Power to compound and settle trust debts permits trustees to compromise and execute settlement instruments when acting in good faith. Two or more trustees acting together may accept composition or security for debts or claimed property, allow time for payment, compromise, abandon, submit to arbitration or otherwise settle any debt, account, claim or thing relating to the trust, and execute agreements, releases and other instruments to that end without being responsible for loss when acting in good faith; a sole acting trustee may exercise these powers only if the trust instrument so authorizes, and the section is subject to contrary intentions in the instrument and applies only to trusts created after the Act.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Power to compound and settle trust debts permits trustees to compromise and execute settlement instruments when acting in good faith.
Two or more trustees acting together may accept composition or security for debts or claimed property, allow time for payment, compromise, abandon, submit to arbitration or otherwise settle any debt, account, claim or thing relating to the trust, and execute agreements, releases and other instruments to that end without being responsible for loss when acting in good faith; a sole acting trustee may exercise these powers only if the trust instrument so authorizes, and the section is subject to contrary intentions in the instrument and applies only to trusts created after the Act.
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