Trustees Act 1967 · 2020 Revised Edition · Part 4A · Agents, Nominees and Custodians
41N. Liability for agents, nominees and custodians, etc.
Feedback & supportA trustee shall not be liable for any act or default of the agent, nominee or custodian unless the trustee fails to comply with the statutory duty of care applicable to the trustee under paragraph 3 of the First Schedule when —
statutory duty of care
“statutory duty of care”, in relation to a trustee, means the duty of care required to be exercised by the trustee under Part 1A;
entering into the arrangements under which the person acts as agent, nominee or custodian; or
carrying out the trustee’s duties under section 41M.
If a trustee has agreed to a term under which the agent, nominee or custodian is permitted to appoint a substitute, the trustee is not liable for any act or default of the substitute unless the trustee has failed to comply with the statutory duty of care applicable to the trustee under paragraph 3 of the First Schedule —
when agreeing to that term; or
when carrying out the trustee’s duties under section 41M insofar as they relate to the use of the substitute.