Securities in Custody. The Client acknowledges and agrees that there are risks in leaving Securities in the safe custody of USL, USL’s nominee or agent or in authorizing USL to deposit Securities as collateral for loans or advances made to the Client or authorizing USL to borrow or loan Securities; and that USL will not be responsible for any damage or loss arising in connection with such safe custody nor any act, default or negligence of any independent nominee, or other third party(ies) and the Client accepts that any Securities placed and pledged with any of them are at the Client’s own risk.
Appears in 3 contracts
Sources: Client Agreement for Securities Trading, Client Agreement for Securities Trading, Client Agreement for Securities Trading