27Power of succeeding trustee to undertake liability of predecessor, &c.

27 Power of succeeding trustee to undertake liability of predecessor, &c.

On and after the retirement of any trustee from any registered trust and the appointment of his successor, any person to whom such trustee, his executors or administrators, may be under any liability incurred for the benefit or in respect of such trust, and such successor may sign a memorandum in writing under their hands by which the new trustee undertakes to answer such liability of the retiring trustee, or of his executors or administrators, and the person to whom such liability is due to accept such undertaking in discharge of the retiring trustee, his executors or administrators; and upon the registration of such memorandum the retiring trustee, or his executors or administrators, shall be discharged from such liability, and the succeeding trustee shall be bound to answer the same as if it had been incurred by him in the first instance.