TRUSTEES.
No. 5 of 1901.
1335
No sale made by a trustee shall, after the execution of the conveyance, be impeached as against the purchaser upon the ground that any of the conditions subject to which the sale was made may have been unnecessarily depreciatory, unless it appears that the purchaser was acting in collusion with the trustee at the time when the contract for sale was made.
(3) No purchaser, upon any sale made by a trustee, shall be at liberty to make any objection against the title upon the ground aforesaid.
(4) This section applies only to sales made after the commencement of this Ordinance.
28. When any land is vested in a married woman as a bare trustee, she may convey or surrender it as if she were a feme sole.
Case of married woman bare trustee. 56 & 57 Vict. c. 53, s. 16.
29.—(1) A trustee may appoint a solicitor to be his agent to receive and give a discharge for any money or valuable consideration or property receivable by the trustee under the trust, by permitting the solicitor to have the custody of and to produce a deed having in the body thereof or indorsed thereon a receipt for consideration money or other consideration, the deed being executed or the indorsed receipt being signed by the trustee; and trustee shall not be chargeable with a breach of trust by reason only of his having made or concurred in making any such appointment. The producing of any such deed by the solicitor shall have the same validity and effect as if the person appointing the solicitor had not been a trustee.
(2) A trustee may appoint a banker or solicitor to be his agent to receive or give a discharge for any money payable to the trustee under or by virtue of a policy of assurance, by permitting the banker or solicitor to have the custody of and to produce the policy of assurance with a receipt signed by the trustee; and a trustee shall not be chargeable with a breach of trust by reason only of his having made or concurred in making any such appointment.
(3) Nothing in this section shall exempt a trustee from any liability which he would have incurred if this Ordinance had not been passed, in case he permits any such money,
*
TRUSTEES.
No. 5 of 1901.
1335
No sale made by a trustee shall, after the execution of the conveyance, be impeached as against the purchaser upon the ground that any of the conditions subject to which the sale was made may have been funnecessarily depreciatory, unless it appears that the purchaser was acting in collusion with the trustee at the time when the contract for sale was made.
(3) No purchaser, upon any sale made by a trustee, shall be at liberty to make any objection against the title upon the ground aforesaid.
(4) This section applies only to sales made after the com- mencement of this Ordinance.
28. When any land is vested in a married woman as a Case of bare trustee, she may convey or surrender it as if she were married a feme sole.
Various powers and liabilities.
woman bare trustee. 56 & 57 Vict. c. 53, s. 16.
to
receipt of
banker.
29.—(1) A trustee may appoint a solicitor to be his agent Power to receive and give a discharge for any money or valuable authorise consideration or property receivable by the trustee under the money by trust, by permitting the solicitor to have the custody of and solicitor or to produce a deed having in the body thereof or indorsed 56 & 57 Vict. thereon a receipt for consideration money or other considera- c. 53, s. 17. tion, the deed being executed or the indorsed receipt being signed by the trustee; and trustee shall not be chargeable with a breach of trust by reason only of his having made or concurred in making any such appointment. The producing of any such deed by the solicitor shall have the same validity and effect as if the person appointing the solicitor had not been a trustee.
(2) A trustee may appoint a banker or solicitor to be his agent to receive or give a discharge for any money payable to the trustee under or by virtue of a policy of assurance, by permitting the banker or solicitor to have the custody of and to produce the policy of assurance with a receipt signed by the trustee; and a trustee shall not be chargeable with a breach of trust by reason only of his having made or concurred in making any such appointment.
(3) Nothing in this section shall exempt a trustee from any liability which he would have incurred if this Ordinance had not been passed, in case he permits any such money,
*
. .
No comments yet.
Private notes are available after approval.