SECURITY TRUSTEE'S RECEIPTS Sample Clauses

SECURITY TRUSTEE'S RECEIPTS. (a) The receipt of any Officer of the Security Trustee for any money payable to or received by the Security Trustee under this deed exonerates the payer from all liability to enquire whether any of the Secured Moneys have become payable. (b) Every receipt of an Officer of the Security Trustee effectually discharges the payer from: (1) any future liability to pay the amount specified in the receipt; and (2) being concerned to see to the application of, or being answerable or accountable for any loss or misapplication of, the amount specified in the receipt.