Template:External event beyond its reasonable control: Difference between revisions

Template:External event beyond its reasonable control (view source)

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	:''3. Despite rigorous and comprehensive [[due diligence]], it could not have prevented the loss.''		:''3. Despite rigorous and comprehensive [[due diligence]], it could not have prevented the loss.''

	The “[[omission]] of a ~~subcustodian~~ to meet its obligations” — albeit through its [[insolvency]] (and associated failures in internal segregation etc) is thus not an “external event beyond the reasonable control” of the depositary. Treat this exemption as being limited to genuine force majeure events — ~~Acts~~ of God, operation of the ~~Trade Winds~~, etc. The depositary remains liable for the insolvency of sub-~~custodians~~. Even ~~unaffiliated~~ ones. <br>		The “[[omission]] of a sub-custodian to meet its obligations” — albeit through its [[insolvency]] (and associated failures in internal segregation etc) is thus not an “external event beyond the reasonable control” of the [[depositary]]. Treat this exemption as being limited to genuine [[force majeure]] events — [[acts of God]], war, insurrection, malign operation of the trade winds, etc. The [[depositary]] remains liable for the insolvency of [[sub-custodian]]s. Even un[[affiliate]]d ones. <br>