Free Declaration of Nominee Trust Form 

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                                      DECLARATION OF NOMINEE TRUST

 

 

                The undersigned, ___________________ of __________

        County, State of _____________ (the "Trustee" hereunder),

        hereby declares that any and all property and interest in

        property that may be transferred to him as Trustee hereunder

        ("the Trust Estate"), shall be held in trust, for the sole

        benefit of the beneficiaries for the time being hereunder, upon

        the terms herein set forth.  The term "Trustee" wherever used

        herein shall mean the Trustee or Trustees named herein and such

        person or persons who hereafter are serving as Trustee or

        Trustees hereunder, and the rights, powers, authority and

        privileges granted hereunder to the Trustee shall be exercised by

        such person or persons subject to the provisions hereof.

 

                1.  BENEFICIARIES:  The term "Beneficiaries" wherever

        used herein shall mean the beneficiary or beneficiaries listed in

        the Schedule of Beneficial Interests this day executed and filed

        with the Trustee, or in the revised Schedule of Beneficial

        Interests, if any, from time to time executed and filed with the

        Trustee.  The Trustee shall not be affected by any assignment or

        transfer of any beneficial interest until receipt by the Trustee

        of notice that such assignment or transfer has in fact been made

        and a revised Schedule of Beneficial Interests shall have been

        duly executed and filed with the Trustee.  Any Trustee may

        without impropriety become a beneficiary hereunder and exercise

        all rights of a beneficiary with the same effect as though he

        were not a Trustee.

 

                2.  DUTIES OF TRUSTEE:  The  Trustee shall hold the

        principal of this Trust for the benefit of the beneficiaries, and

        shall immediately pay over any income received to the

        beneficiaries in proportion to their respective interests.

 

                3.  POWERS OF THE TRUSTEE:  The Trustee shall have no

        power to deal in or with the Trust Estate except as directed by

        the beneficiaries.  When, as, if and to the extent specifically

        directed by the beneficiaries, any one of the Trustees shall have

        the power to:

 

                (a)  Buy or otherwise acquire, to hold, to exchange or

        partition, to sell at public or private sale, and to mortgage,

        pledge or otherwise encumber or dispose of all or any part of the

        Trust Estate; and to execute any and all deeds, promissory notes,

        mortgages and other instruments necessary or appropriate

        therefore;

 

                (b)  To lease and sublease all or any part of the Trust

        Estate for such term(s) and on such terms as the Trustee deems

        advisable;

 

                (c)  Contest or compromise any claims in favor of or

        against or in any way relating to the Trust Estate.

 

                Any and all instruments executed pursuant to such

        directions may create obligations extending over any periods of

        time including periods beyond any possible termination date of

        the Trust.  Notwithstanding any provisions contained herein, no

        Trustee shall be required to take any action which will, in the

        opinion of such Trustee, involve him in any personal liability

        unless first indemnified to his satisfaction.  Any person dealing

        with the Trustee shall be fully protected in accordance with the

        provisions of Paragraph 7 hereof.

 

                4.  TERMINATION:  The Trust may be terminated any time by

        any one or more of the beneficiaries by notice in writing to the

        Trustee, but such termination shall only be effective when a

        certificate thereof signed and acknowledged by a Trustee

        hereunder shall be recorded with _________ County

        _________(State) Registry of Deeds (hereinafter the "Registry"

        see also Paragraph 9 hereof); and the Trust shall terminate in

        any event twenty (20) years from the date hereof.  In case of any

        such termination, the Trustee shall transfer and convey the

        specific assets constituting the Trust Estate, subject to any

        leases, mortgages, contracts or other encumbrances on the Trust

        Estate, to the then beneficiaries as tenants in common in

        proportion to their respective interests hereunder.

 

                5.  RESIGNATION AND APPOINTMENT OF SUCCESSOR TRUSTEES:

        Any Trustee hereunder may resign by written instrument signed and

        acknowledged by such Trustee and recorded with the Registry.

        Succeeding or additional Trustees may be appointed or any Trustee

        may be removed by an instrument or instruments in writing signed

        by all the beneficiaries, provided in each case that such

        instrument or instruments, or a certificate signed by any Trustee

        naming the Trustee or Trustees appointed or removed, and in the

        case of any appointment, the acceptance in writing by the Trustee

        or Trustees appointed, shall be recorded with the Registry.  Upon

        the appointment of any succeeding or additional Trustee, the

        title to the Trust Estate shall thereupon and without the

        necessity of any conveyance be vested in said succeeding or

        additional Trustee jointly with the remaining Trustee or

        Trustees, if any.  Each succeeding and additional Trustee shall

        have the rights, powers, authority and privileges as if named as

        an original Trustee hereunder.  No Trustee shall be required to

        furnish bond.

