The Virgin Islands Reference Trust Agreement is a legal document between Prudential Securities Incorporated and The Chase Manhattan Bank, establishing a trust relationship in accordance with the laws of the Virgin Islands. This agreement outlines the terms and conditions under which Prudential Securities Incorporated will act as the trustee, managing and administering the assets held within the trust on behalf of The Chase Manhattan Bank as the beneficiary. Under this trust agreement, Prudential Securities Incorporated assumes the fiduciary responsibility of overseeing and safeguarding the assets encompassed by the trust. It ensures that the assets are managed in the best interest of The Chase Manhattan Bank, in accordance with the provisions and directives outlined within the agreement. The agreement also dictates that the trust will adhere to the applicable laws and regulations of the Virgin Islands. The Virgin Islands Reference Trust Agreement sets forth the rights, duties, and responsibilities of the trustee and beneficiary, establishing a clear framework for their relationship. It outlines the specific investment objectives and strategies to be followed, including risk tolerance, asset allocation, and any limitations or restrictions. Additionally, it stipulates the reporting requirements, detailing the regular communication between the trustee and beneficiary, keeping the latter informed about the performance and status of the trust's assets. Moreover, the agreement addresses the compensation, indemnification, and liability of the trustee, ensuring that Prudential Securities Incorporated is fairly compensated for their services while limiting their liability within the bounds of the agreement and applicable laws. It's important to note that there may be different types of Virgin Islands Reference Trust Agreements between Prudential Securities Incorporated and The Chase Manhattan Bank, named according to the specific purpose or characteristics of each agreement. For instance, there can be specialized trust agreements like the Virgin Islands Reference Irrevocable Trust Agreement or the Virgin Islands Reference Living Trust Agreement, each tailored to meet different objectives or circumstances. Ultimately, the specific type of trust agreement will depend on the needs and preferences of the parties involved.
Virgin Islands Reference Trust Agreement between Prudential Securities Incorporated and The Chase Manhattan Bank
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