The proprietor of any land or of any lease or mortgage shall, on the application of any beneficiary or person interested in it, be bound to allow his or her name to be used by that beneficiary or person in any action or proceeding which it is necessary or proper to bring or institute in the name of the proprietor concerning the land, lease or mortgage or for the protection or benefit of the title vested in the proprietor or of the interest of any such beneficiary or person; but, nevertheless, the proprietor shall in any such case be entitled to be indemnified in like manner as if being a trustee he or she would before the passing of this Act have been entitled to be indemnified in a similar case of his or her name being used in any such action or proceeding by his or her cestui que trust.