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The following is not meant to be legal advice and may be outdated research.

The United States Supreme Court has held that a trustee is not an agent.  Taylor v. Mayo, 110 U.S. 330 (1884).  A trustee is a person in whom an estate interest is vested for the benefit of another.  Taylor, 110 U.S. at 333.  Unlike an agent, who binds the principal when he contracts in the name of his principal, a trustee is bound when he makes a contract because the trust estate is not a principal that can make promises.  Id.  If there is a breach of contract made by the trustee, the other party can recover a judgment against the trustee out of his individual property, not limited to the value of the trust property which the trustee may secure indemnity.  Bogert, Trusts (6^th ed.) Section 125.