97.38 (1) The definitions in this subsection apply in this section and in section 97.39.
« fiducie »
“trust” includes the estate of a deceased individual.
« fiduciaire »
“trustee” includes the personal representative of a deceased individual, but does not include a receiver.
Marginal note:Trustee’s liability
(2) Subject to subsection (3), each trustee of a trust is liable to satisfy every obligation imposed on the trust under this Act, whether the obligation was imposed during or before the period during which the trustee acts as trustee of the trust, but the satisfaction of an obligation of a trust by one of the trustees of the trust discharges the liability of all other trustees of the trust to satisfy that obligation.
Marginal note:Joint and several or solidary liability
(3) A trustee of a trust is jointly and severally or solidarily liable with the trust and each of the other trustees, if any, for the payment of all amounts that become payable by the trust under this Act before or during the period during which the trustee acts as trustee of the trust except that
(a) the trustee is liable for the payment of amounts that became payable before that period only to the extent of the property and money of the trust under the control of the trustee; and
(b) the payment by the trust or the trustee of an amount in respect of the liability discharges the joint liability to the extent of that amount.
(4) The Minister may, in writing, waive the requirement for the personal representative of a deceased individual to fulfil the obligations under this Act in respect of the activities of the deceased individual that occurred on or before the day the individual died.
Marginal note:Activities of a trustee
(5) For the purposes of this Act, if a person acts as trustee of a trust, anything done by the person in the person’s capacity as trustee of the trust is deemed to have been done by the trust and not by the person.
- 2001, c. 25, s. 58.
Definition of “representative”
97.39 (1) In this section, “representative” means a person, other than a trustee in bankruptcy or a receiver, who is administering, winding up, controlling or otherwise dealing with any property, business, commercial activity or estate of another person.
Marginal note:Certificates for receivers
(2) Every receiver shall, before distributing to any person any property or money under the control of the receiver in the receiver’s capacity as receiver, obtain a certificate from the Minister certifying that the following amounts have been paid or security for the payment of the amounts has been accepted by the Minister:
(a) amounts that the person is or can reasonably be expected to become liable to pay under this Act at or before the time the distribution is made; and
(b) amounts that the receiver is or can reasonably be expected to become liable to pay in the receiver’s capacity as receiver.
Marginal note:Certificates for representatives
(3) Every representative shall, before distributing to any person any property or money under the control of the representative in the representative’s capacity as representative, obtain a certificate from the Minister certifying that the following amounts have been paid or that security for the payment of the amounts has been accepted by the Minister:
(b) amounts that the representative is or can reasonably be expected to become liable to pay in the representative’s capacity as representative.
Marginal note:Liability for failure to obtain certificate
(4) Any receiver or representative who distributes property or money without obtaining a certificate in respect of the amounts referred to in subsection (2) or (3) is personally liable for the payment of those amounts to the extent of the value of the property or money so distributed.
- 2001, c. 25, s. 58.
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