Prospective
36Trustees’ personal liability for beneficiary’s lossS
(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)