Sample Exculpatory Clauses

 

NINTH: . . . I direct that no bond be required of the Executors or Trustees in this or any other jurisdiction, and that no inventory of my estate need be filed.

Insofar as may be permitted by law, no Executor or Trustee shall be liable for any act or omission in connection with the administration of my estate or of the trusts herein created, or the exercise of any of the powers and discretions hereinbefore provided for, nor for any loss or injury to any property held in or under my estate or said trusts, except for his or her actual fraud, and no Executor or Trustee shall be responsible for any act or omission of any other Executor or Trustee.

ARTICLE XXXIII, Section 8: And I declare that neither of my executors or trustees shall be liable for any loss to my estate or to any trust fund thereof, unless the same shall occur through his own gross neglect or willful malfeasance, and that my several executors and trustees for the time being shall be respectively chargeable only with such moneys as they shall respectively actually receive and shall be answerable only for their own acts, receipts and defaults and not for those of each other nor for any banker, broker, or other person with whom or into whose hands any of the trust moneys or securities shall be placed or deposited or come, nor for the insufficiency of any stocks, funds, shares or securities, nor otherwise for involuntary losses.

Thirteenth: I direct that no bond or other security be required of any executor or trustee under this will, whether such executor or trustee shall be specifically named as such or appointed in accordance with terms hereof for the faithful discharge of his duty as such and no executor and/or trustee hereunder shall be held in damages or surcharged except for his own willful default, and no executor and/or trustee, hereunder, shall for any event be held in damages or be charged by reason of any act or omission of any executor and/or trustee. If, notwithstanding the foregoing provision, any such bond or security shall be required by law, I authorize that a corporate bond or security be given and that any premium necessary to secure such bond or security shall be paid from my estate.

Sixteenth: I hereby expressly direct that no bond or other security shall be required of said Executors or Trustees, or any of them, in this or in any other jurisdiction, to secure the performance of their respective duties as such.

Fifth: . . . , as in their own personal judgment may seem best and from time to time to sell any real or personal property held or purchased by them and to change the investments as and whenever they please, and they shall not be responsible for any losses arising therefrom.

(2) . . . I request that neither of my executors or my trustee, herein named, shall be required to give surety on his official bond.

. . . I of this Will and Testament,¾ In the construction of which it will readily be perceived that no professional character has been consulted or has had any agency in the draught¾ and that, although it has Occupied many of my leisure hours to digest & to through it into its present form, it may, notwithstanding, appear crude an incorrect.¾ But having endeavored to be plain, and explicit in all the devises¾ even at the expense of prolixity, perhaps of tautology, I hope, and trust, that no disputes will arise concerning them; but if, contrary to expectation, the case should be otherwise from the want of legal expression, or the usual technical terms,¾ or because too much or too little has been said on any of the devises to be consonant with law, my will and direction expressly is, that all disputes (if unhappily any should known for their probity and good understanding; ¾ two to be chosen by the disputants¾ each having the choice of one and the third by those two.¾ which three men thus chosen, shall unfettered by Law, or legal constructions, declare their sense of the Testator’s intention;¾ and such decision is, to all intents and purposes to be as binding on the Parties as if it had been give in the Supreme Court of the United States.

VIII. I hereby designate and appoint my son, Edsel B. Ford, to be executor of this my last will and testament, and direct that no bond or other security shall be required from him for the faithful performance of his duty as such executor or as trustee under this will.

(D) I direct that my said executor, trustees and substitute shall be permitted to qualify and act hereunder, at any time and in any jurisdiction, without giving bond or other surety,

Eighth: I direct that no bond or other security be required from my executor and trustee for the performance of its duties.

3. I hereby nominate, constitute and appoint my beloved wife Mary executrix and request that she be permitted to serve without bonds or surety thereon.