Appendix B Searches

 

 

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E Limitations on benefiting under deed

Settlor not to benefit from this trust

34 The settlor is not entitled to any benefit under this trust. A person claiming under or in
right of the settior is not entitled to any benefit under this trust unless he or she is a
named beneficiary.

F Liability, indemnity etc

Liability of the trustee

35 The trustee is not liable to the beneficiaries in respect of any loss unless it arises from
fraud, gross negligence or breach of trust on the part of the trustee.

Indemnity to the trustee

36 The trustee is entitled to an indemnity out of the assets of the trust in respect of any
liability incurred in connection with acting as trustee of the trust. This does not apply if
the liability arose from fraud, gross negligence or breach of trust on the part of the
trustee.

Indemnity in addition to any indemnity at law
37 The indemnity in the previous clause is in addition to any indemnities the trustee is
entitled to by law.

No indemnity from beneficiaries

38 A beneficiary is under no obligation whatever to personally indemnify the trustee or a
creditor of the trust or any sub-trust established under this deed in relation to any liability,
loss, damage or expense either incurred or suffered in connection with the trust. The
trustee is unable to exercise against a beneficiary any right by way of subrogation or
indemnity.

Trustee not bound to take proceedings against another trustee

39 A trustee is not bound to take legal proceedings against a co-trustee for an alleged
breach of trust.

Trustee may insist on protection

40 The trustee is entitled not to enter into an agreement, execute a document or assume
liability of any type in connection with the trust unless it includes a provision limiting the
trustee’s liability to the extent of the trustee’s right to an indemnity from the assets of the
trust.

Remuneration

41. __ The trustee is entitled to reasonable remuneration for acting as trustee. The
remuneration may be in the form of fees, salary, commission or other remuneration. It
may be paid out of capital or income of the trust.

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