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These excerpts taken from the GLD 10-K filed Nov 25, 2008. Exclusion
of Liability
The Custodian will use reasonable care in the performance of its
duties under the Custody Agreements and is only responsible for
any loss or damage suffered by the Trust as a direct result of
any negligence, fraud or willful default in the performance of
its duties. The Custodian’s liability under the Allocated
Bullion Account Agreement is further limited to the market value
of the gold held in the Trust Allocated Account at the time
such negligence, fraud or willful default is discovered by the
Custodian, provided that the Custodian promptly notifies the
Trustee of its discovery. The Custodian’s liability under
the Unallocated Bullion Account Agreement is further limited to
the amount of the gold credited to the Trust Unallocated
Account at the time such negligence, fraud or willful default is
discovered by the Custodian, provided that the Custodian
promptly notifies the Trustee of its discovery.
Furthermore, the Custodian has no duty to make or take or to
require any subcustodian selected by it to make or take any
special arrangements or precautions beyond those required by the
Custody Rules or as specifically set forth in the Custody
Agreements.
Table of Contents
Exclusion of Liability The Custodian will use reasonable care in the performance of its duties under the Custody Agreements and is only responsible for any loss or damage suffered by the Trust as a direct result of any negligence, fraud or willful default in the performance of its duties. The Custodian’s liability under the Allocated Bullion Account Agreement is further limited to the market value of the gold held in the Trust Allocated Account at the time such negligence, fraud or willful default is discovered by the Custodian, provided that the Custodian promptly notifies the Trustee of its discovery. The Custodian’s liability under the Unallocated Bullion Account Agreement is further limited to the amount of the gold credited to the Trust Unallocated Account at the time such negligence, fraud or willful default is discovered by the Custodian, provided that the Custodian promptly notifies the Trustee of its discovery. Furthermore, the Custodian has no duty to make or take or to require any subcustodian selected by it to make or take any special arrangements or precautions beyond those required by the Custody Rules or as specifically set forth in the Custody Agreements.
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