Common use of Liability of Trustees Clause in Contracts

Liability of Trustees. 10.1 A Trustee shall only be liable for losses attributable to his or her dishonesty or to his or her wilful commission or omission of an act which he or she knows or should have known to be a breach of this Trust Deed. In particular, no Trustee shall be bound to take, or be liable for failing to take, any proceedings against another Trustee for any such breach or alleged breach.

Liability of Trustees. 10.1 (a) A Trustee shall only be liable for losses attributable to any loss caused by his or her dishonesty or to his or her wilful commission or omission of an act which he or she knows or should have known to be a breach of this Trust Deedtrust. In particular, no Trustee shall be bound to take, or be liable for failing to take, take any proceedings against another a co-Trustee for any such breach or alleged breachbreach of trust.