No. 5.
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vestment of the purchase money in the purchase of any other land otherwise.
convey on sale or
34 For the purpose of completing any such sale or exchange as aforesaid, the persons empowered to sell or exchange as aforesaid shall
Power to convey or otherwise dispose of the land in question,
have full power to convey or otherwise dispose of the land in question, exchange.
may be necessary.
35 (1.) The receipt in writing of any trustee for any money, securities, or other personal property or effects payable, transferable, or deliverable to him under any trust or power shall be a sufficient discharge for the same, and shall effectually exonerate the person paying, transferring, or delivering the same from seeing to the application or being answerable for any loss or misapplication thereof.
(2) This section applies to trusts created either before or after the commencement of this Ordinance.
23 & 24 Vict. c. 145 s. 3.
Power of trustee to give receipts.
56 & 57 Vict. c. 53 s. 20.
36 (1.) An executor or administrator may pay or allow any debt or claim on any evidence that he thinks sufficient.
Power for executor or trustee to compound debt, etc.
(2) An executor or administrator, or two or more trustees acting together, or a sole acting trustee where by the instrument, if any, creating the trust a sole trustee is authorized to execute the trusts and powers thereof, may, if and as he or they may think fit, accept any composition or any security, movable or immovable, for any debt or for any property, movable or immovable, claimed, and may allow any time for payment of any debt, and may compromise, compound, abandon, submit to arbitration, or otherwise settle any debt, account, claim, or thing whatever relating to the testator's or intestate's estate or to the trust, and for any of those purposes may enter into, give, execute, and do such agreements, instruments of composition or arrangement, releases, and other things as to him or them may seem expedient, without being responsible for any loss occasioned by any act or thing so done by him or them in good faith.
(3.) This section applies only if and as far as a contrary intention is not expressed in the instrument, if any, creating the trust, and shall have effect subject to the terms of that instrument and to the provisions therein contained.
(4.) This section applies to executorships, administratorships, and trusts constituted or created either before or after the commencement of this Ordinance.
87
Where an executor or administrator, liable as such to the rents, covenants, or agreements contained in any lease or agreement for a lease granted or assigned to the testator or intestate whose estate is administered, has satisfied all such liabilities under the lease or
3.
Liability of executor: in respect of rents, etc., in lease.
22 & 23 Vict. c. 20. 36 s. 27.