C.C.S.M. c. T160
The Trustee Act
| Back to the 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 |