No period of limitation prescribed by this Act shall apply to an action by a beneficiary under a trust, being an action—
in respect of any fraud or fraudulent breach of trust to which the trustee was a party or privy; or
to recover from the trustee trust property or the proceeds of trust property in the possession of the trustee, or previously received by the trustee and converted to his use.
No beneficiary as against whom there would be a good defence under this Act shall derive any greater or other benefit from a judgment or order obtained by any other beneficiary than he could have obtained if he had brought the action and this Act had been pleaded in defence.