Trustee limitation Sample Clauses
A Trustee limitation clause defines and restricts the responsibilities and liabilities of a trustee under a trust agreement. Typically, this clause specifies that the trustee is only liable for actions taken in bad faith, gross negligence, or willful misconduct, and not for honest mistakes or ordinary negligence. For example, it may state that the trustee is not personally liable for losses to the trust assets unless those losses result from the trustee's intentional wrongdoing. The core function of this clause is to protect trustees from undue personal liability, thereby encouraging qualified individuals or institutions to serve as trustees without fear of excessive legal exposure.
Trustee limitation. Officer’s and director’s limitation of liability: Despite anything stated or implied in this Agreement, the Council agrees that the officers and or directors of the Recipient enter into this Agreement as officers and directors of an incorporated society pursuant to the Incorporated Societies ▇▇▇ ▇▇▇▇ and not in any personal capacity. The Council acknowledges that the liability of the officers and or directors of the Recipient shall be limited to the assets of the Recipient from time to time unless such liability is occasioned by their wilful default or by their wilful acquiescence
Trustee limitation. Despite anything stated or implied in this Agreement, if Recipient is a trust, Funder agrees that the trustees of Recipient enter into this Agreement as trustees for Recipient and not in any personal capacity. The liability of each of the trustees of Recipient under this Agreement (except in matters of fraud, criminal act, or wilful wrongdoing by that trustee) is limited to the assets for the time being of Recipient.
Trustee limitation. Where a Party enters into this Agreement in a trustee capacity then except as expressly agreed otherwise their liability at any time under it (but only in the absence of dishonesty or wilful breach of trust) is limited to an amount equal to the value of trust assets then under their control. [[Drafting note: Consider limiting operation of this clause to 'independent' trustees only. You may consider also whether Trustees should specifically be indemnified by beneficiaries as well as out of Trust assets.]]
Trustee limitation. (a) Subject to clause 1.5(c), no Trustee will be liable to pay or satisfy any obligations or liabilities under this Agreement other than out of assets of the relevant trust (Trust) in respect of which that Trustee has entered into this Agreement and in no circumstances will that Trustee be called upon or liable to satisfy any of those obligations or liabilities out of its personal assets;
(b) Subject to clause 1.5(c), each party to this Agreement may only enforce its rights against a Trustee to the extent of that Trustee’s right of indemnity out of the assets held by it in respect of the relevant Trust; and
(c) The limitation of liability recorded in clauses 1.5(a) and (b) above shall not apply if and to the extent that the Trustee does not have or has lost (as a result of the Trustee’s wilful breach of trust, fraud or gross negligence) a right of indemnity out of the assets held by it in respect of the relevant Trust.