There are no liabilities attached to the Exchangor, even if by 'exchangor' you mean someone who exchanges property into the Trust. Once the property is in the Trust, the Trust owns it and any liability, except for pre-existing liabilities of course, will attach to the Trust. Essentially the same for the Trustees although the Trustees are required to perform their duties as specified in the indenture, which they are going to delegate to one or more Managing Directors. The Managing Director(s) are required to perform as specified in the contract which basically says to comply with the indenture. Keeping liablity away from the parties to the Trust is kind of what the Trust is all about.
Copyright at Common Law, West El Paso Information Network, 1997