 

                6.  AMENDMENT:  This Declaration of Trust may be amended

        from time to time by an instrument in writing signed by all the

        beneficiaries and acknowledged by one or more of the

        beneficiaries, provided in each case that the instrument of

        amendment, or a certificate by any Trustee setting forth the

        terms of such amendment, shall be recorded with the Registry

        prior to the amendment being effective as to any party who does

        not have actual notice thereof.

 

                7.  TRUSTEE LIABILITY; RELIANCE OF PURCHASERS AND OTHERS:

        No Trustee hereunder shall be liable for any error of judgment or

        for any loss arising out of any act or omission in good faith,

        but shall be responsible only for his/her own willful breach of

        trust.  No license of court shall be requisite to the validity of

        any transaction entered into by the Trustee.  No purchaser,

        transferee, pledgee, mortgagee or other lender shall be under any

        obligation to see to the application of the purchase money or of

        any money or property loaned or delivered to any Trustee or to

        see that the terms and conditions of this Trust have been

        complied with.  Every agreement, lease, deed, mortgage, note, or

        other instrument or document executed or action taken by any one

        Trustee appearing as a Trustee hereunder from the records of the

        Registry, shall be conclusive evidence in favor of every person

        relying thereon or claiming thereunder that at the time of the

        delivery thereof or of the taking of such action this Trust was

        in full force and effect, that the execution and delivery thereof

        or taking of such action was duly authorized, empowered and

        directed by the beneficiaries, and that such instrument or

        document or action is valid, binding and legally enforceable.

        Any person dealing with the Trust Estate or the Trustee may

        always rely without inquiry on the certificate signed by any

        Trustee appearing as a Trustee hereunder from the records of the

        Registry as to whom is the Trustee or whom are the Trustees or

        the beneficiaries hereunder, or as to the authority of the

        Trustee to act, or as to the existence or non-existence of any

        fact or facts which constitute conditions precedent to acts by

        the Trustee or which are in any other manner germane to the

        affairs of the Trust.

 

                8.  NO PERSONAL LIABILITY:  No Trustee or beneficiary of

        this Trust shall be held personally or individually liable for

        any of the obligations incurred or entered into on behalf of the

        Trust and each person who deals with the Trustee shall look

        solely to the Trust Estate for satisfaction of any claims which

        such person may have against the Trust.

 

                9.  RECORDATION:  The term "Registry" as used herein

        shall mean the _______________ County _________________(State)

        Registry of Deeds; provided that if this Declaration of Trust is

        recorded or filed for registration in any other public office

        within or without the ____________(State), any person dealing

        with portions or all of the Trust Estate as to which documents or

        instruments are recorded or filed for registration in such other

        public office in order to constitute notice to persons not

        parties thereto may rely on the state of the record with respect

        to this Trust in such other public office, and with respect to

        such portions or all of the Trust Estate the term "Registry" as

        used herein shall also mean such other public office.

 

                10.  MISCELLANEOUS:  Whenever applicable, the use of the

        singular number herein shall include the plural and the use of

        the plural shall include the singular number.  The use of the

        masculine gender shall also include the feminine, wherever

        applicable.  All paragraph titles are supplied for convenience of

        reference only and shall not govern the meaning or interpretation

        of this Declaration of Nominee Trust.

 

                WITNESS the execution hereof under seal at _____________

        by the undersigned this ____ day of ____________, 19__.

 

 

 

                                        _______________________________

                                        Trustee

           -------------------------------------------------------------

 

 

                         STATE OF ____________________

 

 

 

                Then personally appeared the above-named

        _______________________ and acknowledged the foregoing instrument

        to be his free act and deed, before me,

 

 

 

                                        ________________________________

                                        Notary Public

                                        My Commission Expires:

        ----------------------------------------------------------------

 

 

                      ACCEPTANCE OF APPOINTMENT AS TRUSTEE

 

 

 

                I, ________________, hereby accept appointment as

        Trustee of the ________________ Trust and hereby agree to

        exercise faithfully any and all rights, powers, authority and

        privileges granted thereunder.

 

                Signed this _______day of _______________, 19__.

 

 

 

                                        ____________________________

 

 

 

        Witnessed by:

 

 

 

        ___________________________