12BLimitation of liability of trustee for loss on improper investments

12B Limitation of liability of trustee for loss on improper investments (1) If a trustee improperly advances trust money on a security that would at the time of the investment have been a proper investment if the sum advanced had been smaller than the actual sum advanced, the security is to be taken to be a proper investment in respect of the smaller sum, and the trustee is only liable to make good the difference between the sum advanced and the smaller sum, with interest. (2) This section applies to investments made before or after the commencement of section 4 of the **Trustee and Trustee Companies (Amendment) Act 1995**. S. 12C inserted by No. 104/1995 s. 4.