114GLiability of trustee if nominated or appointed as

114G Liability of trustee if nominated or appointed as defendant (1) This section applies if a related trust is nominated or appointed under this part as the defendant for an unincorporated body in a proceeding for a child abuse claim. (2) Despite any territory law or anything in the trust deed, the trustee of the related trust may— (a) accept liability in relation to the child abuse claim; and (b) if nominated as defendant—consent to the nomination; and (c) give the court any information about the trust that may be required for this part including information about the trust’s financial capacity; and (d) if the trust is found liable, or the trustee accepts liability, in relation to the claim— (i) apply trust property to pay the liability; and (ii) be indemnified out of the trust property of the trust in relation to the payment of the liability regardless of any limitation on any right of indemnity the trustee may have. (3) A trustee of a related trust is not liable under this part— (a) for an amount more than the total value of the trust property; or (b) for breach of trust only because of exercising a power under this part or complying with this part. (4) This section is declared to be a corporations legislation displacement provision for the Corporations Act, section 5G (Avoiding direct inconsistency arising between the Corporations legislation and State and Territory laws). Note Subsection (4) ensures that any provision of the Corporations Act or the Australian Securities and Investments Commission Act 2001 (Cwlth) with which this section would otherwise be inconsistent does not apply to the extent necessary to avoid the inconsistency. liability, in relation to a child abuse claim, includes— (a) any unpaid judgment debt arising from the proceeding for the claim; and (b) any amount paid in settlement of the proceeding; and (c) any costs associated with the proceeding. trustee, of a related trust, if the trustee is a corporation, includes any corporator, member or director of the corporation.