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The Trustee Act

C.C.S.M. c. T160

The Trustee Act

1 Definitions
APPLICATION OF ACT
2 Application
3 Statute to be supplementary
4 Act not to vary instrument
JURISDICTION OF THE COURT
5(1) Persons entitled to apply
(2) In case of mortgaged land
(3) Notice of
(4) Power on hearing
DEVOLUTION OF POWERS OF TRUSTEES
6(1) Power devolves on survivor
(2) Survivor may exercise
(3) Renouncing executor not included
(4) Executor of an executor not included
RETIREMENT OF TRUSTEE WITHOUT NEW APPOINTMENT
7(1) Retirement of trustee
(2) Assurance given
(3) Application
APPOINTMENT OF NEW TRUSTEES
8(1) Appointment of new trustees
(2) Cases when appointment may be made
(3) Persons who may appoint trustees
(4) When additional trustees appointed
(5) When trustee may be removed
(6) Application of section
(7) Mentally incompetent trustee
(8) Application
APPOINTMENT OF NEW TRUSTEES BY THE COURT
9(1) Power of court to appoint
(2) Removal
(3) Order operates as an instrument
(4) Directions
(5) Security
SUPPLEMENTAL PROVISIONS AS TO APPOINTMENT OF NEW TRUSTEE
10 Powers of appointment of trustees
POWERS VESTED IN NEW TRUSTEES
11 Power of appointee
EVIDENCE AS TO VACANCY IN TRUST
12(1) Statement to be relied on
(2) As to a purchaser
VESTING INSTRUMENTS
13(1) Instrument of appointment vests property
(2) On retirement the same result
(3) Vesting declaration valid
(4) Exceptions to application of section
(5) "Lease" defined
(6) For registration
VESTING ORDERS AND ORDERS RELEASING CONTINGENT INTERESTS
14(1) Vesting orders
(2) Shares in ships
15 Contingent rights of unborn persons
16 Vesting order in lieu of conveyance by infant
17 On an order for sale or mortgage
18 On judgment for specific performance
19 Effect of vesting order
20 Person to convey
21 Orders conclusive evidence
22 Vesting order as to chose in action
TRUSTEES FOR CHARITIES
23 Exercise of powers for charities
24(1) Power to order sale
(2) Notice
POWERS AND DUTIES OF TRUSTEES POWER OF SALE
25(1) Power to sell by auction, etc.
(2) Powers implied in a power to sell
(3) Certain transactions deemed mining leases
(4) Sales with deferred payments
(5) Trustees position under subsec. (4)
26(1) Sale subject to depreciatory condition
(2) As against purchaser
(3) Title good
LEASES, OPTIONS.
27(1) Leases by trustee under power of sale
(2) Leases by other trustees
(3) Premiums as capital
(4) Disposal of rent under mining leases
28(1) Grant of options under trust for sale
(2) Option to purchase reversion under a lease
(3) Option to renew a lease
(4) Term of other options
(5) Consideration as capital
29(1) Power of trustee during infancy of beneficiary
(2) Matters to be considered
(3) Where more than one fund
(4) Investment and application of residue
(5) Disposal of accumulations on vesting of trust funds
(6) Where subsec. (5) does not apply
(7) Application to contingent interests
(8) Rate of interest
(9) Application to vested annuities
(10) Where section not applicable
30(1) Power of court re: application of capital
(2) Power where interest may be defeated
(3) Limitation on order
(4) Power to raise funds
31 Payment to parent in alternative
32(1) Payment of liabilities from capital
(2) Power of court to vary
(3) Rights of other persons
33(1) Power to postpone sale or conversion
(2) Certain limitations not applicable
(3) Protection of trustee
(4) Limitation on powers
POWERS OF MARRIED WOMAN AS TRUSTEE
34 Married woman trustee
EMPLOYMENT OF AGENTS
35(1) Appointment of agents
(2) Power of agents outside Manitoba
(3) Deed endorsed with receipt authorizes agent
(4) No breach of trust
(5) Agent with receipted insurance policy
(6) Sufficiency of receipt
(7) Application of subsection (6)
APPOINTMENT OF ATTORNEY BY TRUSTEE INTENDING TO BE ABSENT
36(1) Delegation of powers during absence
(2) Liability for default
(3) In force while absent
(4) Attestation of instrument
(5) Verification of instrument
(6) Statutory declaration
(7) Persons without notice protected
(8) Power of donee
(9) Notice of trust does not affect certain persons
INSURANCE
37(1) Trustee may insure
(2) But not property to be conveyed
RENEWAL OF LEASES
38(1) Renewing of leases
(2) Raising money for the purpose
RECEIPTS
39 Give receipts
POWER TO COMPROMISE DEBTS
40 Compound liabilities
DISTRIBUTION OF ESTATE AFTER NOTICE
41(1) Distribution of estate on notice to creditors
(2) Creditor following proceeds
(3) Saving
(4) Mortgagees or unpaid vendors within section
(5) Form of notice
(6) Publication
(7) Claim not affected by Limitation of Actions Act
(8) When claim of deceased person not barred
POWERS AND DUTIES OF PERSONAL REPRESENTATIVES POWER OF ADMINISTRATOR WITH WILL ANNEXED
42 Administrator with will annexed same power as executor
