New South Wales Consolidated Acts

INTEREST REDUCTION ACT 1931 - SECT 11

11 Creditor trustee

(1) If any creditor is a trustee:

(a) such creditor shall not be deemed guilty of any breach of trust by reason only of his bona fide failure to make an application under section seven of this Act, and

(b) the court in making any order as to costs under that section shall have regard to this fiduciary position of such creditor.

(2) In this section "trustee" includes legal representative of a deceased person, committee of the estate of an insane person, manager of the estate of an incapable person, the Master in Lunacy, the Master in Equity, director of a company, and any other person acting in any fiduciary capacity.