Section 47Part 1 — Trusts Act
Implied indemnity of trustees
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A trustee shall be chargeable only for money and securities actually received by that person notwithstanding that person signing any receipt for the sake of conformity, and shall be answerable and accountable only for that person’s own acts, receipts, neglects or defaults, and not for those of any other trustee, nor for any banker, broker or other person with whom any trust money or securities may be deposited, nor for any other loss, unless the same happens through that person’s own wilful default.
A trustee may reimburse themselves or pay or discharge out of the trust premises all expenses incurred in or about the execution of the trusts or powers.