Prospective
(1)Except in so far as the trust deed, expressly or by implication, provides otherwise, a trustee only has personal liability for any loss to a beneficiary which results from—
(a)the trustee’s own acts or omissions, or
(b)a breach of trust, or of fiduciary duty, by a co-trustee if the trustee failed to take reasonable steps to ensure that the co-trustee did not commit the breach.
(2)This section applies—
(a)irrespective of when the trust was created, but
(b)only as respects—
(i)an act,
(ii)an omission, or
(iii)a breach of trust or of fiduciary duty,
occurring after the section comes into force.
(3)This section is subject to the other provisions of this Act concerning the personal liability of trustees (including, in particular, sections 39, 40 and 70).
Commencement Information
I1S. 36 not in force at Royal Assent, see s. 88(3)
(1)A trustee is not personally liable for any error in the distribution of any property, or the income of property, vested in the trustee as trustee if—
(a)the error was caused by the trustee not knowing (either or both)—
(i)of the existence, or non-existence, of a person,
(ii)of a person's relationship, or lack of relationship, to another person, and
(b)the distribution takes place—
(i)in good faith and after such enquiries as any reasonable and prudent trustee would have made in the circumstances of the case, or
(ii)in accordance with an order of the court.
(2)Subsection (1) does not affect any right which a person entitled to the property or income concerned has to recover it from another person.
(3)Subsection (2) is without prejudice to section 24 of the Succession (Scotland) Act 2016.
(4)This section applies—
(a)irrespective of when the trust was created, but
(b)only as respects distributions occurring after the section comes into force.
Commencement Information
I2S. 37 not in force at Royal Assent, see s. 88(3)