Hong Kong Ordinances

TRUSTEE ORDINANCE - SECT 15

Power of trustees to give receipts

(1) 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.

(2) A receipt in writing for the proceeds of sale or other capital money
arising under a trust for sale of land shall be a sufficient discharge if it
is signed by the person or persons lawfully executing the conveyance in
pursuance of that sale and the person making payment shall not be liable for
any loss or misapplication of those proceeds or that money. (Replaced 62 of
1984 s. 63)

(3) This section applies notwithstanding anything to the contrary in the
instrument, if any, creating the trust. [cf. 1925 c. 19 s. 14 U.K.]