Trustee Ordinance

(1)
Where a personal representative or trustee liable as such
for—
(a)
any rent, covenant, or agreement reserved by or contained in any lease;
                    or
(b)
any rent, covenant or agreement payable under or contained in any grant
                    made in consideration of a rentcharge; or
(c)
any indemnity given in respect of any rent, covenant or agreement referred
                    to in either of the foregoing paragraphs,
satisfies all liabilities under the lease or grant which may have accrued,
                and been claimed, up to the date of the conveyance hereinafter mentioned, and, where
                necessary, sets apart a sufficient fund to answer any future claim that may be made
                in respect of any fixed and ascertained sum which the lessee or grantee agreed to
                lay out on the property demised or granted, although the period for laying out the
                same may not have arrived, then and in any such case the personal representative or
                trustee may convey the property demised or granted to a purchaser, legatee, devisee
                or other person entitled to call for a conveyance thereof and
thereafter—
(i)
he may distribute the residuary estate of the deceased testator or
                    intestate, or, as the case may be, the trust estate (other than the fund, if
                    any, set apart as aforesaid) to or amongst the persons entitled thereto, without
                    appropriating any part, or any further part, as the case may be, of the estate
                    of the deceased or of the trust estate to meet any future liability under the
                    said lease or grant;
(ii)
notwithstanding such distribution, he shall not be personally liable in
                    respect of any subsequent claim under the said lease or grant.
(2)
This section operates without prejudice to the right of the lessor or grantor,
                or the persons deriving title under the lessor or grantor, to follow the assets of
                the deceased or the trust property into the hands of the persons amongst whom the
                same may have been respectively distributed, and applies notwithstanding anything to
                the contrary in the will or other instrument, if any, creating the trust.
(3)
In this section
lease
(
租約
) includes an underlease and an agreement for a lease or underlease
                and any instrument giving any such indemnity as aforesaid or varying the liabilities
                under the lease;
grant
(
批地
) applies
                to a grant whether the rent is created by limitation, grant, reservation, or
                otherwise, and includes an agreement for a grant and any instrument giving any such
                indemnity as aforesaid or varying the liabilities under the grant;
lessee
(
承租人
) and
grantee
(
獲批地人
), include persons
                respectively deriving title under them.
[cf. 1925 c. 19 s. 26 U.K.]