| Purchaser not to be concerned with the trusts of the proceeds of sale which are to be paid to two or more trustees or to a trust corporation |
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| 27. -- (1) A purchaser of a legal estate from trustees of land shall not be concerned with the trusts affecting the land, the net income of the land or the proceeds of sale of the land whether or not those trusts are declared by the same instrument as that by which the trust of land is created. | |
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(2)
Notwithstanding anything to the contrary in the instrument (if any) creating
a trust or any trust affecting the net proceeds of sale of the land if it is
sold, the proceeds of sale or other capital money shall not be paid to or
applied by the direction of fewer than two persons as trustees, except
where the trustee is a trust corporation, but this subsection does not
affect the right of a sole personal representative as such to give valid
receipts for, or direct the application of, proceeds of sale or other
capital money, nor, except where capital money arises on the transaction,
render it necessary to have more than one trustee.
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