Limitation of actions in respect of trust property

(1) No period of limitation or prescription applies to an action brought against a trustee, (a) in respect of any fraud to which a the trustee was a party or was privy; or (b) to recover from the trustee trust property or the proceeds thereof, (i) held by or vested in him or otherwise in his possession or under his control; or (ii) previously received by him and converted to his use. (2) Subject to subsection (1) of this section, the period within which an action founded on breach of trust may be brought against a trustee is, (a) three years from delivery of the final accounts of the trusts; or (b) three years from the date on which the plaintiff first has knowledge of the breach of whichever period first begins to run. (3) Where the plaintiff is a minor or a person under legal disability, the period referred to in subsection (2) of this section does not begin to run until his minority or disability, as the case may be, ceases. (4) This section applies to any action for breach of trust where the breach is committed on or after the 18th day of May 1992, and any other action where the action is commenced on or after the 18th day of May, 1992. 19