Acts and Regulations

2015, c.21 - Trustees Act

Full text
Effect of notice on purchaser
87(1)In this section, “purchaser” means
(a) a purchaser for value,
(b) a secured party, or
(c) any other person who receives, for value, an interest in or a claim on trust property.
87(2)A purchaser of trust property takes the property subject to the terms of the trust if the purchaser, at the time of the purchase, has received notice that
(a) former trustees did not possess, or the current trustees do not possess, the power that is purported to be exercised with respect to that property, or
(b) a former trustee or current trustee has acted or is acting in breach of trust with respect to that property.
Effect of notice on purchaser
87(1)In this section, “purchaser” means
(a) a purchaser for value,
(b) a secured party, or
(c) any other person who receives, for value, an interest in or a claim on trust property.
87(2)A purchaser of trust property takes the property subject to the terms of the trust if the purchaser, at the time of the purchase, has received notice that
(a) former trustees did not possess, or the current trustees do not possess, the power that is purported to be exercised with respect to that property, or
(b) a former trustee or current trustee has acted or is acting in breach of trust with respect to that property.