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Thread: Express trust

  1. #121
    Chex, good morning..I wanted to go over this post again...regarding the first paragraph...the pledge was provided which I don't accept under Suo moto...that is the only way I can interpret your question...if it was meant as one...

  2. #122
    Senior Member
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    by Charles Bragg

  3. #123
    I'm writing a trust declaration for business use. I will be cotrustee. As a suitor I generally use True Name, however trustees are often tasked with banking duties so I think in this instance the trustee might be better named as Legal Name. What do you think?

  4. #124
    Senior Member
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    Sounds like you are concerned with the bank asking the Trustee to provide his/her SSN to establish the TRUST's bank account, and a suitor doesn't have one? Who is the creator? Writing/speaking is synonymous with creation. What can be conceived can be created. I wouldn't sweat it. Consider the shareholders or trustee(s) can always vote to appoint or remove a trustee, should the bylaws allow.

    Any Trustee hereunder may be removed and a successor Trustee appointed in such Trustee’s stead upon the written consent of the holders of not less than two-thirds (2/3) in interest of the Shares of Beneficial Interest then issued and outstanding, and acknowledged by one or more of them.

    If for any reason a vacancy occurs in the office of Trustee, such vacancy shall be filled in accordance with the provisions of this subparagraph, and, notwithstanding anything to the contrary, until such successor Trustee is appointed, no action by the Trustees requiring the Vote of the Trustees or the unanimous consent of the Trustees shall be taken by the remaining Trustees. Any vacancy among the Trustees occurring during a term of office shall be filled by the remaining Trustees for the unexpired portion of such term. If a successor Trustee (whether immediate or remote) appointed to fill a vacancy in the office of Trustee should fail or cease to serve as Trustee, the successor Trustee appointed to fill such vacancy shall be such person as shall be designated in a writing signed and acknowledged by not less than one half (1/2) in interest of the Shares of Beneficial Interest held (whether individually or in trust).
    Effect of Appointment of Successor and Additional Trustees. Upon the appointment of successor or additional Trustees, the title of the Trust estate shall thereupon and without the necessity of any conveyance be vested in said successor or additional Trustees jointly with the remaining Trustees, if any. Any successor or additional Trustees shall have all the same rights, powers, authority and privileges as the original Trustees hereunder. No Trustee shall be required to furnish bond, security or surety in any form.
    Last edited by lorne; 07-19-18 at 12:18 PM.

  5. #125
    I am the creator. I can name trustees (other than me) who could later name Legal Name as cotrustee. Thanks.

  6. #126
    Finished the trust document and got it notarized and recorded. Looking forward to doing business in trust. Or perhaps I should say "as a trust entity." Thanks to everyone including, but not limited to, Gavilan. Turns out I didn't use the loaned asterisk so, I'll be returning it. Did make use of a footnote. Next is to issue the shares and convey more property to the Trust.

  7. #127
    Quote Originally Posted by marcel View Post
    Finished the trust document and got it notarized and recorded. Looking forward to doing business in trust. Or perhaps I should say "as a trust entity." Thanks to everyone including, but not limited to, Gavilan. Turns out I didn't use the loaned asterisk so, I'll be returning it. Did make use of a footnote. Next is to issue the shares and convey more property to the Trust.

    Nice! I am glad you are doing the work. Walking the talk. Redemption is the remedy. Redeemed are a fast-growing class action.

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