Trustee Act 1898

The receipt in writing of a trustee or of any person thereto authorized by him in writing, or, where there are several trustees, of any person or of any one or more of such trustees thereto respectively authorized by the trustees in writing for any money, securities, or other personal property or effects payable, transferable, or deliverable to him or them, as the case may be, under any trust or power, is a sufficient discharge for the same, and effectually exonerates the person paying, transferring, or delivering the same from seeing to the application or being answerable for any loss or misapplication thereof.