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purchasers in trust, or that these funds were held in the PLRF
accounts for the purchasers' benefit. In support of their
theory, petitioners point to the language of the operative
agreements. The Administrator Agreement provides that "To the
extent that Dealer receives monies for Reserves, Administrator's
fees or insurance premiums, Dealer agrees to accept and hold such
monies as a fiduciary in trust". It further provides:
All Reserves in the Escrow Account(s) shall be held for
the primary benefit of Contract holders to secure
Dealer's performance under the Contracts and to pay for
valid claims arising under the Contracts. Dealer shall
have no beneficial or other property interest in the
Reserves or investment income in the Escrow Accounts(s)
* * *.
The Escrow Agreement between the Escrow Trustees and the bank
acting as escrow depository likewise recites that "the vehicle
service contract entered into between a dealer in the Dealer
Group and a consumer requires that a Primary Loss Reserve Fund
escrow account be established for the benefit of the consumer."
The language that contracting parties use to describe the
effect of their agreements may accurately reflect their
intentions, but it may also inadvertently or deliberately
misrepresent them. In determining whether the operative
agreements create rights and obligations characteristic of a
trust, we do not regard the language quoted above as controlling.
See Davis v. Aetna Acceptance Co., 293 U.S. 328, 333-334 (1934);
In re Schnitz, supra at 955-956. Petitioners themselves do not
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