sec.33MSatisfaction of liability by trustee of associated trust

### sec.33M Satisfaction of liability by trustee of associated trust This section applies in relation to a liability that, under section 33J , 33K or 33L , may be satisfied out of the assets of an associated trust of an institution. The trustee of the associated trust may pay an amount in satisfaction of the liability and, for that purpose, may realise assets of the trust. The satisfaction of the liability is a proper expense for which the trustee may be indemnified out of the trust property, irrespective of any limitation on any right of indemnity the trustee may have. The liability of the trustee of the associated trust as the institution’s nominee is limited to the value of the trust property. The trustee is not liable for a breach of trust only because of doing anything authorised by this section. s 33M ins 2019 No. 34 s 4 (sec.33M-ssec.1) This section applies in relation to a liability that, under section 33J , 33K or 33L , may be satisfied out of the assets of an associated trust of an institution. (sec.33M-ssec.2) The trustee of the associated trust may pay an amount in satisfaction of the liability and, for that purpose, may realise assets of the trust. (sec.33M-ssec.3) The satisfaction of the liability is a proper expense for which the trustee may be indemnified out of the trust property, irrespective of any limitation on any right of indemnity the trustee may have. (sec.33M-ssec.4) The liability of the trustee of the associated trust as the institution’s nominee is limited to the value of the trust property. (sec.33M-ssec.5) The trustee is not liable for a breach of trust only because of doing anything authorised by this section.