Cap. 16 Art. 1124FPrescription.

(1) Notwithstanding any provision of this Code or any other law, an action brought against a fiduciary, or a person considered to be a fiduciary under the provisions of article 1124A -

(a) in respect of any fraud or dishonesty to which such person was a party or of which he had knowledge; or

(b) for the recovery from the fiduciary, or any person considered to be a fiduciary as aforesaid, of any property subject to fiduciary obligations or previously received by the fiduciary and converted to his use, or for benefits or gains received as a result of breach of duty, shall not be barred by prescription, notwithstanding the lapse of time.

The action shall not be barred by prescription irrespective of whether it is brought against the fiduciary by a beneficiary who has suffered prejudice as a result of the behaviour of the fiduciary in relation to the same property or property substituting the same.

(2) Notwithstanding the provisions of article 2140 and without prejudice to article 2155, a fiduciary or any person considered to be subject to fiduciary obligations under this Title, shall not acquire any property held under fiduciary obligations by means of prescription.

(3) Where the fiduciary or beneficiary acts in bad faith under the provisions of this Code, such act shall be sufficient for an action not to be barred by prescription.

(4) With the exception of the matters falling within the scope of the preceding sub-article for which there is no prescription, no action may be brought against a fiduciary by a beneficiary for breach of other fiduciary obligations referred to in sub-article (4) of article 1124A, after the lapse of five years. Such period shall commence -

(a) from the date of the delivery of a written account, or part thereof, of the fiduciary activity to the beneficiary; or

(b) from the date on which the beneficiary first had knowledge of the occurrence of the breach of fiduciary duty, whichever is the earlier date:

Provided that, if the account or part thereof is itself fraudulent or dishonest then, with reference to the account or the relevant part, the period shall only commence on the date referred to in paragraph (b).