Common use of Custody Transfer and Title Clause in Contracts

Custody Transfer and Title. While MPL shall have physical custody of MPC’s Crude Petroleum while in storage at the Tank Farm, at no time shall MPL acquire or be deemed to acquire title to Crude Petroleum. MPC hereby warrants that it shall have good title to and the right to deliver, store and receive Crude Petroleum pursuant to the terms of this Agreement. MPC acknowledges that, notwithstanding anything to the contrary contained in this Agreement, MPC acquires no right, title or interest in or to any of the Storage Tanks, except the right to store and receive Crude Petroleum to, at and from the Storage Tanks as set forth herein. MPL shall retain ownership and operational control of the Tank Farm, all Storage Tanks, associated facilities and equipment used in connection with the provision of the storage services at all times.

Custody Transfer and Title. While MPL shall have physical custody of MPC’s Crude Petroleum and Product while in storage at the Tank Farm, at no time shall MPL acquire or be deemed to acquire title to Crude PetroleumPetroleum and Product. MPC hereby warrants that it shall have good title to and the right to deliver, store and receive Crude Petroleum and Product pursuant to the terms of this Agreement. MPC acknowledges that, notwithstanding anything to the contrary contained in this Agreement, MPC acquires no right, title or interest in or to any of the Storage Tanks, except the right to store and receive Crude Petroleum and Product to, at and from the Storage Tanks as set forth herein. MPL shall retain ownership and operational control of the Tank Farm, all Storage Tanks, associated facilities and equipment used in connection with the provision of the storage services at all times.