CAP. 29]
Trustee
[1985 Ed.
Power to do other acts.
1925 c. 19, s. 15.
Powers of trustees of
renewable leaseholds to
renew and raise money for the
purpose.
1893 c. 53, s. 19.
the conveyance in pursuance of that sale and the person making payment shall not be liable for any loss or misapplication of those proceeds or that money. (Replaced, 62 of 1984, s. 63)
(3) This section applies notwithstanding anything to the contrary in the instrument, if any, creating the trust.
16. A personal representative, or 2 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,
and for any of those purposes may enter into, give, execute and do such agreements, instruments or composition or arrangement, releases, and other things as to him or them seem expedient, without being responsible for any loss occasioned by any act or thing so done by him or them in good faith.
17. (1) A trustee of any leaseholds for lives or years which are renewable from time to time either under any covenant or contract, or by custom or usual practice, may, if he thinks fit, and shall, if thereto required by any person having any beneficial interest, present or future, or contingent, in the leaseholds, use his best endeavours to obtain from time to time a renewed lease of the same hereditaments on the accustomed and reasonable terms, and for that purpose may from time to time make or concur in making a surrender of the lease for the time being subsisting, and do all such other acts as are requisite:
Provided that, where by the terms of the settlement or will the person in possession for his life or other limited interest is entitled to enjoy the same without any obligation to renew or to contribute to the expense of renewal, this section shall not apply unless the consent in writing of that person is obtained to the renewal on the part of the trustee.
12
CAP. 29]
Trustee
[1985 Ed.
Power to do other acts.
1925 c. 19, s. 15.
Powers of trustees of
renewable leaseholds to
renew and raise money for the
purpose.
1893 c. 53, s. 19.
the conveyance in pursuance of that sale and the person making payment shall not be liable for any loss or misapplication of those proceeds or that money. (Replaced, 62 of 1984, s. 63)
(3) This section applies notwithstanding anything to the con- trary in the instrument, if any, creating the trust.
16. A personal representative, or 2 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
(ƒ) 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 or composition or arrangement, releases, and other things as to him or them seem expedient, without being responsible for any loss occasioned by any act or thing so done by him or them in good faith.
17. (1) A trustee of any leaseholds for lives or years which are renewable from time to time either under any covenant or contract, or by custom or usual practice, may, if he thinks fit, and shall, if thereto required by any person having any beneficial interest, present or future, or contingent, in the leaseholds, use his best endeavours to obtain from time to time a renewed lease of the same hereditaments on the accustomed and reasonable terms, and for that purpose may from time to time make or concur in making a surrender of the lease for the time being subsisting, and do all such other acts as are requisite:
Provided that, where by the terms of the settlement or will the person in possession for his life or other limited interest is entitled to enjoy the same without any obligation to renew or to contribute to the expense of renewal, this section shall not apply unless the consent in writing of that person is obtained to the renewal on the part of the trustee.
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