No Personal Liability of Members, Trustees and Others Sample Clauses

No Personal Liability of Members, Trustees and Others. No member shall be subject to any personal liability whatsoever to any person in connection with the Trust Property or the acts, obligations or affairs of the Trust. Except as otherwise assumed by written agreement, no Trustee, officer, employee or agent of the Trust shall be subject to any personal liability whatsoever to any person, in connection with the Trust Property or the affairs of the Trust, save only that arising from bad faith, willful misfeasance, gross negligence or reckless disregard for his duty to such person; and all such persons shall look solely to the Trust Property for satisfaction of claims of any nature arising in connection with the affairs of the Trust. Except as otherwise assumed by written agreement, no member, Trustee, officer, employee, or agent, as such, of the Trust, made a party to any suit or proceeding to enforce any such liability, shall be held to any personal liability. The Trust shall indemnify and hold each member harmless from and against all claims and liabilities, to which such member may become subject by reason of its being or having been a member of this Trust and shall reimburse such member for all legal and other expenses reasonably incurred by it in connection with any such claim or liability. The rights accruing a member under this Section shall not exclude any other right to which such member may be lawfully entitled, nor shall anything herein contained restrict the right of the Trust to indemnify or reimburse such member in any appropriate situation even though not specifically provided herein.
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Related to No Personal Liability of Members, Trustees and Others

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