Maine 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 Maine Trust Agreement between Insituform Southeast Corp. and Trustee is a legally binding document outlining the terms and conditions under which Insituform Southeast Corp. entrusts certain assets or property to a designated trustee. This agreement is common in the state of Maine and serves as a means to protect and manage assets for the benefit of the trust's beneficiaries. In this specific trust agreement, Insituform Southeast Corp. is identified as the granter or settler, and the trustee is the individual or entity responsible for managing the assets in accordance with the agreement's provisions. The agreement defines the rights, responsibilities, and limitations of both parties while maintaining the trust's integrity and ensuring compliance with Maine's trust laws. The Maine Trust Agreement between Insituform Southeast Corp. and Trustee may include different types of trust agreements, categorized based on their purpose or duration. Some common types include: 1. Revocable Trust Agreement: This type of trust can be altered, modified, or revoked entirely by the granter during their lifetime. It grants more flexibility to the granter while providing them with the security of asset management by a trustee. 2. Irrevocable Trust Agreement: Unlike a revocable trust, an irrevocable trust cannot be modified or revoked without the consent of the beneficiaries or a court order. It is usually set up to protect assets from potential creditors, reduce estate taxes, or safeguard the granter's assets for future generations. 3. Testamentary Trust Agreement: This agreement becomes effective upon the death of the granter as specified in their will. It allows for the distribution and management of assets according to the granter's instructions, typically for the benefit of identified beneficiaries. 4. Charitable Trust Agreement: This agreement is established for charitable purposes, where the assets are designated to benefit a charitable organization or cause. It ensures that the funds or assets are utilized solely for the intended charitable purposes. 5. Special Needs Trust Agreement: This type of trust is specifically designed to provide for the financial needs of an individual with disabilities without jeopardizing their eligibility for government benefits such as Medicaid. The Maine Trust Agreement between Insituform Southeast Corp. and Trustee generally covers important aspects such as the identification of the trust property, the trustee's powers and duties, the method of asset valuation, the distribution of income and principal, termination or amendment provisions, and dispute resolution mechanisms. Overall, this trust agreement serves as a vital tool for Insituform Southeast Corp. to safeguard their assets and ensure efficient management while upholding legal obligations and beneficiary interests.

Maine Trust Agreement between Insituform Southeast Corp. and Trustee is a legally binding document outlining the terms and conditions under which Insituform Southeast Corp. entrusts certain assets or property to a designated trustee. This agreement is common in the state of Maine and serves as a means to protect and manage assets for the benefit of the trust's beneficiaries. In this specific trust agreement, Insituform Southeast Corp. is identified as the granter or settler, and the trustee is the individual or entity responsible for managing the assets in accordance with the agreement's provisions. The agreement defines the rights, responsibilities, and limitations of both parties while maintaining the trust's integrity and ensuring compliance with Maine's trust laws. The Maine Trust Agreement between Insituform Southeast Corp. and Trustee may include different types of trust agreements, categorized based on their purpose or duration. Some common types include: 1. Revocable Trust Agreement: This type of trust can be altered, modified, or revoked entirely by the granter during their lifetime. It grants more flexibility to the granter while providing them with the security of asset management by a trustee. 2. Irrevocable Trust Agreement: Unlike a revocable trust, an irrevocable trust cannot be modified or revoked without the consent of the beneficiaries or a court order. It is usually set up to protect assets from potential creditors, reduce estate taxes, or safeguard the granter's assets for future generations. 3. Testamentary Trust Agreement: This agreement becomes effective upon the death of the granter as specified in their will. It allows for the distribution and management of assets according to the granter's instructions, typically for the benefit of identified beneficiaries. 4. Charitable Trust Agreement: This agreement is established for charitable purposes, where the assets are designated to benefit a charitable organization or cause. It ensures that the funds or assets are utilized solely for the intended charitable purposes. 5. Special Needs Trust Agreement: This type of trust is specifically designed to provide for the financial needs of an individual with disabilities without jeopardizing their eligibility for government benefits such as Medicaid. The Maine Trust Agreement between Insituform Southeast Corp. and Trustee generally covers important aspects such as the identification of the trust property, the trustee's powers and duties, the method of asset valuation, the distribution of income and principal, termination or amendment provisions, and dispute resolution mechanisms. Overall, this trust agreement serves as a vital tool for Insituform Southeast Corp. to safeguard their assets and ensure efficient management while upholding legal obligations and beneficiary interests.