Paragraph 15 Discharge from liability in respect of beneficial interests and powers under a settlement
Where a proprietor or the personal representatives of a deceased proprietor has or have, in good faith, complied with the requirements of this Schedule in executing a transfer of settled land or discharge of trustees and in applying for the appropriate restrictions that may be required for the protection of the beneficial interests and powers under a settlement—
(a)
he is or they are absolutely discharged from all liability in respect of the equitable interests and powers taking effect under the settlement, and
(b)
he is or they are entitled to be kept indemnified at the cost of the trust estate from all liabilities affecting the settled land.