Power of company in certain cases of devises of realty
30 Power of company in certain cases of devises of realty
Where a trustee company is pursuant to this Act administering the estate of any deceased testator, who has by will devised land—
to any person who at the date of the death of the testator is under the age of 18 years; or
when the trustee company is satisfied that the debts and liabilities of the testator due at the testator’s death or the funeral expenses of the testator or the expenses of administration cannot be fully satisfied without recourse to the land so devised, to any person;
the trustee company shall, notwithstanding any law to the contrary, be entitled to have transmission of the land so devised entered up to it as trustee in the proper registry, and shall have the same powers and authority to deal with that land as though the land had by the will of the testator been devised to it upon trust for the devisee.
Without limiting the powers of the trustee company in other respects it shall, notwithstanding any provision of the testator’s will, have power to raise such sum or sums of money as it deems sufficient for the purpose of discharging any debts or liabilities charged upon the testator’s estate, or for the payment of which that estate may be made available, by—
mortgage (at such rate of interest and repayable within such period as it thinks proper); or
sale at public auction; or
subject to offer for sale at public auction, at the best price obtainable thereafter (on such terms and conditions as it thinks proper); or
lease (of such duration as it thinks proper) at the best rent obtainable;
of the land devised by the testator as mentioned in subsection (1) or any part thereof.
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