Section 17 Power to take out insuranceI1

Except in so far as the trust deed expressly provides otherwise, a trustee has power to take out such insurance as it is reasonable to take out against personal liability arising from the trustee’s actings in carrying out the duties of a trustee.

In subsection (1), the reference to actings is to be construed as including intentionally not acting in some matter.

The expense of taking out the insurance is to be paid out of the trust property.

This section applies irrespective of when the trust was created.