Section 1 definitions of "person of unsound mind" and "transfer" BEFORE amended by 2023-10-1118, effective March 30, 2023 (Royal Assent).
"person of unsound mind" means a person, other than an infant, who is incapable, from infirmity of mind, of managing his or her own affairs;
"transfer" means the execution and performance of every deed and act by which a person entitled to stock can transfer the stock from himself or herself to another;
Section 9 (1) (part) BEFORE amended by 2009-13-257(b), effective March 31, 2014 (BC Reg 148/2013).
to the testator's or intestate's estate or to the trust.
Section 9 (1) (part) BEFORE amended by 2023-10-1119, effective March 30, 2023 (Royal Assent).
(1) An executor or administrator, or 2 or more trustees acting together, or a sole acting trustee if by any instrument creating the trust a sole trustee is authorized to execute the trusts and powers, may, if and as he or she or they think fit, accept
Section 10 BEFORE repealed by 2009-13-258, effective March 31, 2014 (BC Reg 148/2013).
Abolition of rule in Allhusen v. Whittel
10 (1) Unless the will contains an express direction to the contrary,
(a) the personal representative of a deceased person, in paying the debts, funeral and testamentary expenses, estate, legacy, succession and inheritance taxes or duties, legacies or other similar disbursements, must not apply and must not be considered to have applied income of the estate in or toward the payment of any part of the capital of those disbursements or of any part of any interest due or accruing due on them at the date of death of the person, and
(b) until the payment of the debts, funeral and testamentary expenses, estate, legacy, succession and inheritance taxes or duties, legacies or other similar disbursements referred to in paragraph (a), the income from the property required for their payment, with the exception of any part of that income applied in the payment of any interest accruing due on them after the date of death of the deceased, must be treated and applied as income of the residuary estate,
provided that, in any case where the assets of the estate are not sufficient to pay those disbursements in full, the income must be applied in making up the deficiency.
(2) Subsection (1) is deemed always to have been part of the law of British Columbia.
(3) Despite subsections (1) and (2), in any case in which the personal representative has, before April 1, 1966, applied a rule of law or of administration different from subsection (1), the application is valid and effective.
Section 14 (6) BEFORE amended by 2016-4-29, effective September 1, 2016 (BC Reg 191/2016).
(6) An affidavit by the donee of a power of attorney, under which the execution of a trust is delegated, that the donor is engaged on war service within the meaning of this Act and is out of British Columbia, and that in any transaction the donee is acting in execution of the trust, must be accepted as conclusive evidence of those facts by the court and all other persons dealing with the donee.
Section 14 (5) BEFORE amended by 2017-10-60,Sch 1, effective November 2, 2017 (Royal Assent).
(5) All jurisdiction and powers of any court apply to the donee of a power of attorney given under this Act in so far as respects the execution of the trust in the same manner as if the donee were a trustee of the trust.
Section 14 (1), (3), (8) and (9) BEFORE amended by 2023-10-1120, effective March 30, 2023 (Royal Assent).
(1) A trustee, whether or not a sole trustee, who is engaged on war service and intends to leave British Columbia and remain out of British Columbia for a period exceeding one month, or who is engaged on war service out of British Columbia and does not intend to return within one month, may, despite any rule of law or equity to the contrary, by power of attorney delegate to any person, including a trust company, the execution or exercise of all or any trusts, powers and discretions vested in him or her as trustee, either alone or jointly with any other person or persons, but a person who is the only other co-trustee must not be appointed to be an attorney under this subsection.
(3) The power of attorney does not come into operation unless and until the donor is out of British Columbia and is revoked by his or her return.
(8) In favour of a person dealing with the donee, any act done or instrument executed by the donee is, even though the power has never come into operation or has been revoked by the act of the donor or by his or her death or otherwise, as valid and effectual as if the donor were alive and of full capacity and had himself or herself done the act or executed the instrument, unless the person had actual notice that the power had never come into operation or of the revocation of the power before the act was done or instrument executed, or, unless in the case of an instrument within the meaning of section 1 of the Land Title Act before the registration of the instrument in the land title office of the land title district in which the land comprised in the instrument is located, notice of revocation by death or otherwise, or notice that the power has never come into operation, is filed in that land title office.
