Trustee Limited Liability Clause Samples
The Trustee Limited Liability clause defines and restricts the personal liability of a trustee acting on behalf of a trust. In practice, this clause ensures that any obligations, debts, or liabilities incurred under the agreement are enforceable only against the assets of the trust, not the trustee’s personal assets. For example, if the trust enters into a contract and defaults, only the trust’s property can be used to satisfy claims, not the trustee’s own funds. This clause’s core function is to protect trustees from personal financial risk, encouraging individuals or entities to serve as trustees without fear of personal loss.
Trustee Limited Liability. Except as otherwise provided by law, the Trustees shall not be obligated personally for any debt, obligation or liability of the Company solely by reason of being a Trustee of the Company, and the debt, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company.
Trustee Limited Liability. Where a party is acting as an independent trustee of a Trust, the trustees either party may terminate their involvement in the mediation at any time but only after consultation with the mediator; any information disclosed during the mediation process will not be disclosed to any person not present at the mediation unless required by law; and the costs of the mediation will be shared equally by the parties. liability under this Agreement is not personal, and is limited to the assets of the Trust from time to time, unless such liability is a result of the Trustee’s wilful breach of the Trust and/or its dishonesty or fraudulent behaviour.