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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) | Repealed | |
| (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 |
| (1.1) | Interpretation: "statutory limitation" | |
| (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 | |