Common use of Custodian’s Liability Clause in Contracts

Custodian’s Liability. If the mode of payment for securities to be delivered by the Custodian is not specified in the written order from the Fund directing such delivery, the Custodian shall make delivery of such securities against receipt by it of cash, a postal money order or a check drawn by a bank, trust company, or other banking institution, or by a broker named in such written order from the Fund, for the amount the Custodian is directed to receive. The Custodian shall be liable for the proceeds of any delivery of securities made pursuant to this Article, but provided that it has complied with the provisions of this Article, only to the extent that such proceeds are actually received.