Part II General Powers of Trustees and Personal Representatives

General Powers

14 Power of trustees to give receipts.

1

The receipt in writing of a trustee for any money, securities, F1investments 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—

F2a

proceeds of sale or other capital money arising under a trust of land;

b

capital money arising under the M1Settled Land Act, 1925.

3

This section applies notwithstanding anything to the contrary in the instrument, if any, creating the trust.