13B
In forceLimitation of liability of trustee for loss on improper investments
Part 1Investments
13B Limitation of liability of trustee for loss on improper investments
(1)
If a trustee improperly lends trust money on a security that would have been a proper investment if the sum lent had been smaller than the actual sum lent, the security is to be taken to be a proper investment in respect of the smaller sum, and the trustee is only liable to make good the difference between the sum advanced and the smaller sum, with interest.
(2)
This section applies to investments made before or after the commencement of the Trustee (Investment Powers) Amendment
Act 1995.
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