04t29 — Trust Beneficiaries' Liability Act, 2004, S.O. 2004, c. 29, Sched. A

s. 1 — Limit on beneficiaries’ liability

(1) The beneficiaries of a trust are not, as beneficiaries, liable for any act, default, obligation or liability of the trust or any of its trustees if, when the act or default occurs or the obligation or liability arises,

s. 1(1)(a)

the trust is a reporting issuer under the Securities Act; and

s. 1(1)(b)

the trust is governed by the laws of Ontario.

s. 1(2) — Exception

Subsection (1) does not apply with respect to any act or default that occurred or any obligation or liability that arose before this Act came into force.

s. 1(3) — Governing law

For the purposes of this section,

s. 1(3)(a)

a trust shall be deemed to be governed by the laws of Ontario if the trust instrument states that it is governed by the laws of Ontario;

s. 1(3)(b)

a trust shall be deemed not to be governed by the laws of Ontario if the trust instrument states that the trust is governed by the laws of another jurisdiction; and

s. 1(3)(c)

in case of a conflict between clauses (a) and (b), the trust is governed by the laws of the jurisdiction specified by the court.

s. 1(4) — Definition

In this section,

s. 1(4) — trust instrument

“trust instrument” means, in relation to a trust, the document or documents that establish and govern the trust, but does not include a judgment or order of a court.

s. 2 — Liability in other circumstances

This Act does not affect the liability, if any, of the beneficiaries of a trust in any other circumstances.

s. 3

Omitted (provides for coming into force of provisions of this Act).

s. 4

Omitted (enacts short title of this Act).