(1) Where any chattels are held upon trust, including a trust for sale, and the period fixed by this Act has expired for the bringing of an action to recover the chattels by the trustees, the title of the trustees shall not be extinguished if and so long as the right of action of any person beneficially entitled to the chattels either has not accrued or has not been barred by this Act, but, if and when such right of action has been so barred, the title of the trustees shall be extinguished.

(2) Where any chattels are held upon trust, including a trust for sale, an action to recover the chattels may be brought by the trustees on behalf of any person beneficially entitled in possession to the chattels or in the proceeds of sale whose right of action has not been barred by this Act, notwithstanding that the right of action of the trustees would apart from this provision have been barred by this Act.