TRUSTEE ACT 1936 - SECT 35

TRUSTEE ACT 1936 - SECT 35

35—Liability of trustees

        (1)         A trustee is accountable only for trust property actually received by him unless he wilfully or negligently failed, in breach of his obligations under the trust, to take possession of the trust property.

        (1a)         A trustee is not liable for any loss of trust property unless—

            (a)         the loss occurred as a result of his own wrongful or negligent act or omission; or

            (b)         the loss occurred as a result of circumstances that the trustee could reasonably be expected to have foreseen and to have avoided.

        (2)         A trustee may reimburse himself, or pay or discharge out of the trust premises, all expenses incurred in or about the execution of his trusts or powers.