REPLACE NOTE 16 WITH THE FOLLOWING: Law Commission, Trustee Exemption Clauses (Law Com. No 301).

REPLACE TEXT ACCOMPANYING NOTE 19 WITH THE FOLLOWING: Such clauses are construed fairly according to the natural meaning of the words used, without any presumption against the interests of the trustee.  But kinds of liability which are not clearly covered by the terms of the exclusion clause should be treated as falling outside it.  [Bogg v Raper, The Times, April 22, 1998].

ADD TO NOTE 20: A trustee who believes her acts are morally justified, or that her actions have not fallen below acceptable standards, may nonetheless be held to have acted dishonestly if an ordinary, honest trustee would not have acted as she did: Wong v Burt [2004] NZCA 174; [2005] W.T.L.R. 29; Barnes v Tomlinson [2006] EWHC 3115, [2007] W.T.L.R. 377.  See also on Armitage v Nurse: Baker v J E Clark & Co (Transport) Ltd [2006] Pens L R 131.