Common use of Custodian's Duties and Responsibilities Clause in Contracts

Custodian's Duties and Responsibilities. The Custodian may act upon any instrument or other writing believed by it in good faith to be genuine and to have been signed or presented by the proper person and shall not be liable to any party hereto or to the Commissioner in connection with the performance of its duties hereunder, except for its own [gross] negligence or willful misconduct. The Custodian's duties shall be determined only with reference to this Agreement and the Public Deposits Act (as it relates specifically to the qualifications or duties of the Custodian) and the Custodian is not charged with knowledge of or any duties or responsibilities in connection with any other document or agreement. [If in doubt as to its duties and responsibilities hereunder, the Custodian may consult with counsel of its choice and shall be protected in any action taken or omitted upon the advice of such counsel.]

Custodian's Duties and Responsibilities. The Custodian may act upon any instrument or other writing believed by it in good faith to be genuine and to have been signed or presented by the proper person and shall not be liable to any party hereto or to the Commissioner in connection with the performance of its duties hereunder, except for its own [gross] negligence or willful misconduct. The Custodian's duties shall be determined only with reference to this Agreement and the Public Deposits Act (as it relates specifically to the qualifications or duties of the Custodian) ), and the Custodian is not charged with knowledge of or any duties or responsibilities in connection with any other document or agreement. [If in doubt as to its duties and responsibilities hereunder, the Custodian may consult with counsel of its choice and shall be protected in any action taken or omitted upon the advice of such counsel.]