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PUBLIC TRUSTEE ACT 1995 - SECT 25

PUBLIC TRUSTEE ACT 1995 - SECT 25

25—Public Trustee may make advances for purposes of administration

        (1)         When the Public Trustee is administering an estate and property is vested in or under the control of the Public Trustee on account of the estate but there is insufficient money in the estate to make payments as authorised or required (whether to beneficiaries or creditors, for costs or expenses incurred in administering the estate or for any other purpose), the Public Trustee may advance and pay money on account of the estate as authorised or required (but no greater amount may be advanced and paid than the value of the property so vested in or under the control of the Public Trustee).

        (2)         The sums so advanced, with interest at a rate to be fixed by the Public Trustee from time to time in respect of all such sums, are a first charge on all property vested in or under the control of the Public Trustee on account of the estate.