Bill 28 (Legislature 14, Session 4)

L14 S4 1860

Alberta — Bills

No. 28 4th Session, 14th Legislature, Alberta 10 Elizabeth II BILL 28 A Bill to amend The iTrustee Act HON. MR. MANNING Prdnted by L. S. WALL, Printer to the Queen's Most Excellent Majesty, Edmonton, Alberta, 1962

Explanatory Note

Section 5, subsection (1) reads: "5.

(1) No trustee lending money upon the security of any property is chargeable with breach of trust by reason only of the proportion borne by the amount of the loan to the value of the property at the time when the loan was made, if it appears to the court (

a) that in making the loan the trustee was acting upon a report as to the value of the property made by a person whom the trustee reasonably believed to be an able and practical surveyor or valuer instructed and employed fndependently of any owner of the property, whether such surveyor or valuer carried on business in the locality where the property was situa-ted or elsewhere, (

b) that the amount of the loan did not exceed two-thirds of the value of the property as Sltated in the report, and (

c) that the loan was made under the advice of the surveyor or valuer expressed in the report.".

BILL No. 28 of 1962

An Act to amend The Trustee Act (Assented to , 1962) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of Alberta, enacts as follows: 1. The Trustee Act, being

chapter 346 of the Revised Statutes, is hereby amended.

Section 5 is amended by adding the following new subsection:

(3) Notwithstanding subsection (1), a trustee lending money on a mortgage security, if the loan is an insured loan under the National Housing Act, 195.4. (Canada), is not chargeable with breach of trust by reason only that the amount of the loan exceeds two-thirds of the value of the property mortgaged. 3. This Act comes into force on the day upon which it is ass en ted to.

No. 28 FOURTH SESSION fOURTeENTH LEGISLATURE 10 ELIZABETH II 1962 BILL

An Act to amend The Trustee Act Received and read the First time ............. . Second time ................. . Third time ..................................... . RON. MR. MANNING Title: 1962 (14th, 4th) Bill 28,

An Act to amend The Trustee Act

Document details

Collection	Alberta — Bills
Citation	L14 S4 1860
Type	bill
Volume / chapter	L14 S4 1860
Language	en
Format	json
Source	PROVINCIAL
Identifier	09b7975ad379dd0dd8614ee27bc970c2c5fe8f00

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