New South Wales Consolidated Acts

TRUSTEE ACT 1925 - SECT 59

59 Implied indemnity

(1) A trustee shall be chargeable only for money and securities actually received by the trustee, notwithstanding the trustee's signing any receipt for the sake of conformity.

(2) A trustee shall be answerable and accountable only for the trustee's own acts, receipts, neglects, or defaults, and not for those of any other trustee, nor for any banker, broker, or other person with whom any trust moneys or securities may be deposited, nor for the insufficiency or deficiency of any securities, nor for any other loss, unless the same happens through the trustee's own wilful neglect or default.

(3) Nothing in subsections (1) and (2) shall prejudice the provisions of the instrument, if any, creating the trust.

(4) A trustee may reimburse himself or herself, or pay or discharge out of the trust property all expenses incurred in or about execution of the trustee's trusts or powers.

(5) This section applies to trusts created either before or after the commencement of this Act.