Trustee Ordinance

(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)
A receipt in writing for the proceeds of sale or other capital money arising under a trust for sale of land shall be a sufficient discharge if it is signed by the person or persons lawfully executing 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.
[cf. 1925 c. 19 s. 14 U.K.]