Section 14 Power of trustees to give receipts.

England and Wales

(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—

(a)

F2proceeds 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.

Annotations

Textual amendments

F1: Words in s. 14(1) inserted (1.2.2001) by 2000 c. 29, s. 40(1), Sch. 2 Pt. II para. 19 (with s. 35); S.I. 2001/49, art. 2
F2: S. 14(2)(a) substituted (1.1.1997) by 1996 c. 47, s. 25(1), Sch. 3 para. 3(3) (with ss. 24(2), 25(4)); S.I. 1996/2974, art. 2

Marginal citations

M1: 1925 c. 18.