Part 1Trusts
Chapter 3Powers and duties of trustees
Breach of duty etc.
I134Provision 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.