Power of trustee to give receipts

In force

(1)

The receipt in writing of any 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 for the same, and shall effectually exonerate the person paying, transferring, or delivering the same from seeing to the application or being answerable for any loss or misapplication thereof.

(2)

This section applies to trusts created either before or after the commencement of this Act.

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20 Power of trustee to give receipts