preference or priority of debts of one rank or nature over those of another; but nothing herein contained shall prejudice Not to affect any lien existing during the lifetime of the debtor on any of his real or personal estate. lien If claim is rejected and notice given an action must be brought within a certain period As to liability of executor or in respect of etc., in leases administrator covenants, 45. In case the executor or administrator gives notice in writing referring to this section of his intention to avail himself thereof to any creditor or other person of whose claims against the estate he has notice, or to the advocate or agent of such creditor or other person, that he the executor or administrator rejects or disputes the claim it shall be the duty of the claimant to commence his action in respect of the claim within six months after the notice is given in case the debt or some part thereof is due at the time of the notice or within three months from the time the debt or some part thereof falls due if no part thereof is due at the time of the notice, and in default the claim shall be forever barred. (2) Unless such creditor or other person within ten days. after the receipt of such notice notifies the executor or administrator that he withdraws his claim such executor or administrator may if he thinks fit apply to a judge of the Supreme Court for an originating summons calling upon such creditor or other person to establish his claim and upon the return of such summons the judge may allow or bar the claim or make such other order as to him may seem meet with or without costs against either party. 46. Where an executor or administrator liable as such to the rents, covenants or agreements contained in any lease or agreement for a lease granted or assigned to the testator or intestate whose estate is being administered has satisfied all such liabilities under the said lease or agreement for a lease, as have accrued due and been claimed up to the time of the assignment hereinafter mentioned and has set apart a sufficient fund to answer any future claim that may be made in respect of any fixed and ascertained sum covenanted or agreed by the lessee to be laid out on the property demised, or agreed to be demised, although the period for laying out the same may not have arrived, and has assigned the lease or agreement for the lease, to a purchaser thereof, he shall be at liberty to distribute the residuary estate of the deceased to and among the parties entitled thereto respectively without appropriating any part or any further part, as the case may be, of the estate of the deceased to meet any future liability under the said lease or agreement for a lease; and the executor or administrator so distributing the residuary estate shall not after having assigned the said lease or agreement for a lease and having where necessary set apart such sufficient fund as aforesaid be personally liable in respect of any subsequent claim under the said lease or agreement for a lease; but nothing herein contained shall prejudice the right of the lessor or those claiming under him to follow the assets of the deceased into the hands of the person or persons to or amongst whom the said assets may have been distributed. of executor in conveyances charges, etc. 47. In like manner where an executor or administrator, As to liability liable as such to the rent, covenants or agreements_contained respect of in any conveyance or rent-charge whether any such rent be by rents, etc., in limitation of use, grant or reservation, or agreement for such on rent, conveyance, granted or assigned to or made and entered into with the testator or intestate whose estate is being administered, has satisfied all such liabilities under the said conveyance or agreement for a conveyance as may have accrued due and been claimed up to the time of the conveyance hereinafter mentioned and has set apart a sufficient fund to answer any future claim that may be made in respect of any fixed and ascertained sum covenanted or agreed by the grantee to be laid out on the property conveyed, or agreed to be conveyed, although the period for laying out the same may not have arrived, and has conveyed such property, or assigned the said agreement for such conveyance as aforesaid, to a purchaser thereof, he shall be at liberty to distribute the residuary estate of the deceased to and amongst the parties entitled thereto respectively without appropriating any part or any further part, as the case may be, of the estate of the deceased to meet any future liability under. the said conveyance or agreement for a conveyance; and the executor or administrator so distributing the residuary estate shall not after having made or executed such conveyance or assignment and having where necessary set apart such sufficient fund as aforesaid be personally liable in respect of any subsequent claim under the said conveyance or agreement for conveyance; but nothing herein contained shall prejudice the right of the grantor or those claiming under him to follow the assets of the deceased into the hands of the person or persons to or among whom the said assets may have been distributed. SUMMARY APPLICATION TO COURT FOR ADVICE. may apply for of trust 48. Any trustee, guardian, executor, or administrator shall Trustee, etc., be at liberty without the institution of an action to apply in advice in court or in chambers in the manner prescribed by rules of management Court for the opinion, advice or direction of a judge of the property Supreme Court on any question respecting the management or administration of the trust property or the assets of a testator or intestate. (2) The trustee, guardian, executor or administrator acting upon the opinion, advice, or direction given by the judge shall be deemed so far as regards his own responsibility to have discharged his duty as such