TRUSTEE ACT 1925 - SECT 48 Receipts

TRUSTEE ACT 1925 - SECT 48

    (1)     This section applies if trustees give a written receipt to a person for personal property payable, transferable or deliverable to the trustees under a trust or power.

    (2)     The receipt—

        (a)     is a sufficient discharge for the property; and

        (b)     relieves the person from—

              (i)     seeing to the application of the property; or

              (ii)     being answerable for any loss or misapplication of the property.

    (3)     In this section:

"personal property" includes an amount of money.