Implied indemnity of trustees
26 Implied indemnity of trustees
A trustee shall, without prejudice to the provisions of the instru­ment (if any) creating the trust, be chargeable only for money, stocks, funds, and securities actually received by him, notwithstanding his signing any receipt for the sake of conformity, and shall be answerable and accountable only for his own acts, receipts, neglects, or defaults, and not for those of any other trustee, nor for any banker, broker, or other person with whom any trust moneys or securities may be deposited, nor for the insufficiency or deficiency of any stocks, funds or securities nor for any other loss, unless the same happens through his own wilful default, and may reimburse himself; or pay or discharge out of the trust premises, all expenses incurred in or about the execution of his trusts or powers.
Part III Powers of the
Court
Appointment of new trustees and vesting orders
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