trustee, guardian, executor or administrator in the subject matter of the said application; but this provision shall not extend to indemnify a trustee, executor or administrator in respect of any act done in accordance with such opinion, advice or direction as aforesaid if the trustee, executor or administrator has been guilty of any fraud or wilful concealment or misrepresentation in obtaining such opinion, advice or direction. trustees ALLOWANCE TO TRUSTEES, ETC. Allowance to 49. Any trustee under a deed, settlement or will, any executor or administrator, any guardian appointed by any court, and any testamentary guardian or other trustee howsoever the trust is created shall be entitled to such fair and reasonable allowance for his care, pains and trouble and his time expended in and about the trust estate as may be allowed by the Supreme Court or a judge thereof or by any clerk thereof to whom the matter may be referred. Allowance to be made 50. A judge of the Supreme Court may on application to although the him for the purpose settle the amount of such compensation, although the trust estate is not before the court in any action. estate not before the court Act to apply 51. Compensation may be allowed in the case of any trust well as future heretofore created as well as in any to be hereafter created. to existing as trusts Judge may order an allowance to be made to executor or out of the estate for his trouble 52. The judge may allow to the executor or trustee or administrator acting under a will or letters of administration a fair and reasonable allowance for his care, pains and trouble administrator and his time expended in or about the executorship, trusteeship or administration of the estate and effects vested in him under the will or letters of administration, and in administering, disposing of and arranging and settling the same and generally in arranging and settling the affairs of the estate and may make an order or orders from time to time therefor and the same shall be allowed to an executor, trustee or administrator in passing his accounts. Where allowance fixed by the instrument Advocate entitled to profit costs Application of statutes of limitations to certain actions against trustees 53. Nothing in the next preceding four sections shall apply to any case in which the allowance is fixed by the instrument creating the trust. 54. In addition to any allowance a trustee who is an advocate shall also be entitled to profit costs for any professional work done in connection with the trust. LIMITATION OF ACTIONS. 55. In any action or other proceeding against a trustee or any person claiming through him, except where the claim is founded upon any fraud or fraudulent breach of trust to which the trustee was party or privy, or is to recover trust property, or the proceeds thereof, still retained by the trustee, or previously received by the trustee and converted to his use, the following provisions shall apply: (a) The law relating to the limitation of actions shall apply in the like manner and to the like extent as it would in such action or other proceeding if the trustee or person claiming through him had not been a trustee or a person claiming through a trustee. (b) If the action or other proceeding is brought to recover (2) No beneficiary, as against whom there would be a good defence by virtue of this section, shall derive any greater or any other benefit from a judgment or order obtained by another beneficiary than he could have obtained if he had brought the action or other proceeding and this section had been pleaded. (3) This section shall apply only to actions or other pro ceedings commenced after the passing of this Ordinance and shall not deprive any executor or administrator of any right or defence to which he is entitled under any law relating to limitation of actions. JUDICIAL TRUSTEES. court on appoint 56. Where application is made to the Supreme Court or a Power of the judge thereof by or on behalf of the person creating or intending application to to create a trust or by or on behalf of a trustee or beneficiary judicial the court or judge may in its or his discretion appoint trustee a person (in this Ordinance called a judicial trustee) to be a trustee of said trust either jointly with any other person or as sole trustee and if sufficient cause is shown in place of all or any existing trustees. (2) The administration of the property of a deceased person whether a testator or intestate shall be a trust and the executor or administrator a trustee within the meaning of this section. (3) Any fit and proper person nominated for the purpose in the application may be appointed a judicial trustee and in the absence of such nomination or if the court or judge is not satisfied of the fitness of a person so nominated an official of the court or other competent person may be appointed and in any case a judicial trustee shall be subject to the control and supervision of the court as an officer thereof. (4) The court or judge may either on request or without request give to a judicial trustee any general or special directions in regard to the trust or the administration thereof. (5) There may be paid to a judicial trustee out of the trust property such remuneration not exceeding the prescribed limits as the court or judge may assign in each case and the remuneration SO assigned to any judicial trustee shall save as the court or judge may for special reasons otherwise order cover all his work and personal outlay. (6) Once in every year the accounts of every trust of which a judicial trustee has been appointed shall be audited and a report thereon made to the court by the prescribed persons and in any case where the court or judge shall so direct an inquiry into the administration by a judicial trustee of any trust, or into any dealing or transaction of a judicial trustee shall be made in the prescribed manner. |