Labuan Offshores Trusts Act 1996 · Updated to 1 Dec 2011 · Part V · Miscellaneous
52. Limitation of action
Official textFrom Laws of Malaysia Online, unchanged
No period of limitation or prescription under any law shall apply to an action brought against a trustee—
trustee
―trustee‖ means a person appointed to act as a trustee of a trust in accordance with the provisions of this Act;
in respect of any fraud or criminal breach of trust to which the trustee or, in the case of a trust company acting as trustee, any of its officers or employees was a party or privy; or
for the recovery from the trustee or, in the case of a trust company acting as trustee, any of its officers or employees, of trust property or the proceeds thereof in his possession or control or previously received by him and converted to his use.
Labuan Trusts 79
Subject to subsection (1), no action may be brought against a trustee by a beneficiary for any breach of trust after the expiration of three years—
beneficiary
―beneficiary‖ means a person entitled to benefit under a trust or in whose favour a discretion to distribute property held in trust may be exercised;
commencing from the date of the delivery of the final accounts of the trust to the beneficiary; or
commencing from the date on which the beneficiary first had knowledge of the occurrence of the breach of trust, whichever is the earlier date.
Where the beneficiary is a minor or is under any legal disability, the periods referred to in subsection (2) shall not begin to run until the day on which the beneficiary ceases to be a minor or his legal disability ceases.
minor
―minor‖ means a person who has not attained the age of majority under the proper law of a trust or, where no law has been chosen, the law of his domicile;
The periods mentioned in this section shall be interrupted if a claim or action is filed in the competent court and served on the trustee before the expiration of the periods.
Terms defined in this Act
beneficiary
Defined · s 2―beneficiary‖ means a person entitled to benefit under a trust or in whose favour a discretion to distribute property held in trust may be exercised;
breach of trust
Defined · s 2―breach of trust‖ means— (a) any act by a trustee which is in contravention of the duties imposed; (b) any act or neglect by a trustee which is not authorized or excused; or (c) any neglect or omission on the part of the trustee to fulfill the duties imposed upon him, by this Act, the proper law of the trust or the terms of the trust;
company
Defined · s 46B―company‖, in relation to designated shares, means a Labuan company or a Labuan limited liability partnership established under the Labuan Limited Partnerships and Limited Liability Partnerships Act 2010 that has issued the designated shares;
minor
Defined · s 2―minor‖ means a person who has not attained the age of majority under the proper law of a trust or, where no law has been chosen, the law of his domicile;
trust
Defined · s 2―trust‖ includes the trust property and the rights, powers, duties, interests, relationships and obligations under a trust;
trust property
Defined · s 2―trust property‖ means the property for the time being held on trust;
trustee
Defined · s 2―trustee‖ means a person appointed to act as a trustee of a trust in accordance with the provisions of this Act;