5. c. 19) is an Act of Parliament of the United Kingdom passed on 9 April 1925, which codified and updated the regulation of trustees' powers and appointment.

"An Act to consolidate certain enactments relating to trustees in England and Wales.

"[1] There is a discretionary power available to the courts under this section which allows a trustee's personal liability for a breach of trust to be lifted if it appears to the court that the trustee "has acted honestly and reasonably, and ought fairly to be excused for the breach of trust and for omitting to obtain the directions of the court in the matter in which he committed such breach".

[2] In a 2012 ruling concerned with liability for payment of a mortgage sum fraudulently requested by imposters, the High Court assessed the requirements of honesty and reasonableness separately and found that the solicitors who had wrongly handed over payment had acted "honestly" but not "reasonably".

In the Court of Appeal, this ruling was overturned and the circumstances allowed the solicitors to be "fairly excused" their breach of trust.