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Trusts and Succession (Scotland) Act 2024

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This is the original version (as it was originally enacted).

34Provision purporting to limit liability for, or indemnify for, breach of fiduciary duty

(1)In so far as a provision of a trust deed purports generally to—

(a)limit any liability of a trustee for, or

(b)indemnify a trustee for,

the trustee’s breach of a fiduciary duty, the provision is of no effect.

(2)But subsection (1) is without prejudice to any provision of a trust deed which authorises a particular action or decision, or a particular class of actions or decisions, which but for that authority would constitute a breach of a fiduciary duty.

(3)This section applies—

(a)irrespective of when the trust was created, but

(b)only as respects a breach of a fiduciary duty occurring after the section comes into force.

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