HomeMy WebLinkAbout0987 ;
~ . .
-10-
the owner or owners may obtain from any lender, including a trustee hereunder
individually or a parent or affiliate company, and tfo withdraw the policy if
deposited with the Trustee, without the Trustee to see to its return;
2. The Trustee need not pay or see to the payment of premiums
or assessments on the policy;
3. Upon the death of the insured thereunder, the Trustee shall
take such action as the Trustee deems best to collect the policy proceeds,
paying the expense thereof from the Trust estate, but the Trustee need not
enter into or maintain any litigation to enforce payment on the policy until
indemnified to the Trustee's satisfaction against all expenses and liabilities
to which the Trustee deems proper.
4. The insurance company shall not take notice of the provi-
sions of this Agreement or see to the application of the policy proceeds, and
the Trustee's receipt to the insurance company shall be a complete release for
any payment made and shall bind every beneficiary under this Agreement;
5. The Trust shall be operative with respect to the proceeds of '
the policy at the death of the insured thereunder, after deducting all charges
, by way of advances, loans or otherwise in favor of the owner or owners or any
other person.
~ SEVENTH: The laws of Florida shall govern the validity and interpre-
~ tation of the provisions of this Agreement.
t
EiGHTH: The Settlar or any other person may transfer or devise property,
or make the proceeds under policies of life insurance and employee benefit
~ plans payable to the Trustee to be held under this Agreement and may designate
€
~ the Trust to which the property or proceeds shall be added. If the addition
E
~ is made by Will, the Trustee shall accept the statement of the personal
r
~ representative that the assets delivered to the Trustee constitute all of the
~
` property to which the Trustee is entitled, without inquiring into the personal
_
~ representative's administration or accounting.
i
~ IvINTH: The Settlor may at any time or times during his lifetime, by
~ instrument in writing and signed by the Settlor, deliver to the Trustee
~ amendments or revoke this Agreement in whole or in part. The Trust property
~ =COTT & FOGT
to which any revocation relates shall be conveyed to the Settlor or otherwise
~ -"O~+NE~S AT LAW
~ _.ri'.ORApO AvENtiE / i~ /
'tj~17T. FiOfYOA ~T V /
3349a
f
~ ~
~ . . _ _ ~ . ~ ,ex. `~""4'`"' '~'~'Y~ --?~~t c.,;~.~ ~,'='#~t'"d_.
~ fl