Limitation and prescription

(1) No period of limitation or prescription applies to an action brought against a trustee– (a) in respect of any fraud to which 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 sub-section (1), 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 trust; or (b) three years from the date on which the plaintiff first has knowledge of the breach of trust, whichever period first begins to run. (3) Where the plaintiff is a minor or a person under legal disability, the period referred to in sub-section (2) does not begin to run until his minority or disability, as the case may be, ceases.