporate applicable state laws governing trusts in Utah and adhere to industry best practices and regulatory requirements. It is crucial for both PSI and TOMB to thoroughly review and understand the terms of the Utah Reference Trust Agreement before entering into the agreement to ensure a transparent and mutually beneficial trust relationship.