Tenants may also want to extend the lease. In either case, a lease extension letter should be written to formally request an extension on the lease. The landlord may use this letter to raise the rent or add new terms to the lease, and the tenant may use the letter to request repairs or other considerations.
Although few depositors realize it, legally the bank owns the depositorâs funds as soon as they are put in the bank. Our money becomes the bankâs, and we become unsecured creditors holding IOUs or promises to pay.
Revocable trust and FDIC insurance coverage In a revocable trust, the owner is considered the depositor and the account is only eligible for $250,000 of FDIC insurance coverage. However, if a bank fails after a trust owner has died but before the trust has been paid out or deemed to be an irrevocable trust, the beneficiaries are considered the depositors and each is entitled to $250,000 in coverage.