(9) For the purpose of executing or exercising the trusts or powers delegated to him or her, the donee may, subject to any limitation contained in the power of attorney, exercise any of the powers conferred on the donor as trustee by statute or by the instrument creating the trust, including the power, for the purpose of the transfer of shares or inscribed stock, to delegate to an attorney power to transfer, but not including the power of delegation conferred by this section.
Section 15 BEFORE repealed by 2002-33-23, effective February 28, 2003 (BC Reg 34/2003).
Trustee authorized investments
15 A trustee may invest trust money in his or her hands, if the investment is in all other respects reasonable and proper, in
(a) securities of Canada, a province, the United Kingdom, the United States of America or a municipal corporation in a province,
(b) securities the payment of the principal and interest of which is guaranteed by Canada, a province, the United Kingdom, the United States of America or a municipal corporation in a province,
(c) securities issued for school, hospital, irrigation, drainage or other similar purposes that are secured by or payable out of rates or taxes levied under the law of a province on property in that province,
(d) bonds, debentures or other evidence of indebtedness of a corporation that are secured by the assignment to a trustee of payments that Canada or a province has agreed to make, if those payments are sufficient to meet the interest on all the bonds, debentures or other evidence of indebtedness outstanding as it falls due and also to meet the principal amount of all the bonds, debentures or other evidence of indebtedness on maturity,
(e) bonds, debentures or other evidence of indebtedness of a corporation incorporated under the laws of Canada or a province that are fully secured by a mortgage, charge or hypothec to a trustee on any one or combination of the following assets:
(i) land;
(ii) the plant or equipment of a corporation that is used in the transaction of its business;
(iii) bonds, debentures or other evidence of indebtedness or shares of a class or classes authorized by this section,
(f) bonds, debentures or other evidence of indebtedness of a corporation incorporated under the laws of Canada or a province if the corporation has earned and paid a dividend,
(i) in each of the 5 years immediately preceding the date of investment, at least equal to the specified annual rate on all of its preferred shares, or
(ii) in each year of a period of 5 years ending less than one year before the date of investment, on its common shares of at least 4% of the average value at which the shares were carried in the capital stock account of the corporation during the year in which the dividend was paid,
(g) guaranteed trust or investment certificates of
(i) a bank, or
(ii) a corporation that is incorporated under the laws of Canada or of a province and that has a business authorization to carry on trust business or deposit business,
(h) bonds, debentures or other evidence of indebtedness of a loan corporation or similar corporation
(i) that at the time of investment has all of the following:
(A) power to lend money on mortgages, charges or hypothecs of real estate;
(B) a paid up nonreturnable capital stock of not less than $500 000;
(C) a reserve fund amounting to not less than 25% of its paid up capital, and
(ii) the stock of which has a market value that is not less than 7% in excess of its par value,
(i) preferred shares of a corporation incorporated under the laws of Canada or of a province if the corporation has paid a dividend,
(i) in each of the 5 years immediately preceding the date of investment, at least equal to the specified annual rate on all of its preferred shares, or
(ii) in each year of a period of 5 years ending less than one year before the date of investment, on its common shares of at least 4% of the average value at which the shares were carried in the capital stock account of the corporation during the year in which the dividend was paid,
(j) first mortgages, charges or hypothecs on land in Canada, but only if the loan does not exceed 75% of the value of the property at the time of the loan as established by a valuator whom the trustee believes on reasonable grounds to be competent and independent,
(k) securities issued or guaranteed by the International Bank for Reconstruction and Development established by the Agreement for an International Bank for Reconstruction and Development, approved by the Bretton Woods and Related Agreements Act (Canada), but only if the bonds, debentures or other securities are payable in the currency of Canada, the United Kingdom, a member of the British Commonwealth or the United States of America,
(l) fully paid common shares of a corporation incorporated under the laws of Canada or of a province that, in each year of a period of 7 years ending less than one year before the date of investment, has paid a dividend on its common shares of at least 4% of the average value at which the shares were carried in the capital stock account of the corporation during the year in which the dividend was paid, and
(m) deposits in, or non-equity or membership shares or other evidence of indebtedness of, a credit union.
Section 15.1 (1) BEFORE amended by 2006-32-69, effective May 18, 2006 (Royal Assent).
(1) A trustee may invest property in any form of property or security in which a prudent investor might invest, including a security issued by a mutual fund as defined in the Securities Act.
Section 15.5 (7) BEFORE amended by 2006-32-69, effective May 18, 2006 (Royal Assent).
