Trusts Act 2025
sec.148Protection in relation to acts and omissions of other persons and losses
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sec.148 Protection in relation to acts and omissions of other persons and losses
A trustee— is personally liable only for the trustee’s own acts or omissions; and is not personally liable for the acts or omissions of— another trustee; or an agent appointed by the trustee; or a financial institution, broker or other person with whom any trust funds are deposited. A trustee is not personally liable for the insufficiency or deficiency of any security, or any other loss, unless the insufficiency, deficiency or loss results from the trustee’s own breach of trust. See section 81 for the court’s power to set off gains and losses. This section applies subject to sections 52 , 54 , 77 and 98 . (sec.148-ssec.1) A trustee— is personally liable only for the trustee’s own acts or omissions; and is not personally liable for the acts or omissions of— another trustee; or an agent appointed by the trustee; or a financial institution, broker or other person with whom any trust funds are deposited. (sec.148-ssec.2) A trustee is not personally liable for the insufficiency or deficiency of any security, or any other loss, unless the insufficiency, deficiency or loss results from the trustee’s own breach of trust. See section 81 for the court’s power to set off gains and losses. (sec.148-ssec.3) This section applies subject to sections 52 , 54 , 77 and 98 .
- (a) is personally liable only for the trustee’s own acts or omissions; and
- (b) is not personally liable for the acts or omissions of— (i) another trustee; or (ii) an agent appointed by the trustee; or (iii) a financial institution, broker or other person with whom any trust funds are deposited.
- (i) another trustee; or
- (ii) an agent appointed by the trustee; or
- (iii) a financial institution, broker or other person with whom any trust funds are deposited.
- (i) another trustee; or
- (ii) an agent appointed by the trustee; or
- (iii) a financial institution, broker or other person with whom any trust funds are deposited.