Interest of missing person in property not to be altered by sale or other disposition of property
136 Interest of missing person in property not to be altered by sale or other disposition of property
A missing person and a beneficiary of a missing person have the same interest in any money or other property arising from or received in respect of any sale, mortgage, exchange, partition or other disposition under the powers conferred on an administrator by an administration (missing person) order which have not been applied under those powers that the missing person or beneficiary would have had in the property the subject of the sale, mortgage, exchange, partition or disposition if no sale, mortgage, exchange, partition or disposition had been made.
For the purposes of this section, money arising from the compulsory acquisition or purchase under any Act of property of a missing person is taken to be money arising from the sale of that property under the powers conferred on an administrator under an administration (missing person) order.
An administrator is not required to keep the proceeds of the sale or other disposition of property under this section separate from the missing person's other assets.
Money received by an administrator under this section may be invested in any manner in which trust funds may be invested under the Trustee Act 1958.
In this section, beneficiary of a missing person means—
a beneficiary under the will of a missing person; or
a missing person's executor; or
a missing person's administrator under the Administration and Probate Act 1958.
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