Trusts and Succession (Scotland) Act 2024 (asp 2)

Valid from 26/06/2024

Part 1 S Trusts

Chapter 3 S Powers and duties of trustees

Prospective

Breach of duty etc. S

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

(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.

Commencement Information

I1 S. 34 not in force at Royal Assent, see s. 88(3)