TRUSTEE ACT 1936 - SECT 23

TRUSTEE ACT 1936 - SECT 23

23—Power to take mortgage for part purchase money

        (1)         A trustee on the sale of trust property may leave unpaid purchase-money thereof invested upon the security of the property sold to the extent to which, if the trustee were not the vendor thereof, such property would be a proper security for the investment of the trust funds.

        (2)         This section applies to trusts whether created before or after the commencement of this Act.