(1) Where trust property consists of or includes any share or interest in
property or the proceeds of the sale of property not vested in the trustee, or
any other thing in action, the trustee on the same falling into possession, or
becoming payable or transferable--
(a) may agree upon or ascertain the amount
or value thereof or any part thereof in such manner as the trustee may think
fit,
(b) may accept in or towards satisfaction thereof, at the market or
current value, or upon any valuation or estimate of value which the trustee
shall think fit, any securities authorised by the instrument, if any, creating
the trust or by law for the investment of money subject to the trust,
(c) may
allow any deductions for duties costs charges and expenses which the trustee
may think proper or reasonable, and
(d) may execute any release in respect of
the premises, so as effectually to discharge all accountable parties from all
liability in respect of any matters coming within the scope of such release.
The trustee shall not be responsible for any loss occasioned by any act or
thing so done by the trustee in good faith.
(2) Unless and until required in
writing so to do by some person beneficially interested under the trust or by
the guardian of that person's person or estate, and unless also due provision
is made to the trustee's satisfaction for payment of the costs of any
proceedings required to be taken, the trustee shall not be under any
obligation--
(a) to apply for any stop or other like order upon any securities
or other property out of or on which such share or interest or other thing in
action is derived payable or charged, or
(b) to take any proceedings on
account of any act default or neglect on the part of the persons in whom the
securities or other property or any of them or any part thereof are for the
time being or had at any time been vested.
(3) The trustee may if he or she
thinks fit refer any of the matters mentioned in subsection (2) to the person
beneficially entitled or to the guardian of that person's person or estate.
(4) The trustee shall not be chargeable with breach of trust by reason of any
omission in any of the matters mentioned in subsection (2), except when
required and upon due provision made as therein mentioned.
(5) Nothing in
this section shall relieve a trustee of the obligation to get in and obtain
payment or transfer of any such share or interest or other thing in action on
the same falling into possession.
(6) This section applies only if and as far
as a contrary intention is not expressed in the instrument, if any, creating
the trust, and shall have effect subject to the terms of that instrument and
to the provisions therein contained.
(7) This section applies to trusts
created either before or after the commencement of this Act.