(7) Investment in a mutual fund referred to in section 15.1 (1) or a common trust fund referred to in section 15.1 (3) is not a delegation of authority with respect to the investment of trust property.
Section 16 BEFORE repealed by 2002-33-24, effective February 28, 2003 (BC Reg 34/2003).
National Housing Act mortgages
16 Despite section 15 (j), a trustee investing trust money in a first mortgage security on land in Canada, if the mortgage is an insured loan under the National Housing Act (Canada), is not chargeable with breach of trust merely because the amount of the loan exceeds 75% of the value of the property mortgaged.
Section 17 BEFORE repealed by 2002-33-24, effective February 28, 2003 (BC Reg 34/2003).
Investment rules
17 (1) In determining market values, a trustee may rely on published market quotations.
(2) A corporation that is a trustee must not invest trust money in its own securities.
(3) In the case of an investment under section 15 (e), the inclusion, as additional security under the mortgages, charges or hypothecs, of other assets not of a class authorized by this Act as investments does not render the bonds, debentures or other evidence of indebtedness ineligible as an investment.
(4) No investment may be made under section 15 (e), (f), (h), (i) or (l) that would at the time of making the investment cause the aggregate market value of the investments made under those paragraphs to exceed 35% of the market value at that time of the whole trust estate.
(5) For the purpose of subsection (4), investments made by the testator or settlor and retained by the trustee under the authority of the trust instrument and that come within any of the classes authorized by section 15 (e), (f), (h), (i) or (l) are deemed to have been made by the trustee.
(6) No sale or other liquidation of any investment made under section 15 (e), (f), (h), (i) or (l) is required merely because of a change in the ratio between the market value of that investment and the market value of the whole trust estate.
(7) In case of investment under section 15 (i) or (l), not more than 30% of the total issue of shares of any corporation may be purchased for any trust.
(8) No investment may be made under section 15 (i) or (l) unless the shares are listed at the time of investment on a recognized stock exchange.
Section 18 BEFORE repealed by 2002-33-24, effective February 28, 2003 (BC Reg 34/2003).
Additional investments
18 In addition to the investments authorized by section 15 or by the trust instrument, except if that instrument expressly prohibits the investment, a trustee may invest funds in the other securities the court on application in a particular case approves as fit and proper, but nothing in this section relieves the trustee of his or her duty to take reasonable and proper care with respect to investments so authorized.
Section 20 BEFORE repealed by 2002-33-24, effective February 28, 2003 (BC Reg 34/2003).
Investments in trustee's name
20 (1) Except in the case of a security that cannot be registered, a trustee who invests in securities must require them to be registered in his or her name as the trustee for the particular trust for which the securities are held, and the securities may be transferred only on the books of the corporation in his or her name as trustee for the trust estate.
(2) This section does not apply to a corporation that has a business authorization to carry on trust business.
Section 23 BEFORE amended by 2023-10-1122, effective March 30, 2023 (Royal Assent).
Reorganization of corporation
23 (1) If a trustee holds securities of a corporation in which he or she has properly invested money under this Act, the trustee may concur in a compromise, scheme or arrangement for
(a) the reconstruction of the corporation or the winding up, sale or distribution of its assets,
(b) the sale of all or part of the property and undertaking of the corporation to another corporation,
(c) the amalgamation of the corporation with another corporation, or
(d) the release, modification or variation of rights, privileges or liabilities attached to the securities or any of them,
in a similar manner as if he or she were entitled to the securities beneficially, and may, if the securities are in all other respects reasonable and proper investments, accept securities of any denomination or description of the reconstructed, purchasing or new corporation in place of or in exchange for all or any of the original securities.
(2) A trustee is not responsible for loss caused by an act or thing done in good faith under subsection (1), and the trustee may, if the securities accepted under that subsection are in all other respects reasonable and proper investments, retain them for any period for which he or she could have properly retained the original securities.
Section 27 (4) (a) BEFORE amended by 2009-13-195,Sch 1, effective March 31, 2014 (BC Reg 148/2013).
(a) a trustee who is dead include the case of a person who is nominated a trustee in a will but who dies before the testator, and
Section 27 (1) BEFORE amended by 2023-10-1123(a), effective March 30, 2023 (Royal Assent).
