32. Implied indemnity of trustees

A trustee is —

chargeable only for money and securities actually received by the trustee despite signing any receipt for the sake of conformity; and

answerable and accountable only for the trustee’s own acts, receipts, neglects or defaults, and not for those of any other trustee, or of any banker, broker or other person with whom any trust money or securities may be deposited, nor for the insufficiency or deficiency of any securities, nor for any other loss, unless the same happens through the trustee’s wilful default.