Trustees Act 1967 · 2020 Revised Edition · Part 3 · General Powers of Trustees and Personal Representatives
15. Power of trustees to give receipts
Feedback & supportThe 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 —
securities
“securities” includes debentures, stocks, funds and shares; and so far as relates to payments into court has the same meaning as in the written laws relating to funds in court;
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.
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.
trust corporation
“trust corporation” means the Public Trustee or a corporation either appointed by the court in any particular case to be a trustee, or licensed as a trust company under the Trust Companies Act 2005;
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.
trust for sale
“trust for sale”, in relation to land, means an immediate binding trust for sale, whether or not exercisable at the request or with the consent of any person, and with or without power at discretion to postpone the sale;
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.
personal representative
“personal representative” means the executor, original or by representation, or administrator for the time being of a deceased person;
This section applies despite anything to the contrary in the instrument (if any) creating the trust.