exculpatory clause


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exculpatory clause

(1) A clause in a mortgage that allows the borrower to surrender the property to a lender without any further personal liability for a deficiency.(2) A clause in a trust instrument or in a will excusing the trustee or executor from liability when powers are exercised in error but in good faith.

References in periodicals archive ?
Exculpatory Clauses in North Carolina and the Potential Effects of Limiting Individual Liability
directors can be indemnified or benefit from exculpatory clauses for
A Proposal for Enforcing Trust Forfeiture Clauses: Using Exculpatory Clause Law as a Model
The critical feature of Concepcion consists of the lower courts' odd framing of the unconscionability problem: not in terms of equivalence to an exculpatory clause but, instead, by reference to optimal deterrence, predicated on the existence of a fundamental difference between class actions under Rule 23 and other procedural rules that may influence claiming.
Under Purcell, for sophisticated parties (loosely equated with "commercial entities"), less precise language will effectuate an exculpatory clause.
The [Unsecured Creditors] Committee challenges the Exculpatory Clause as void, arguing based on a series of bankruptcy decisions that the obligations it creates are inconsistent with the "special relationship" between [a debtor in reorganization] and [a financial advisor].
nonobligation by reason of the exculpatory clause is equivalent to the
Although exculpatory clauses may help certain trustees avoid liability for a breach of trust, it's unlikely that an exculpatory clause will avoid the removal of a negligent trustee.
You may try to insert an exculpatory clause in your contract which basically states that your customer leaves his property at his own risk, that you are not responsible for loss or damage to the property in certain situations and that the amount for which you may be held liable is limited to a specific amount.
The term waiver is synonymous with release, disclaimer, exculpatory clause or exemption clause.