This is an official version.

Copyright 2016: Queens Printer,

St. John's, Newfoundland and Labrador, Canada

Important Information

(Includes details about the availability of printed and electronic versions of the Statutes.)

Table of Regulations

Main Site

How current is this regulation?

NEWFOUNDLAND

AND LABRADOR

REGULATION 86/13

Public Trustee Compensation Regulations

under the

Public Trustee Act, 2009

(O.C. 2013-214)

Amended by:

26/16

NEWFOUNDLAND AND LABRADOR

REGULATION 86/13

Public Trustee Compensation Regulations

under the

Public Trustee Act, 2009

(O.C. 2013-214)

(Filed August 6, 2013)

Under the authority of

section 23 of the Public Trustee Act, 2009

, the Lieutenant-Governor in Council makes the following regulations.

Dated at St. Johns

, July 30, 2013.

Robert Thompson

Clerk of the Executive Council

REGULATIONS

Analysis

Short title

Fees

Sale

of real property or chattels by agent

Reimbursement of costs

Taxation

Schedule

Short title

These regulations may be cited as the Public Trustee Compensation Regulations

86/13 s1

Back to Top

Fees

For a duty or service described in Column A of the Schedule, the party named in Column B shall pay to the public trustee, at the time specified in Column C, the fee specified in Column D opposite the applicable duty or service.

86/13 s2

Back to Top

Sale

of real property or chattels by agent

(1)Notwithstanding

section 2, where the sale of real property or chattels is negotiated by an agent who is entitled to be paid a commission, the compensation due the public trustee as established in the

Schedule in relation to the sale of real property or chattels shall be recoverable by the public trustee only to the extent that it exceeds the commission that was paid to the agent.

(2) The public trustee is entitled to recover the amount of the commission paid to the agent in relation to the sale of real property or chattels, as if the agent had been retained under

section 4.

86/13 s3

Back to Top

Reimbursement of costs

In addition to the compensation provided for in the Schedule, the public trustee shall be reimbursed for the cost of engaging other persons to carry out the duties of the public trustee where, in the discretion of the public trustee, it is necessary to employ other persons due to difficulties such as distance to travel, lack of facilities, shortness of time or other reasonable cause, or where the public trustee is required to engage other persons under legislation that requires duties to be carried out by a member of a profession, trade or organization.

86/13 s4

Back to Top

Taxation

An affected party is entitled to a taxation of the public trustee's account.

86/13 s5

Back to Top

Schedule

Column A

Column B

Column C

Column D

Duty or Service

Payable by

When Payable

Fee

Life Insurance Act

receipt of money paid into court on behalf of a minor under

section 52

estate

on receipt of funds by the public trustee

$250

Plus

estate

semi-annually and on payout

8% of interest or income received

Trustee Act

receipt of money paid into court under

section 48

estate

on receipt of funds by the public trustee

$250

Plus

estate

semi-annually and on payout

8% of interest or income earned

Public Trustee Act, 2009

i) continuing trusts

trust

semi-annually and on payout

0.4% of

average market value of assets under administration

ii) administration or probate of the estate of a deceased person

estate

on receipt of funds by the public trustee

8% of capital assets received

Plus

estate

on receipt of funds by the public trustee

8% commission on sale proceeds of real property

Plus

estate

on receipt of funds by the public trustee

10% commission on sale proceeds of chattels

Plus

estate

semi-annually and on payout

8% of interest or income received

person requesting deed

prior to release of deed

$250 minimum fee where it is requested and proper to execute a deed with no other duties

iii) guardianship of the estate of a minor, mentally incompetent person or missing person

estate

on receipt of funds by the public trustee

5% of capital assets received

Plus

estate

on receipt of funds by the public trustee

5% commission on sale proceeds of real property

Plus

estate

on receipt of funds by the public trustee

10% commission on sale proceeds of chattels

Plus

estate

semi-annually and on payout

5% of interest or income received

iv) acting under power of attorney

estate

on receipt of funds by the public trustee

8% of capital assets received

Plus

estate

on receipt of funds by the public trustee

8% commission on sale proceeds of real property

Plus

estate

on receipt of funds by the public trustee

10% commission on sale proceeds of chattels

Plus

estate

semi-annually and on payout

8% of interest or income received

26/16 s1

Queen's Printer