Breach of Trust and Breach of Duty - Limitation of Liability - Limitation Period
3 important questions on Breach of Trust and Breach of Duty - Limitation of Liability - Limitation Period
Section 21(a) Limitation Act 1980
The usual six-year limitation period does not apply to claims brought by a beneficiary under a trust in respect of any fraud or fraudulent breach of trust to which the trustee was party.
Section 21(b) LA 1980
No time limit is prescribed by the statute for claims to recover trust property or the proceeds of the property that is in the possession of a trustee, or property that has been previously received by the trustee and has been converted to his use.
Williams v Central Bank of Nigeria [2014]
Section 21(1)(a) only applies to express trustees, trustees de son tort and de facto trustees and does not extend to third parties facing liability for unconscionable receipt or dishonest assistance.
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