Public Trustee Act 1978

The public trustee may make advances out of moneys standing to the credit of the common fund for the purposes of any estate under administration or about to be administered by the public trustee.

Where an estate is under administration and there is not sufficient money available to make payments required to be made on account of such estate, whether to the persons entitled thereto or to a share or interest therein or otherwise, the public trustee may advance and pay for or on account of such estate any sum of money (not exceeding in the whole one-half the total value of the property in the estate) which the public trustee is authorised or required to pay.

Where a person entitled to a share in an estate under administration desires an advance against the person’s share, the public trustee may make advances to that person not exceeding in the whole one-half of the value of the share as estimated by the public trustee.

All amounts owing in respect of sums so advanced, with all interest thereon, shall be a first charge upon the estate under administration or the share advanced against, as the case may be, and shall bear interest compounded on quarterly rests at the rate of 12% per annum or such other rate as may from time to time be prescribed in substitution therefor or at such lesser rate as may be fixed by the public trustee in the particular case.

All interest received under this provision shall be paid into the common fund.

A certificate signed by the public trustee stating the amount owing for advances and interest on a specified date by the estate under administration or person to whom the advances were made and the share (if any) against which they were made shall be sufficient evidence of the facts until the contrary is proved.