Illinois Trust Agreement between Insituform Southeast Corp. and Trustee

• Category: Corporations - Public - Indemnification
• State: Multi-State
• Control #: US-CC-17-176
• Format: Word; Rich Text

Description

17-176 17-176 . . . Trust Agreement under which corporation will establish and fund an irrevocable trust for payment of liabilities and expenses arising out of or relating to claims or legal proceedings to which a director or officer is made party or threatened to be made party by reason of his position with corporation or any of its subsidiaries An Illinois Trust Agreement, also known as an Illinois Trust Indenture, is a legally binding contract that outlines the terms and conditions under which Insituform Southeast Corp. entrusts a Trustee with the management and administration of assets on behalf of beneficiaries. This type of agreement establishes the rights and responsibilities of both parties involved in the trust. Insituform Southeast Corp., as the granter, establishes the trust and appoints a Trustee to oversee and manage the assets held within the trust. The Trustee is legally bound to act in the best interest of the beneficiaries, ensuring the preservation and growth of the assets. The Illinois Trust Agreement provides a comprehensive framework that specifies the powers and authority granted to the Trustee. This may include the ability to invest, sell, or otherwise manage the assets held in the trust. The agreement also highlights the limitations and restrictions imposed upon the Trustee to safeguard the interests of the beneficiaries. Key elements typically included in an Illinois Trust Agreement are: 1. Definitions: Clearly defining the terms used throughout the agreement, such as "Trustee," "beneficiaries," "granter," and "assets," to avoid any ambiguity. 2. Identification: The agreement identifies the trust's name and purpose, stating its intention as well as its relationship to Insituform Southeast Corp. 3. Appointment of Trustee: Insituform Southeast Corp. appoints a Trustee who will oversee and manage the assets held within the trust. 4. Powers and Authority: The agreement outlines the powers granted to the Trustee, enabling them to make investment decisions, distribute income, and protect the trust's assets. 5. Duties and Responsibilities of the Trustee: Clearly states the Trustee's obligations, including acting in good faith, maintaining accurate records, and providing periodic reports to the beneficiaries. 6. Beneficiaries: Specifies the individuals or entities who are the intended recipients of the trust's assets and the conditions under which they may receive distributions. 7. Termination and Amendment: Outlines the circumstances under which the trust can be terminated, as well as any provisions for amending the agreement. Types of Illinois Trust Agreements between Insituform Southeast Corp. and Trustee: 1. Revocable Living Trust: This type of trust agreement allows Insituform Southeast Corp. to retain control and ownership of the assets while they are living. The Trustee only assumes full control upon the death or incapacitation of the granter. 2. Irrevocable Trust: This agreement establishes a trust that cannot be modified or revoked by Insituform Southeast Corp. after it has been established. This ensures that the assets transferred to the trust are permanently safeguarded for the beneficiaries' benefit. 3. Testamentary Trust: Created within a will, this trust agreement only comes into effect upon the granter's death. It outlines the distribution and management of assets for the beneficiaries. Overall, an Illinois Trust Agreement between Insituform Southeast Corp. and Trustee plays a vital role in ensuring the efficient and proper management of assets, providing protection and benefits to the beneficiaries and allowing Insituform Southeast Corp. to establish a clear structure for their trust.

An Illinois Trust Agreement, also known as an Illinois Trust Indenture, is a legally binding contract that outlines the terms and conditions under which Insituform Southeast Corp. entrusts a Trustee with the management and administration of assets on behalf of beneficiaries. This type of agreement establishes the rights and responsibilities of both parties involved in the trust. Insituform Southeast Corp., as the granter, establishes the trust and appoints a Trustee to oversee and manage the assets held within the trust. The Trustee is legally bound to act in the best interest of the beneficiaries, ensuring the preservation and growth of the assets. The Illinois Trust Agreement provides a comprehensive framework that specifies the powers and authority granted to the Trustee. This may include the ability to invest, sell, or otherwise manage the assets held in the trust. The agreement also highlights the limitations and restrictions imposed upon the Trustee to safeguard the interests of the beneficiaries. Key elements typically included in an Illinois Trust Agreement are: 1. Definitions: Clearly defining the terms used throughout the agreement, such as "Trustee," "beneficiaries," "granter," and "assets," to avoid any ambiguity. 2. Identification: The agreement identifies the trust's name and purpose, stating its intention as well as its relationship to Insituform Southeast Corp. 3. Appointment of Trustee: Insituform Southeast Corp. appoints a Trustee who will oversee and manage the assets held within the trust. 4. Powers and Authority: The agreement outlines the powers granted to the Trustee, enabling them to make investment decisions, distribute income, and protect the trust's assets. 5. Duties and Responsibilities of the Trustee: Clearly states the Trustee's obligations, including acting in good faith, maintaining accurate records, and providing periodic reports to the beneficiaries. 6. Beneficiaries: Specifies the individuals or entities who are the intended recipients of the trust's assets and the conditions under which they may receive distributions. 7. Termination and Amendment: Outlines the circumstances under which the trust can be terminated, as well as any provisions for amending the agreement. Types of Illinois Trust Agreements between Insituform Southeast Corp. and Trustee: 1. Revocable Living Trust: This type of trust agreement allows Insituform Southeast Corp. to retain control and ownership of the assets while they are living. The Trustee only assumes full control upon the death or incapacitation of the granter. 2. Irrevocable Trust: This agreement establishes a trust that cannot be modified or revoked by Insituform Southeast Corp. after it has been established. This ensures that the assets transferred to the trust are permanently safeguarded for the beneficiaries' benefit. 3. Testamentary Trust: Created within a will, this trust agreement only comes into effect upon the granter's death. It outlines the distribution and management of assets for the beneficiaries. Overall, an Illinois Trust Agreement between Insituform Southeast Corp. and Trustee plays a vital role in ensuring the efficient and proper management of assets, providing protection and benefits to the beneficiaries and allowing Insituform Southeast Corp. to establish a clear structure for their trust.