Protection of executors, administrators and trustees

(1) For the purpose of the administration or distribution of any property held upon trust, or for any other purposes, every executor, administrator, and trustee shall, whenever it is material in the circumstances, make honest and reasonable inquiries as to the existence of any person who could claim an interest in the estate or property by reason only of this Act, but shall not be obliged to pursue such inquiries further than he honestly and reasonably believes to be necessary. (2) No action shall lie against any executor of the will or administrator or trustee of the estate of any person, or the trustee under any instrument, at the instance of any person who could claim an interest in the estate or property by reason of the executor or administrator or trustee having made any distribution of the estate or of property held upon trust or otherwise acted in administration of the estate or property held on trust disregarding the claims of that person where at the time of making the distribution or otherwise so acting the executor, administrator, or trustee had no notice of the relationship on which the claim is based, provided the executor or administrator or trustee had made such inquiries as are required under subsection (1) of this section. 29 (3) Nothing in this section shall prejudice the right of any person claiming an interest in the estate or property aforesaid (which interest is alleged by the claimant to have existed at the time the executor, administrator or trustee made the distribution or otherwise acted as aforesaid) to follow such estate or property or any property representing it into the hands of any person, other than a purchaser, who may have received it.