ABSTRACT
As part of the bargain for undertaking a trusteeship, a trustee can exempt itself not only from liability for a breach of trust, it can altogether oust particular trusteeship duties, so long as it leaves intact the irreducible core obligations of a trust. Where a trustee is to hold underlying controlled companies, the trustee’s duties of supervision and inquiry can be specifically ousted so long as the trustee has no actual or blind-eye knowledge of dishonest conduct in the affairs of such companies. Low insurance premiums lead to low trustees’ fees.
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David Hayton, Trustees’ duties: exemptions and exonerations, Trusts and Trustees, volume 29, issue 5, June 2023, pages 389-392. Published: 8 April 2023.
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