Article 60 - Protection of Persons dealing with Trustees
Person other than a Beneficiary who in good faith assists a Trustee, or who in good faith and for value deals with a Trustee, without knowledge that the Trustee is exceeding or improperly exercising the Trustee's powers is protected from liability as if the Trustee properly exercised the power.
Person other than a Beneficiary who in good faith deals with a Trustee is not required to inquire into the extent of the Trustee's powers or the propriety of their exercise.
Person who in good faith delivers assets to a Trustee need not ensure their proper application.
Person other than a Beneficiary who in good faith assists a former Trustee or who in good faith and for value deals with a former Trustee, without knowledge that the trusteeship has terminated is protected from liability as if the former Trustee were still a Trustee.
(5) Comparable protective provisions of other
Regulations or rules issued thereunder relating to commercial transactions or transfer of securities by fiduciaries prevail over the protection provided by this Article.
|Amended (as from 24th December 2017).|