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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. | |