Acts and Regulations

2015, c.21 - Trustees Act

Section 47
Disposition versions

Full text
Conditions on payment from capital
47(1)If the trustees pay an amount under subsection 46(1) or if, under the terms of the trust, they pay an amount from capital for the benefit of an individual or an individual’s child or spouse, the trustees may impose conditions on the person receiving the payment or the benefit of the payment, including, without limitation, conditions relating to any of the following:
(a) the repayment of the payment to the trustees;
(b) the payment of interest to the trustees; and
(c) the giving of security to the trustees by the person receiving the payment.
47(2)The trustees may do any of the following in relation to a condition imposed under subsection (1):
(a) waive all or part of a condition;
(b) release a person from an obligation undertaken; and
(c) release the security given.
47(3)If an amount paid under subsection 46(1) is repaid to or recovered by the trustees in accordance with a condition under subsection (1) of this section, the amount repaid or recovered is deemed not to have been paid under section 46.
47(4)When imposing a condition in respect of security under subsection (1), the trustees are not bound by any restrictions on the investment of the trust property.
47(5)A trustee who has acted in accordance with section 29 in paying an amount under section 46 is not liable for a loss arising from the transaction, including a loss arising because a person breaches a condition imposed by the trustees.
Conditions on payment from capital
47(1)If the trustees pay an amount under subsection 46(1) or if, under the terms of the trust, they pay an amount from capital for the benefit of an individual or an individual’s child or spouse, the trustees may impose conditions on the person receiving the payment or the benefit of the payment, including, without limitation, conditions relating to any of the following:
(a) the repayment of the payment to the trustees;
(b) the payment of interest to the trustees; and
(c) the giving of security to the trustees by the person receiving the payment.
47(2)The trustees may do any of the following in relation to a condition imposed under subsection (1):
(a) waive all or part of a condition;
(b) release a person from an obligation undertaken; and
(c) release the security given.
47(3)If an amount paid under subsection 46(1) is repaid to or recovered by the trustees in accordance with a condition under subsection (1) of this section, the amount repaid or recovered is deemed not to have been paid under section 46.
47(4)When imposing a condition in respect of security under subsection (1), the trustees are not bound by any restrictions on the investment of the trust property.
47(5)A trustee who has acted in accordance with section 29 in paying an amount under section 46 is not liable for a loss arising from the transaction, including a loss arising because a person breaches a condition imposed by the trustees.