If you right click in the viewport of a model or drawing with out of date references and selection View you will see the following:
Is it just me or do those last two check boxes make no sense? If you deselect the 'Always Show Warning Watermark' then the 'Show Warning Watermark for this document only' becomes disabled (though it still shows the check mark) and the watermark disappears. If you select the last check box, and then deselect the first, the watermark disappears.
Can anyone provide a good explanation of what behavior is supposed to occur with the selection/deselection of these checkboxes?