Common use of Limit of Duties Clause in Contracts

Limit of Duties. Without limiting the generality of the foregoing, the Custodian shall be under no duty or obligation to inquire into, and shall not be liable for: 1. The validity of the issue of any Securities purchased by the Separate Account, the legality of the purchase thereof, or the propriety of the amount paid therefor; 2. The legality of the sale of any Securities by the Separate Account or the propriety of the amount for which the same are sold; 3. The legality of the issue or sale of any Units, or the sufficiency of the amount to be received therefor; 4. The legality of the redemption of any Units, or the propriety of the amount to be paid therefor; 5. The legality of the declaration or payment of any distribution of the Separate Account; 6. The legality of any borrowing for temporary or emergency administrative purposes.

Limit of Duties. Without limiting the generality of the foregoing, the Custodian shall be under no duty or obligation to inquire into, and shall not be liable for: 1. 11.2.1 The validity of the issue of any Securities purchased by the Separate Accountany Series, the legality of the purchase thereof, or the propriety of the amount paid therefor; 2. 11.2.2 The legality of the sale of any Securities by the Separate Account any Series, or the propriety of the amount for which the same are sold; 3. 11.3.3 The legality of the issue or the sale of any UnitsShares, or the sufficiency of the amount to be received therefor; 4. 11.3.4 The legality of the redemption of any UnitsShares, or the propriety of the amount to be paid therefor;; 223J 11/19/90 -14 5. 11.3.5 The legality of the declaration or payment of any dividend or other distribution of the Separate Account; 6. any Series; 11.3.6 The legality of any borrowing for temporary or emergency administrative purposes.