(1) The receipt in writing of trustees or of a sole trustee for any money,
securities, or other personal property or effects payable, transferable, or
deliverable to the trustees or the sole trustee under any trust or power shall
be a sufficient discharge for the same, and shall effectually exonerate the
person paying, transferring, or delivering the same from seeing to the
application or being answerable for any loss or misapplication thereof.
(2)
This section applies to trusts created either before or after the commencement
of this Act.
