Singapore legislation
Section 10
Section 10
Liability for loss by reason of improper investment
(1)
Where a trustee improperly advances trust money on a mortgage security which would at the time of the investment be a proper investment in all respects for a smaller sum than is actually advanced on the security, the security is deemed to be an authorised investment for the smaller sum, and the trustee is only liable to make good the sum advanced in excess of the smaller sum with interest.
(2)
This section applies to investments made before, on or after 26 June 1992.