Common use of Trustee Liability Clause in Contracts

Trustee Liability. If the Customer is a trust, the Contract will bind each trustee of that trust and each trustee personally. The Company’s rights against each trustee will only be limited if the trustee is an independent trustee (not being a trustee who has a right or interest in any of the assets of the trust except in the trustee’s capacity as trustee of that trust). The liability of an independent trustee shall be limited to the assets of the trust. However, this shall not affect the liability of an independent trustee who has guaranteed, in his or her personal capacity, the Customer’s obligations under the Contract.

Trustee Liability. If Where the Customer is a trust, the Contract will bind each trustee of that the trust is bound by this Agreement and each trustee personally. The Company’s rights against each trustee will only the trustees’ liability shall not be limited if to the assets of the trust unless the trustee is an independent trustee (not being a trustee who has a no right to or interest in any of the assets of the trust either directly or indirectly except in the trustee’s capacity as trustee of that trust). The liability of an independent trustee shall be limited to the assets of the trust. However, this limitation of liability for independent trustees shall not affect the liability of an the independent trustee who has guaranteed, in his or her personal capacity, that personally guarantees the Customer’s obligations under the Contractthis Agreement.