27Fraud and conversion—trust property

27 Fraud and conversion—trust property (1) An action on a cause of action— (a) in relation to fraud or a fraudulent breach of trust, against a person who is, while a trustee, a party or privy to the fraud or the breach of trust or against his or her successor; or (b) for a remedy for the conversion to a person’s own use of trust property received by him or her while a trustee, against that person or against his or her successor; or (c) to recover trust property, or property into which trust property can be traced, against a trustee or against any other person; or (d) to recover money on account of a wrongful distribution of trust property, against the person to whom the property is distributed or against his or her successor; is not maintainable by a trustee of the trust or by a beneficiary under the trust or by a person claiming through a beneficiary under the trust if brought after the end of the only or later to end of such of the following limitation periods as is or are applicable: (e) a limitation period of 12 years running from the date when the plaintiff, or a person through whom he or she claims, first discovers or may with reasonable diligence discover the facts giving rise to the cause of action and that the cause of action has accrued; (f) the limitation period for the cause of action fixed by or under any provision of this Act other than this section. (2) Except for fraud or a fraudulent breach of trust, and except so far as concerns income converted by a trustee to his or her own use or income retained and still held by the trustee or his or her successor at the time the action is brought, this section does not apply to an action on a cause of action to recover arrears of income.