Dawn Goodman of Messrs Withers) (taken from Issue No 1 – July 1996)
The Trustees’ protection
Under s.61 Trustee Act a trustee must have acted not only honestly and reasonably and ought fairly to be excused from the breach of trust but he must also be excused for omitting to obtain the court’s directions in the mater in which he committed the breach. If there is a problem capable of simple resolution by an application to the court under s.57 Trustee Act or for directions it will be difficult to persuade the court that relief should be granted. Paid trustees are more likely to be relieved of liability because the standard expected of them is higher – see National Trustee Co of Australasia Limited v General Finance Co of Australasia Limited [1905] AC 373 and Bartlett v Barclays Bank Trust Co Limited [1980] 1 Ch 515 – Brightman J:
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The Trust Quarterly Review is published in partnership with STEP, it discusses matters of interest to trustees and executors with a focus on the particular interests of trust corporations in mind
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