Fraud and conversion; trust property
47 Fraud and conversion; trust property
An action on a cause of action—
in respect of fraud or a fraudulent breach of trust, against a person who is, while a trustee, a party or privy to the fraud or the breach of trust or against the person’s successor,
for a remedy of the conversion to a person’s own use of trust property received by the person while a trustee, against that person or against the person’s successor,
to recover trust property, or property into which trust property can be traced, against a trustee or against any other person, or
to recover money on account of a wrongful distribution of trust property, against the person to whom the property is distributed or against the person’s successor,
is not maintainable by a trustee of the trust or by a beneficiary under the trust or by a person claiming through a beneficiary under the trust if brought after the expiration of the only or later to expire of such of the following limitation periods as are applicable—
a limitation period of twelve years running from the date on which the plaintiff or a person through whom the plaintiff claims first discovers or may with reasonable diligence discover the facts giving rise to the cause of action and that the cause of action has accrued, and
the limitation period for the cause of action fixed by or under any provision of this Act other than this section.
Except in the case of fraud or a fraudulent breach of trust, and except so far as concerns income converted by a trustee to his or her own use or income retained and still held by the trustee or his or her successor at the time when the action is brought, this section does not apply to an action on a cause of action to recover arrears of income.
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