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The Trustee Act

R.S.M. 1987, c. T160

The Trustee Act

Table of Contents

1 Definitions.
APPLICATION OF ACT
2 Application.
3 Statute to be supplementary.
4 Act not to vary instrument.
JURISDICTION OF THE COURT
5 Persons entitled to apply.
(2) In case of mortgaged land.
(3) Notice of.
(4) Power on hearing.
DEVOLUTION OF POWERS OF TRUSTEES
6 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 Retirement of trustee.
(2) Assurance given.
(3) Application.
APPOINTMENT OF NEW TRUSTEES
8 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) Lunatic trustee.
(8) Application.
APPOINTMENT OF NEW TRUSTEES BY THE COURT
9 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 Statement to be relied on.
(2) As to a purchaser.
VESTING INSTRUMENTS
13 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 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 Power to order sale.
(2) Notice.
POWERS AND DUTIES OF TRUSTEES POWER OF SALE
25 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 Sale subject to depreciatory condition.
(2) As against purchaser.
(3) Title good.
LEASES, OPTIONS.
27 Leases by trustee under power of sale.
(2) Leases by other trustees.
(3) Premiums, as capital.
(4) Disposal of rent under mining leases.
28 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 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 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 Payment of liabilities from capital.
(2) Power of court to vary.
(3) Rights of other persons.
33 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 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 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 Trustee may insure.
(2) But not property to be conveyed.
RENEWAL OF LEASES
38 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 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 Carrying on business.
(2) Accounting.
RESIDUE OF ESTATE
48 Executor trustee of residue.
(2) Where no one entitled.
RESPECTING DEBTS AGAINST ESTATE
49 Protection against liability of rents and covenants.
(2) Following assets saved.
(3) Definitions of "lease", "grant", "lessee", "grantee".
50 Exercise of general power.
51 Power to pay debts.
(2) Proceedings on notice of disputing claim.
PAYMENT OF DEBTS AND LEGACIES
52 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 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 Orders as to dealing with property.
(2) Rescind order.
(3) Application to court.
(4) Effect on section 59.
VARIATION OF TRUSTS
59 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 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 Creditor to rank pari passu.
(2) Overpayment to creditor.
(3) Relief from personal liability.
64 Creditors to value security.
(2) Claim based on negotiable instrument.
65 Creditor to assign security.
66 Failure to value.
(2) Barring claim on default.
(3) Court to act.
67 Act may be pleaded.
(2) Order need not be made.
TRUSTEE INVESTMENTS
68 Authority of trustee to invest.
(2) Standard of care.
69 Corporation offerings.
(2) Consent to exercise of power.
70 Deposit of trust moneys.
(2) Deposits.
71 Investment to be in trustee's name.
72 Instrument creating trust
(2) Trust instrument to govern.
73 Changing investments by trustee.
(2) Limitation of liability.
(3) Excess investments.
74 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 Definition of "trust corporation".
(2) Common trust funds authorized.
(3) Investment by other trustees.
(4) Regulations.
(5) Passing of accounts.
(6) Period of accounts.
(7) Accounting only required under this section.
(8) Time and place for passing account.
(9) Form of account.
(10) Director to represent persons having interest
(11) Approval of judge.
(12) Costs.
PROTECTION AND INDEMNITY
77 Act protects anything done under it.
78 Trustee not answerable.
79 Defence based on investment policy.
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 Validity of acts before revocation.
(2) Expenses allowed.
(3) Fraud excepted.
SUMMARY APPLICATION TO COURT FOR ADVICE
84 Application for advice.
(2) Indemnified acting on advice.
TRUSTEES' ACCOUNTS
85 Audit of accounts.
PASSING OF ACCOUNTS
86 When trustee to file accounts.
87 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 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 Allowances.
(2) Settlement.
(3) Allowance by court.
(4) Solicitor trustee.
(5) Agreement void.
CHARITABLE AND NON-CHARITABLE TRUSTS
91 Charitable trusts not affected by invalid non-charitable trusts.
(2) Effect of valid charitable and non-charitable trusts.