Third Party Dealings. Except as otherwise agreed or required by law, no party dealing with the Trustees shall be obliged to see that any money or property belonging to the Trust is applied to the Trust purposes or that the terms of this Trust Agreement have been complied with, or to inquire into the necessity or expediency of any act of the Trustees. Every instrument executed by the Trustees shall be conclusive evidence in favor of every person relying thereon that at the time of the delivery of said instrument the Trust was in full force and effect, the instrument was executed in accordance with the terms and conditions of this Trust Agreement, and the Trustees were duly authorized and empowered to execute the instrument. The receipt given by the Trustees for any money or other properties received by them shall discharge the person or persons paying or transferring the money or property and such person or persons shall not be bound to see to the application or be answerable for the loss or misapplication thereof.
Appears in 7 contracts
Samples: Agreement and Declaration, Agreement and Declaration, Agreement and Declaration
