Possessed definition
Examples of Possessed in a sentence
Customer assumes full responsibility for all credit risks associated with any such sale or purchase or any loss, damage or destruction of any Documentation, Investment Files or Possessed Securities in transit.
Under no circumstances will BNY Mellon be required to issue a trust receipt (or similar instrument) with respect to any Possessed Security.
BNY Mellon will follow such reasonable Instructions as Customer issues concerning the transfer of custody of records, Assets, Investment Files, Possessed Securities and other items; provided that (a) BNY Mellon will have no responsibility or liability for shipping and insurance costs associated therewith and (b) full payment has been made to BNY Mellon of its compensation, costs, expenses and other amounts to which it is entitled hereunder.
With respect to the subject matter hereof, BNY Mellon will only provide those services set forth herein and BNY Mellon shall be under no obligation to accept delivery of any Possessed Security unless it is delivered in accordance with the foregoing requirements.
BNY Mellon may, in its sole discretion, as a matter of bookkeeping convenience, credit the relevant Account with the proceeds resulting from the purchase, sale, redemption or other delivery or receipt of Securities, Investment Files or Possessed Securities, or interest, dividends or other distributions payable on Securities, Investment Files and Possessed Securities, prior to its actual receipt thereof.
BNY Mellon will include such Possessed Securities in its regular security count audits and deliver such Possessed Securities to such person or entity as Customer or a Series may instruct via Instructions.
BNY Mellon shall endeavor to provide reasonable notice to Customer of a rejection of any Possessed Security; provided that BNY Mellon makes no representation as to its ability to provide such notice and provided BNY Mellon has acted with the Standard of Care, shall not incur any liability arising out of its failure to provide such notice.
Non-Custody Assets will be designated on BNY Mellon’s books as “assets not held in custody” or by other similar designation and will not constitute Assets, Investment Files or Possessed Securities for purposes of this Agreement.
BNY Mellon makes no representations or warranties, nor does it give any other assurances, regarding any Possessed Security or the contents thereof.
BNY Mellon shall maintain continuous possession of the certificated securities evidencing Possessed Securities; provided, however, that BNY Mellon expressly disclaims any ability to “control” (within the meaning of the UCC) the Possessed Securities or otherwise exercise any rights in respect thereof or at the direction of Customer or a Series.