sec.70Law and equity preserved

sec.70 Law and equity preserved

A rule or principle of law or equity that imposes a duty on a trustee exercising an investment power continues to apply except to the extent it is inconsistent with this Act or another Act or with the trust instrument. Without limiting subsection (1) , the rules or principles mentioned in that subsection include a rule or principle imposing any of the following duties— a duty to exercise the powers of a trustee in the best interests of all present and future beneficiaries of the trust; a duty to invest trust funds in investments that are not speculative or hazardous; a duty to act impartially towards beneficiaries and between different classes of beneficiaries; a duty to obtain advice. A rule or principle of law or equity relating to a provision in a trust instrument that purports to exempt, limit the liability of, or indemnify a trustee in relation to a breach of trust continues to apply. If a trustee is under a duty to obtain advice, the reasonable costs of obtaining the advice are payable out of the trust funds. (sec.70-ssec.1) A rule or principle of law or equity that imposes a duty on a trustee exercising an investment power continues to apply except to the extent it is inconsistent with this Act or another Act or with the trust instrument. (sec.70-ssec.2) Without limiting subsection (1) , the rules or principles mentioned in that subsection include a rule or principle imposing any of the following duties— a duty to exercise the powers of a trustee in the best interests of all present and future beneficiaries of the trust; a duty to invest trust funds in investments that are not speculative or hazardous; a duty to act impartially towards beneficiaries and between different classes of beneficiaries; a duty to obtain advice. (sec.70-ssec.3) A rule or principle of law or equity relating to a provision in a trust instrument that purports to exempt, limit the liability of, or indemnify a trustee in relation to a breach of trust continues to apply. (sec.70-ssec.4) If a trustee is under a duty to obtain advice, the reasonable costs of obtaining the advice are payable out of the trust funds.

• (a) a duty to exercise the powers of a trustee in the best interests of all present and future beneficiaries of the trust;
• (b) a duty to invest trust funds in investments that are not speculative or hazardous;
• (c) a duty to act impartially towards beneficiaries and between different classes of beneficiaries;
• (d) a duty to obtain advice.