TRUSTEE ACT (NORTHERN IRELAND) 1958 - SECT 14 Power of trustees to give receipts.

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TRUSTEE ACT (NORTHERN IRELAND) 1958 - SECT 14

Power of trustees to give receipts.

14.(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, but, except where

(a)the sole trustee is a trust corporation; or

(b)the settlement authorises the receipt of capital money by a sole trustee;

(i)the proceeds of sale or other capital money arising under a trust for sale
of land; or

(ii)capital money arising under the Settled Land Acts, 1882 to 1890;

Subs.(2) amends s.39 of 1882 c.38 (NI)

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Northern Irish Legislation

TRUSTEE ACT (NORTHERN IRELAND) 1958 - SECT 14