TRUSTEE ACT 1936 - SECT 24
TRUSTEE ACT 1936 - SECT 24
24—Power to authorise receipt of money by banker or solicitor
(1) A trustee may
appoint a solicitor to be his agent to receive and give a discharge for any
money or valuable consideration or property receivable by the trustee under
the trust, by permitting the solicitor to have the custody of, and to produce,
a deed having in the body thereof or endorsed thereon a receipt for such
money, consideration, or property, the deed being executed or the endorsed
receipt signed by the trustee.
(2) A trustee shall
not be chargeable with breach of trust by reason only of his having made or
concurred in making any such appointment. The producing of any such deed by
the solicitor shall be sufficient authority to the person liable to pay or
give the consideration, or transfer or deliver the property, for his paying,
giving, transferring, or delivering the same to the solicitor, without the
solicitor producing any separate or other direction or authority from the
trustee.
(3) A trustee may
appoint an ADI or a solicitor to be his agent to receive and give a discharge
for any money payable to the trustee under or by virtue of a policy of
assurance, by permitting the ADI or solicitor to have the custody of and to
produce the policy of assurance with a receipt signed by the trustee, and a
trustee shall not be chargeable with a breach of trust by reason only of his
having made or concurred in making any such appointment.
(4) If a trustee
permits any such money, valuable consideration, or property to remain in the
hands or under the control of the ADI or solicitor for a period longer than is
reasonably necessary to enable the ADI or solicitor (as the case may be) to
pay or transfer the same to the trustee, nothing in this section shall exempt
him from any liability which he would have incurred if this Act had not been
passed.
(5) This section
applies only where the money or valuable consideration or property is received
after the twenty-third day of December, 1893.
(6) Nothing in this
section shall authorise a trustee to do anything which he is in express terms
forbidden to do, or to omit anything which he is in express terms directed to
do, by the instrument creating the trust.