EXCULPATION OF TRUSTEES. No Trustee of the Trust shall be liable to the Trust or to any Trustee for any act or omission of any other Trustee, Holder, or agent of the Trust, or be held to any personal liability whatsoever in tort, contract or otherwise in connection with the affairs of the Trust except only that arising from his/her/its own willful misfeasance, gross negligence or reckless disregard of duty. In addition to, and not in limitation of, the foregoing, no successor Trustee shall be in any way liable for the acts or omissions of any Trustee or agent of the Trust occurring prior to the date on which he/she/it became a Trustee.
Appears in 6 contracts
Samples: Liquidating Trust Agreement (Global Resource CORP), Liquidating Trust Agreement (Global Resource CORP), Liquidating Trust Agreement (Global Resource CORP)
