Trustee.
[CAP. 29
(3) No purchaser, upon any sale made by a trustee, shall be at liberty to make any objection against the title upon any of the grounds aforesaid.
(4) This section applies to sales made before or after the commencement of this Ordinance.
15. (1) The receipt in writing of a 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 to the person paying, transferring, or delivering the same and shall effectually exonerate him from seeing to the application or being answerable for any loss or misapplication thereof.
(2) This section does not, except where the trustee is a trust corporation, enable a sole trustee to give a valid receipt for the proceeds of sale or other capital money arising under a trust for sale of land.
(3) This section applies notwithstanding anything to the contrary in the instrument, if any, creating the trust.
Power of trustees to give receipts. 15 Geo. 5. c. 19, s. 14.
Power to compound liabilities. 15 Geo. 5. c. 19, s. 15.
16. A personal representative, or two or more trustees acting together, or, subject to the restrictions imposed in regard to receipts by a sole trustee not being a trust corporation, a sole acting trustee where by the instrument, if any, creating the trust, or by statute, a sole trustee is authorized to execute the trusts and powers reposed in him, may, if and as he or they think fit-
(a) accept any property, before the time at which it is made transferable or payable; or
(b) sever and apportion any blended trust funds or property; or
(c) pay or allow any debt or claim on any evidence that he or they think sufficient; or
(d) accept any composition or any security, for any debt, or for any property, claimed; or
(e) allow any time for payment of any debt; or
(f) 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,
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Trusteė.
[CAP. 29
(3) No purchaser, upon any sale made by a trustee, shall be at liberty to make any objection against the title upon any of the grounds aforesaid.
(4) This section applies to sales made before or after the commencement of this Ordinance.
15. (1) The receipt in writing of a trustee for any money, securities, or other personal property or effects pay- able, transferable, or deliverable to him under any trust or power shall be a sufficient discharge to the person paying, transferring, or delivering the same and shall effectually exonerate him from seeing to the application or being answerable for any loss or misapplication thereof.
(2) This section does not, except where the trustee is a trust corporation, enable a sole trustee to give a valid receipt for the proceeds of sale or other capital money arising under a trust for sale of land.
:
(3) This section applies notwithstanding anything to the contrary in the instrument, if any, creating the trust.
Power of to give 15 Geo. 5.
trustees
receipts.
c. 19, s. 14.
compound
liabilities. c. 19, s. 15,
15 Geo. 5.
16. A personal representative, or two or more trustees Power to acting together, or, subject to the restrictions imposed in regard to receipts by a sole trustee not being a trust corpora- tion, a sole acting trustee where by the instrument, if any, creating the trust, or by statute, a sole trustee is authorized to execute the trusts and powers reposed in him, may, if and as he or they think fit-
(a) accept any property, before the time at which it is
made transferable or payable; or
(b) sever and apportion any blended trust funds or
property; or
(c) pay or allow any debt or claim on any evidence that
he or they think sufficient; or
(d) accept any composition or any security, for any
debt, or for any property, claimed; or
(e) allow any time for payment of any debt; or (compromise, compound, abandon, submit to arbitra- tion or otherwise settle any debt, account claim or thing whatever relating to the testator's or intestate's estate or to the trust,
469
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