Labuan Offshores Trusts Act 1996 · s 44

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s 44Dealings with third parties

(1)

Where in any transaction or matter affecting a trust, a trustee informs a third party that he is acting as trustee, a claim by such third party in relation thereto shall extend only to the trust property.

(2)

Where in any such transaction or matter a trustee fails to inform a third party that he is acting as trustee and the third party is otherwise unaware of the fact, the trustee—

(a)

shall be personally liable to such third party in respect thereof; and

(b)

shall have a right to recourse to the trust property by way of indemnity against such liability, unless the trustee acted in breach of trust.

(3)

Nothing in this section shall prejudice a trustee’s liability for breach of trust or any other liability under any law.

(4)

In this section, ―third party‖ means a person other than a settlor, trustee or beneficiary of the trust.