Trusts and Trustees Act (Cap. 331), article 34

34. (1) A trustee who resigns or is removed or otherwise ceases to be a trustee shall duly surrender trust property in his possession or control. (2) A trustee who resigns or is removed or otherwise ceases to be a trustee and has complied with the requirements of subarticle (1) shall be released from liability to any beneficiary, trustee or person interested under the trust for any act or omission in relation to the trust property or his duty as a trustee, except in respect of actions arising from breach of trust to which such trustee was a party or to which he was privy. (3) A trustee who resigns or is removed or otherwise ceases to be a trustee shall continue to be liable to any beneficiary, trustee or person interested under the trust for the recovery from such trustee of trust property or the proceeds of trust property in the possession o f t h e t r u s t e e o r c o n v e r t e d t o t h e t r u s t e e ’s o w n u s e o r n o t surrendered as required by subarticle (1). (4) The new trustee shall be entitled to be indemnified out of the trust property in respect of any claims against the outgoing trustee, except in respect of actions arising from breach of trust. MISCELLANEOUS PROVISIONS REGARDING TRUSTS Class interest. Amended by: XI. 2014.7.