Louisiana 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

Louisiana Trust Agreement between Insituform Southeast Corp. and Trustee is a legally binding document that establishes the terms and conditions for the creation and management of a trust relationship. This agreement outlines the rights, responsibilities, and obligations of both parties involved in the trust arrangement. The purpose of this trust agreement is to ensure that Insituform Southeast Corp.'s assets and properties are effectively managed and protected for the benefit of the trust beneficiaries. In this case, the trustee holds and manages the assets on behalf of the corporation and follows the guidelines laid out in the agreement. The trust agreement typically includes the following key provisions: 1. Parties: It identifies Insituform Southeast Corp. as the granter and the trustee as the entity responsible for managing the trust assets. 2. Trust Property: The agreement specifies the assets or properties that are transferred to the trustee, such as real estate, investments, or other valuable assets eligible for inclusion in the trust. 3. Trust Purpose: It outlines the specific objectives and purposes of the trust, which may include asset protection, estate planning, tax minimization, charitable giving, or wealth preservation. 4. Trust Term: This section establishes the duration of the trust, whether it is a revocable or irrevocable trust, and any conditions or events that may lead to its termination or modification. 5. Trust Administration: The agreement outlines the trustee's duties and responsibilities, including investment management, distribution of income or principal, record keeping, and accounting. 6. Trustee's Compensation: It specifies the trustee's compensation, fee structure, and any reimbursements for expenses incurred during the trust administration. 7. Successor Trustee: This provision outlines the process for appointing a successor trustee, should the initial trustee be unable or unwilling to continue serving. 8. Allocation of Trust Income and Principal: It defines how income and principal are to be allocated among the beneficiaries, considering factors such as age, needs, or specific instructions given by the granter. 9. Trustee's Liability and Indemnification: The agreement addresses the trustee's potential liability and provides indemnification for actions taken in good faith in the administration of the trust. 10. Governing Law: This section establishes that the trust agreement is governed by and interpreted under the laws of the state of Louisiana. Different types of Louisiana Trust Agreement between Insituform Southeast Corp. and Trustee may include revocable living trusts, testamentary trusts, charitable trusts, special needs trusts, or spendthrift trusts. The specific type of trust agreement will depend on the objectives, assets, and beneficiaries involved in the arrangement. Overall, the Louisiana Trust Agreement between Insituform Southeast Corp. and Trustee is a vital legal document that safeguards the corporation's assets, ensures their effective management, and provides clear guidelines for the duties and rights of the trustee.