Section 147 — Trusts Act 2019: Trustee’s liability in relation to ADR settlement or arbitration agreement and any arbitral award limited

147 Trustee’s liability in relation to ADR settlement or arbitration agreement and any arbitral award limited (1) This section applies to a proceeding brought by or on behalf of a beneficiary and arising from or relating to an ADR settlement or arbitration agreement and any arbitral award under that agreement. (2) An ADR settlement or arbitration agreement and any arbitral award under that agreement is valid and a trustee is not liable in the proceeding unless, in relation to the settlement, agreement, or award, the trustee failed to comply with— (a) the trustee’s mandatory duty under section 25 ; or (b) any duty specified in the terms of the trust for the purposes of establishing liability under this section. (3) Despite subsection (2)(a), a trustee is not liable in the proceeding by reason only that the settlement, agreement, or award was not consistent with the terms of the trust.