TRUSTEE ACT (NORTHERN IRELAND) 1958 - SECT 15 Power to compound liabilities.

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TRUSTEE ACT (NORTHERN IRELAND) 1958 - SECT 15

Power to compound liabilities.

15.(1) 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 authorised to
execute the trusts and powers reposed in him, may, if and as he or they think
fit

(a)accept any property, real or personal, 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, real or personal, for any debt or
for any property, real or personal, claimed; or

(e)allow any time of 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 trust;

(2) Sub-section (1) shall have effect without prejudice to sub-section (9) of
section forty of the Administration of Estates Act (Northern Ireland), 1955.

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Northern Irish Legislation

TRUSTEE ACT (NORTHERN IRELAND) 1958 - SECT 15