EXECUTION OF POWERS
43 Executor may sell or lease
44 Administrator with will annexed may sell
CONTRACT OF DECEASED
45 Conveyance by personal representative pursuant to contract
ADMINISTRATOR'S POWER TO MORTGAGE
46 Power of administrator to mortgage
POWER OF SURVIVING SPOUSE TO CARRY ON OPERATIONS
47(1) Carrying on business
(2) Accounting
RESIDUE OF ESTATE
48(1) Executor trustee of residue
(2) Where no one entitled
RESPECTING DEBTS AGAINST ESTATE
49(1) Protection against liability of rents and covenants
(2) Following assets saved
(3) Definitions of "lease", "grant", "lessee", "grantee"
50 Exercise of general power
51(1) Power to pay debts
(2) Proceedings on notice of disputing claim
PAYMENT OF DEBTS AND LEGACIES
52(1) Power to raise money to pay charge
(2) Power vested in survivor
(3) Where not sufficient devise
(4) Limitation
(5) Purchaser's position
(6) Saving
ACTIONS BY AND AGAINST PERSONAL REPRESENTATIVES
53(1) Actions by and against legal representatives
(2) Limitation
(3) Claim for loss of guidance not continued
(4) Charge on estate
(5) Rights
54 Action of account
55 Executors of executors
56 Waste
57 Duties acting under powers
SPECIAL POWERS OF COURT
DEALINGS WITH TRUST PROPERTY
58(1) Orders as to dealing with property
(2) Rescind order
(3) Application to court
(4) Effect on section 59
VARIATION OF TRUSTS
59(1) Definition
(2) Restriction on variation of trust
(3) Application of section to particular problems
(4) Manner of giving approval
(5) Court may consent on behalf of beneficiary
(6) Consent of beneficiaries
(7) Criteria for approval
(8) Meaning of "benefit" in cl. (7)(a)
(9) Restriction on exercise of power of appointment
(10) Arrangement for holding under trust during incapacity
(11) Effective date of arrangement
(12) Effect on sec. 58
CONVEYANCE OF LANDS SOLD FOR DEBTS
60(1) Conveyance by infants under court order to pay debts
(2) Validity
(3) Descent of surplus
61 Persons with life estates to convey to pay debts
COSTS
62 Costs out of estate
DEFICIENCY OF ASSETS
63(1) Creditor to rank pari passu
(2) Overpayment to creditor
(3) Relief from personal liability
64(1) Creditors to value security
(2) Claim based on negotiable instrument
65 Creditor to assign security
66(1) Failure to value
(2) Barring claim on default
(3) Court to act
67(1) Act may be pleaded
(2) Order need not be made
TRUSTEE INVESTMENTS
68(1) Authority of trustee to invest
(2) Standard of care
69(1) Corporation offerings
(2) Consent to exercise of power
70(1) Deposit of trust moneys
(2) Deposits
71 Investment to be in trustee's name
72(1) Instrument creating trust
(2) Trust instrument to govern
73(1) Changing investments by trustee
(2) Limitation of liability
(3) Excess investments
74(1) Concurrence in compromise
(2) Limitation on liability
(3) Retention of securities acquired under subsec. (1)
75 Duty of trustee to take care
COMMON TRUST FUNDS
76(1) Definitions
(2) Common trust funds authorized
(3) Investment by other trustees
(4) Regulations
(5) Passing of accounts in court
(5.1) Interested person may apply to court
(5.2) Limit on frequency of passing accounts
(6)
(7) Accounting only required under this section
(8) Notice of time and place for passing accounts
(9) Form of account
(10) Appearance and expenses of interested person
(11) Effect of passing accounts
(12) Costs to be charged to common trust fund
PROTECTION AND INDEMNITY
77 Act protects anything done under it
78 Trustee not answerable
79 Defence based on investment policy
79.1 Use of non-financial criteria
BREACH AT INSTIGATION OF BENEFICIARY
80 Court may indemnify
TECHNICAL BREACHES OF TRUST
81 Court may relieve if bona fides shown
82 Protection against invalid grant
EFFECT OF REVOCATION OF AN ERRONEOUS GRANT
83(1) Validity of acts before revocation
(2) Expenses allowed
(3) Fraud excepted
SUMMARY APPLICATION TO COURT FOR ADVICE
84(1) Application for advice
(2) Indemnified acting on advice
TRUSTEES' ACCOUNTS
85 Audit of accounts
PASSING OF ACCOUNTS
86 When trustee to file accounts
87(1) Judge and court may pass accounts
(2) Order by judge in chambers
(3) Notice of motion
(4) Service of notice
(5) Abridgement of notice
(6) Infants
(7) Involved accounts
(8) Selection of accountant by court
(9) Rules applicable
(10) Appeal
(11) Order binding
88 Power of court to order accounts
PAYMENT INTO COURT
89(1) Payment into court
(2) Receipt
(3) Order for payment in
(4) Order for delivery
(5) Validity of order
(6) Subject to court order
ALLOWANCES TO TRUSTEES AND PERSONAL REPRESENTATIVES
90(1) Allowances
(2) Settlement
(3) Allowance by court
(4) Solicitor trustee
(5) Agreement void
CHARITABLE AND NON-CHARITABLE TRUSTS
91(1) Charitable trusts not affected by invalid non-charitable trusts
(2) Effect of valid charitable and non-charitable trusts