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Borrower's Agreement Terms

As noted in the Borrower's Acknowledgement Letter. By entering into an agreement to lend/borrow IRA funds, the parties involved agree to the following terms.

Terms:

New Direction Trust Company (NDTCO) has received instructions for the above-referenced IRA holder concerning his/her intent to lend IRA funds.

As this asset is to be held in an Individual Retirement Account, the following instructions must be followed to ensure compliance with both IRS requirements and NDTCO policy.

  • All payments, income distributions and/or payoffs for this holding must be sent to NDTCO. Under the Internal Revenue Code, it is never acceptable to send funds directly to an IRA holder or IRA holder’s nominee. Should that happen, you agree to indemnify NDTCO against all liability concerning IRS compliance.

  • Lender is:

    • Lender: NDTCO as custodian FBO Client's Name IRA

      Address: 1070 W. Century Drive, Louisville, CO 80027

      Tax ID: 20-0157510

  • The original note showing the proper vesting is to be held by NDTCO

  • If an IRA holder has any questions concerning the IRA, such as, but not limited to, payments, distributions or fees, you agree to inform the IRA holder to contact NDTCO directly. Under no circumstances will third party inquiries be answered.

  • You agree to honor all written instructions from NDTCO concerning changes in asset registration.

  • You agree to inform the IRA holder that you have referred NDTCO as an accommodation and that NDTCO neither endorses your product nor has received consideration from you.

  • You agree to inform NDTCO promptly of any changes in address, telephone number, or company status (such as bankruptcy liens, regulatory agency investigations or litigation).

  • You acknowledge and agree to inform the IRA holder that NDTCO will not record principal balance changes unless amortization numbers are provided with each payment.

  • You certify that you are not a disqualified person or entity in respect to the above-named IRA as described in IRC Section 4975.

  • If the note does not require at least one payment of at least $100 in a given year, you agree to submit a letter for that year stating that the note is still active and proceeding according to that note.

As the borrower, I agree to comply with the above terms.