http://www.legislation.gov.uk/ukpga/Geo5/15-16/19/section/14/1997-01-01Trustee Act 1925An Act to consolidate certain enactments relating to trustees in England and Wales.1972-12-31texttext/xmlenStatute Law Database2022-11-111997-01-01 Part II General Powers of Trustees and Personal Representatives General Powers Power of trustees to give receipts.141The 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.2This section does not, except where the trustee is a trust corporation, enable a sole trustee to give a valid receipt for—aproceeds of sale or other capital money arising under a trust of land;bcapital money arising under the Settled Land Act, 1925.3This section applies notwithstanding anything to the contrary in the instrument, if any, creating the trust.S. 14(2)(a) substituted (1.1.1997) by 1996 c. 47, s. 25(1), Sch. 3 para. 3(3) (with ss. 24(2), 25(4)); S.I. 1996/2974, art.21925 c. 18.
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<Title> General Powers of Trustees and Personal Representatives</Title>
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<Title> Power of trustees to give receipts.</Title>
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<Text>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.</Text>
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<Text>This section does not, except where the trustee is a trust corporation, enable a sole trustee to give a valid receipt for—</Text>
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<Addition ChangeId="d30p5377" CommentaryRef="c772095">proceeds of sale or other capital money arising under a trust of land;</Addition>
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capital money arising under the
<CommentaryRef Ref="c772096"/>
Settled Land Act, 1925.
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<Text>This section applies notwithstanding anything to the contrary in the instrument, if any, creating the trust.</Text>
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<Commentary id="c772095" Type="F">
<Para>
<Text>
<CitationSubRef id="c00519" URI="http://www.legislation.gov.uk/id/ukpga/Geo5/15-16/19/section/14/2/a" SectionRef="section-14-2-a">S. 14(2)(a)</CitationSubRef>
substituted (1.1.1997) by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1996/47" id="c00520" Year="1996" Class="UnitedKingdomPublicGeneralAct" Number="47">1996 c. 47</Citation>
,
<CitationSubRef id="c00521" URI="http://www.legislation.gov.uk/id/ukpga/1996/47/section/25/1" CitationRef="c00520" SectionRef="section-25-1">s. 25(1)</CitationSubRef>
,
<CitationSubRef id="c00522" URI="http://www.legislation.gov.uk/id/ukpga/1996/47/schedule/3/paragraph/3/3" Operative="true" CitationRef="c00520" SectionRef="schedule-3-paragraph-3-3">Sch. 3 para. 3(3)</CitationSubRef>
(with
<CitationSubRef id="c00523" URI="http://www.legislation.gov.uk/id/ukpga/1996/47/section/24/2" CitationRef="c00520" SectionRef="section-24-2">ss. 24(2)</CitationSubRef>
,
<CitationSubRef id="c00524" URI="http://www.legislation.gov.uk/id/ukpga/1996/47/section/25/4" CitationRef="c00520" SectionRef="section-25-4">25(4)</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/uksi/1996/2974" id="c00525" Class="UnitedKingdomStatutoryInstrument" Year="1996" Number="2974">S.I. 1996/2974</Citation>
,
<CitationSubRef id="c00526" URI="http://www.legislation.gov.uk/id/uksi/1996/2974/article/2" Operative="true" CitationRef="c00525" SectionRef="article-2">art.2</CitationSubRef>
</Text>
</Para>
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<Commentary id="c772096" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1925/18" id="c00527" Year="1925" Class="UnitedKingdomPublicGeneralAct" Number="18">1925 c. 18</Citation>
.
</Text>
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