Withdrawn Uniform Acts
Trusts and Trustees
40. (1) In this section "trustee" includes an executor, an administrator and trustee whose trust arises by construction or implication of law as well as an express trustee and also includes a joint trustee.
(2) No period of limitation prescribed by this Act applies to an action by a beneficiary under a trust, being an action
(a) in respect of any fraud or fraudulent breach of trust to which the trustee was a party or privy; or
(b) to recover from the trustee trust property or the proceeds thereof in the possession of the trustee, or previously received by the trustee and converted to his use.
Actions against trustee(3) Subject to subsection (2), an action by a beneficiary to recover trust property or in respect of any breach of trust, not being an action for which a period of limitation is prescribed by any other provision of this Act, shall not be brought after the expiration of six years from the date on which the right of action accrued, but the right of action shall be deemed not to have accrued to any beneficiary entitled to a future interest in the trust property, until the interest falls into possession.
(4) No beneficiary as against whom there would be a good defence under this Act shall derive any greater or other benefit from a judgment or order obtained by any other beneficiary than he could have obtained if he had brought the action and this Act had been pleaded in defence.
Action for personal estate
41. Subject to section 40(2),
(a) no action in respect of any claim to the personal estate of a deceased person or to any share or interest in such estate, whether under a will or an intestacy, shall be brought after the expiration of ten years from the date when the right to receive the share or interest accrued; and
(b) no action to recover arrears of interest in respect of any legacy, or damages in respect of such arrears, shall be brought after the expiration of six years from the date on which the interest became due.
Accrual of recovery rights by cestui que trust
42. (1) Where any property is vested in a trustee upon any express trust, the right of the cestui que trust or any person claiming through him to bring an action against the trustee or any person claiming through him to recover the property, shall be deemed to have first accrued at and not before the time at which it was conveyed to a purchaser for a valuable consideration, and shall then be deemed to have accrued only as against such purchaser and any person claiming through him.
(2) No action shall be brought to recover
(a) any sum of money or legacy charged upon or payable out of any land or rent charge, though secured by an express trust;
(b) any arrears of rent or of interest in respect of any sum of money or legacy so charged or payable or so secured; or
(c) any damages in respect of such arrears,
except within the time within which the same would be recoverable if there were not any such trust.
(3) Subsection (2) does not operate so as to affect any claim of a cestui que trust against his trustee for property held on an express trust.