Singapore legislation
Section 15
Section 15
Power of trustees to give receipts
(1)
The written receipt of a trustee for any money, securities, investments or other personal property or effects payable, transferable or deliverable to the trustee under any trust or power —
is a sufficient discharge to the person paying, transferring or delivering the same; and
effectually exonerates the person 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 the proceeds of sale or other capital money arising under a trust for sale of land.
(3)
Despite anything to the contrary in a disposition on trust for sale of land or in the settlement of the net proceeds, the proceeds of sale or other capital money arising under the disposition must not be paid to or applied by the direction of fewer than 2 persons as trustees of the disposition, except where the trustee is a trust corporation.
(4)
Subsection (3) does not affect the right of a sole personal representative as such to give valid receipts for or direct the application of the proceeds of sale or other capital money mentioned in that subsection; nor, except where capital money arises on a transaction, render it necessary to have more than one trustee.
(5)
This section applies despite anything to the contrary in the instrument (if any) creating the trust.