33. Protection in respect of property not vested in trustees and other property

Where trust property includes any share or interest in property not vested in the trustees, or the proceeds of sale of such property, or any other thing in action, the trustees shall not be under any obligation, and shall not be chargeable with any breach of trust, by reason of any omission-

{a}

to place any distringas or stop notice or apply for any stop or other like order upon any securities or other property out of or on which such share or interest or other thing in action is derived, payable or charged;

or

to take any proceedings on account of any act, default or neglect on the part of the persons in whom such securities or other property or any of them or any part of any of them are for the time being, or had at any time been, vested, unless or until required in writing so to do by some person, or the guardian of some person, beneficially interested under the trust and unless also due provision is made to their satisfaction for payment of the costs of any proceedings required to be taken.