Article 36 - Position of outgoing Trustee
Trustee who resigns or is removed must expeditiously deliver the Trust Property within the Trustee's possession to the co-Trustee, successor Trustee or other Person entitled to it.
(2) Unless a co-Trustee remains in office or the
QFC Court otherwise orders, and until the Trust Property is delivered to a successor Trustee or other Person entitled to it, a Trustee who has resigned or been removed has the duties of a Trustee and the powers necessary to protect the Property.
Trustee who resigns or is removed may require to be provided with reasonable security for liabilities whether existing, future, contingent or otherwise before surrendering the Trust Property.
Trustee who resigns or is removed and has complied with Article 36(1) will be released from liability to any Beneficiary, Trustee or Person interested under the Trust for any act or omission in relation to the Trust Property or the Trustee's duty as a Trustee except liability:
(A) arising from any breach of trust to which such
Trustee was a party or to which the Trustee was privy; or
(B) in respect of actions to recover from such
Trustee the Trust Property or the proceeds of the Trust Property in the possession of such Trustee.
|Amended (as from 24th December 2017).|