Section 47Part 9 — Trustees
Trustees' receipts
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The receipt or direction in writing of or by the trustees of the settlement, or where one trustee is empowered to act, of or by that trustee, or of or by the personal representatives of the last surviving or continuing trustee, for or relating to any money or securities, paid or transferred to or by the direction of the trustees, trustee or representatives, as the case may be, effectually discharges the payer or transferor therefrom, and from being bound to see to the application or being answerable for any loss or misapplication thereof, and, in case of a mortgagee or other person advancing money, from being concerned to see that any money advanced by him is wanted for any purpose of this Law, or that no more than is wanted is raised.
Defined Terms
trusteessettlement