A.D. 1925.
(3) This section does not enable an express power to sell settled land to be exercised where the power is not vested in the tenant for life or statutory owner.
Power to sell subject to depreciatory conditions. 13.—(1) No sale made by a trustee shall be impeached by any beneficiary upon the ground that any of the conditions subject to which the sale was made may have been unnecessarily depreciatory, unless it also appears that the consideration for the sale was thereby rendered inadequate.
(2) No sale made by a trustee shall, after the execution of the conveyance, be impeached as against the purchaser upon the ground that any of the conditions subject to which the sale was made may have been unnecessarily depreciatory, unless it appears that the purchaser was acting in collusion with the trustee at the time when the contract for sale was made.
(3) No purchaser, upon any sale made by a trustee, shall be at liberty to make any objection against the title upon any of the grounds aforesaid.
(4) This section applies to sales made before or after the commencement of this Act.
Power of trustees to give receipts. 14.—(1) The receipt in writing of a trustee for any money, securities, or other personal property or effects payable, transferable, or deliverable to him under any trust or power shall be a sufficient discharge to the person paying, transferring, or delivering the same and shall effectually exonerate him from seeing to the application or being answerable for any loss or misapplication thereof.
(2) This section does not, except where the trustee is a trust corporation, enable a sole trustee to give a valid receipt for—
- (a) the proceeds of sale or other capital money arising under a disposition on trust for sale of land;
- (b) capital money arising under the 15 Geo. 5. c. 18.Settled Land Act, 1925.
(3) This section applies notwithstanding anything to the contrary in the instrument, if any, creating the trust.
