Liability for breach of Trust

(1) Subject to the provisions of this Act and to the terms of the trust, a trustee who commits or concurs in a breach of trust is liable for– (a) any loss or depreciation in value of the trust property resulting from the breach; and (b) any profit which would have accrued to the trust had there been no breach. 41 (2) A trustee may not set off a profit accruing from one breach of trust against a loss or depreciation in value resulting from another. (3) A trustee is not liable for a breach of trust committed by another person prior to his appointment or for a breach of trust committed by a co-trustee unless– (a) he becomes or ought to have become aware of the breach; and (b) he actively conceals the breach, or fails within a reasonable time to take proper steps to protect or restore the trust property or to prevent the breach. (4) Where trustees are liable for a breach of trust, they are liable jointly and severally. (5) A trustee who becomes aware of a breach of trust shall take all reasonable steps to have the breach remedied. (6) Nothing in the terms of a trust shall relieve a trustee of liability for a breach of trust arising from his own fraud or wilful misconduct.