Cuba Clause & Definition of Event of Duress

Typical Cuba Clause

This is an example of your typical Cuba Clause & Definition of Event of Duress in a asset protection trust.

Change of Trustee and Situs of Administration
(a) Notwithstanding any other provision contained in this Settlement, the Trustee, upon the happening of an Event of Duress in the jurisdiction where any Trustee or part of the Trust Fund are located, or for any other reason with the written consent of the Protector, may change the situs of any management, control and administration of the Trust Fund from the jurisdiction having the Event of Duress to the place in which the remaining Trustee shall for the time being reside.

(b) The Trust Fund so transferred shall be held in Trust and shall be subject to the same provisions declared and contained in this Settlement except for any changes the Trustee in its discretion deems necessary pursuant to the powers to amend contained in this Settlement.

(c) Any Trustee, when called upon to do so by a remaining Trustee or the Emergency Trustee, shall execute all documents, deeds and contracts and do all things as shall be necessary in order to perfect the title of the Emergency Trustee to the Trust Fund.

(d) Upon the transfer or deemed transfer of the Trust Fund pursuant to the terms of this Clause, the retiring Trustee shall be indemnified by any Trustee then in office or by the Emergency Trustee from and out of the Trust Fund in accordance with the terms of this Settlement.

(e) The Emergency Trustee, on the transfer to the Emergency Trustee of the Trust Fund or any part thereof, shall for the purpose of this Settlement constitute the Trustee of this Settlement. Upon the occurrence of any transfer or deemed transfer of the Trust Fund, the Trustee then in office shall give notice to the Protector of such transfer or deemed transfer.

Event of Duress means the occurrence of any of the following: (i) War or civil disturbance which will or may endanger, whether directly or indirectly, the safety of any monies, investments or property which may from time to time be included in or form a part of the Trust Fund;

(ii) Political action in any part of the world, whether instigated by any government, political organization or individual, whether constitutional or otherwise, which will or may endanger, whether directly or indirectly, the safety of any monies, investments or property which may from time to time be included in or form a part of the Trust Fund;

(iii) The enactment in any part of the world of any law, regulation, decree or measure which will or may directly or indirectly, expropriate, sequestrate or in any way control, restrict or prevent the free disposal by the Trustee of any monies, investments or property which may from time to time be included in or form a part of the Trust Fund;

(iv) Action or threat of action by any government, department or agency in any part of the world or by any official purporting to act on the instructions and with authority of such government, department or agency, which will or may, directly or indirectly, expropriate, sequestrate, levy, lien or in any way control, restrict or prevent the free disposal by the Trustee of any monies, investments or property which may from time to time be included in or form a part of the Trust Fund;

(v) Any order, decree or judgment by any court or tribunal in any part of the world which will or may directly or indirectly, expropriate, sequestrate, levy, lien or in any way control, restrict or prevent the free disposal by the Trustee of any monies, investments or property which may from time to time be included in or form a part of the Trust Fund and any distribution therefrom.

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