Liability of Trustee. The Trustee shall not be personally liable for any obligation of the Trust. The Beneficiary shall not bind the Trustee or contract on his behalf without the Trustee’s express written consent. The Trustee and any successor Trustee shall not be required to give a bond. Each Trustee is liable only for his own actions and then only as a result of his own gross negligence or bad faith.
Appears in 3 contracts
Samples: Mineral Claim Trust Agreement (Mascota Resources Corp.), Mineral Claim Trust Agreement (Mascota Resources Corp.), Land Trust Agreement (American Sierra Gold Corp.)
Liability of Trustee. The Trustee shall not be personally liable for any obligation of the Trust. The Beneficiary No Beneficiaries shall not be able to bind the Trustee or nor contract on his behalf without the Trustee’s 's express written consent. The Trustee and any successor Trustee shall not be required to give a bond. Each Trustee is liable only for his own actions and then only as a result of his own gross negligence or bad faith.
Appears in 2 contracts
Samples: Land Trust Agreement, Land Trust Agreement
Liability of Trustee. The Trustee shall not be personally liable for any obligation of the Trust. The Beneficiary shall not bind the Trustee or contract on his behalf without the Trustee’s express written consent. The Trustee and any their successor Trustee as beneficiary shall not be required to give a bond. Each Trustee is , and each trustee shall be liable only for his such trustee’s own actions acts and then only as a result of his such trustee’s own gross negligence or bad faith.
Appears in 1 contract
Samples: Trust Agreement
Liability of Trustee. The Trustee shall not be personally liable for any obligation of the Trust. The Beneficiary No Beneficiaries shall not be able to bind the Trustee or nor contract on his behalf without the Trustee’s express written consent. The Trustee and any successor Trustee shall not be required to give a bond. Each Trustee is liable only for his own actions and then only as a result of his own gross negligence or bad faith. 7.
Appears in 1 contract
Samples: Land Trust Agreement
Liability of Trustee. The Trustee shall not be personally liable for any obligation of the Trust. The Beneficiary No Beneficiaries shall not be able to bind the Trustee or nor contract on his behalf without the Trustee’s 's express written consent. The Trustee and any successor Trustee shall not be required to give a bond. Each Trustee is liable only for his own actions and then only as a result of his own gross negligence or bad faith.
Appears in 1 contract
Samples: Land Trust Agreement
