X. — 7:201 Liability of trustee to reinstate the trust fund

Geldend

Documentgegevens:

Geldend vanaf 01-01-2009

Redactionele toelichting: De dag van de datum van afkondiging is gezet op 01. De datum van inwerkingtreding is de datum van afkondiging.
Bronpublicatie:: 01-01-2009, Internet 2009, ec.europa.eu (uitgifte: 01-01-2009, kamerstukken/regelingnummer: -)
Inwerkingtreding: 01-01-2009
Bronpublicatie inwerkingtreding:: 01-01-2009, Internet 2009, ec.europa.eu (uitgifte: 01-01-2009, kamerstukken/regelingnummer: -)
Vakgebied(en): Civiel recht algemeen (V)
EU-recht / Bijzondere onderwerpen
Internationaal privaatrecht / Algemeen

(1)

A trustee is liable to reinstate the trust fund in respect of loss caused to the trust fund by non-performance of any obligation under, or arising out of, the trust, if the non-performance:

(a): is not excused; and
(b): results from the trustee's failure to exercise the required care and skill.

(2)

However, a person is liable under paragraph (1) only if that person knew, or it was manifest, that that person was a trustee.

(3)

A trustee is not liable merely because a co-trustee, an agent or other person entrusted with performance, or an authorised recipient of trust assets has caused loss to the trust fund.

(4)

Paragraph (3) does not prejudice any liability of the trustee arising:

(a)

under paragraph (1) out of the trustee's own non-performance of an obligation under the trust, in particular:

(i): an obligation to act with the required care and skill when choosing to appoint or engage that person and agreeing the terms of the engagement; or (ii) the obligation to keep the performance of that person under review and, if required in the circumstances, to take measures to protect the trust fund; or

(b)

out of delegation of performance (X. — 5:206 (Power to delegate));

(c)

under VI. — 3:201 (Accountability for damage caused by employees and representatives); or

(d)

because the trustee induced, assisted or collaborated in that person's non-performance.

(5)

III. — 3:702 (General measure of damages) applies with appropriate adaptations to determine the measure of reinstatement.

(6)

The following rights of a trustee are suspended until the trustee has completely reinstated the trust fund:

(a): any right of recourse to the trust fund; and
(b): any right to benefit which the trustee has in the capacity of beneficiary.

(7)

This Article is subject to the trust terms.