Part 1Trusts

Chapter 3Powers and duties of trustees

Breach of duty etc.

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.