(1) If a trustee, either original or substituted and whether appointed by any court or otherwise, is dead, remains out of British Columbia for more than 12 months, wishes to be discharged from all or any of the trusts or powers reposed in or conferred on him or her, refuses or is unfit to act in them, or is incapable of acting in them, then the person nominated for the purpose of appointing new trustees by any instrument creating the trust, or if there is no such person or no such person able and willing to act, then the surviving or continuing trustees for the time being, or the personal representatives of the last surviving or continuing trustee, may by writing appoint another person or persons to be a trustee or trustees in the place of the trustee who is dead, remains out of British Columbia, wishes to be discharged, refuses or is unfit or incapable.
Section 27 (2) (c) BEFORE amended by 2023-10-1123(b), effective March 30, 2023 (Royal Assent).
(c) it is not obligatory to appoint more than one new trustee if only one trustee was originally appointed, or to fill up the original number of trustees if more than 2 trustees were originally appointed but, except in a case in which only one trustee was originally appointed, a trustee must not be discharged under this section from his or her trust unless there will be at least 2 trustees to perform the trust, and
Section 27 (3) BEFORE amended by 2023-10-1123(c), effective March 30, 2023 (Royal Assent).
(3) A new trustee appointed under this section, as well before as after all the trust property becomes by law, by assurance or otherwise vested in the trustee, has the same powers, authorities and discretions, and may in all respects act as if he or she had been originally appointed a trustee by any instrument creating the trust.
Section 28 (1) BEFORE amended by 2023-10-1124, effective March 30, 2023 (Royal Assent).
(1) If there are more than 2 trustees and one of them by deed declares that he or she wishes to be discharged from the trust, and if the co-trustees and any other person empowered to appoint trustees by deed consent to the discharge, and to the vesting in the co-trustees alone of the trust property, then the trustee who wishes to be discharged is deemed to have retired from the trust, and is, by the deed, discharged from the trust under this Act, without a new trustee being appointed in his or her place.
Section 29 (3) BEFORE amended by 2007-14-201,Sch, effective December 1, 2007 (BC Reg 354/2007).
(3) This section does not extend to land conveyed by way of mortgage for securing money subject to the trust, or to a share, stock, annuity or property that is only transferable in books kept by a company or other body, or in a manner directed by or under any Act of the Legislature.
Section 30 BEFORE amended by 2023-10-1125, effective March 30, 2023 (Royal Assent).
Removal of trustees on application
30 A trustee or receiver appointed by any court may be removed and a trustee, trustees or receiver substituted in place of him or her, at any time on application to the court by any trust beneficiary who is not under legal disability, with the consent and approval of a majority in interest and number of the trust beneficiaries who are also not under legal disability.
Section 35 (2) BEFORE amended by 2023-10-1126, effective March 30, 2023 (Royal Assent).
(2) An order made under subsection (1) has the same effect with respect to land as if the convict trustee had been free from any disability, and had duly executed a conveyance or assignment of his or her estate and interest in it.
Section 38 BEFORE repealed by 2009-13-258, effective March 31, 2014 (BC Reg 148/2013).
Distribution of estate after notice
38 If a trustee or assignee acting under the trusts of a deed or assignment for the benefit of creditors generally, or a particular class or classes of creditors if the creditors are not designated by name in it, or an executor or administrator, has given, by publishing once in the Gazette and twice each week for 2 consecutive weeks or once a week for 4 consecutive weeks in a newspaper published or circulating in the county in which the debtor or the person deceased resides or resided, a notice to creditors and others to send in to the trustee, assignee, executor or administrator their claims against the person for the benefit of the creditors of whom the deed or assignment is made, or the estate of the testator or intestate, as the case may be, the trustee, assignee, executor or administrator is, at the expiration of the time named in those notices for sending in the claims, which time must not be less than 21 days after the date of the last publication, at liberty to distribute the proceeds of the trust estate, or the assets of the testator or intestate, as the case may be, or any part of them, among the parties entitled to them, having regard to the claims of which the trustee, assignee, executor or administrator then has notice, and is not liable for the proceeds of the trust estate or assets, as the case may be, or any part of them, so distributed to a person of whose claim the trustee, assignee, executor or administrator did not have notice at the time of the distribution of them, or a part of them, as the case may be, but this Act does not prejudice the right of a creditor or claimant to follow the proceeds of the trust estate or assets, as the case may be, or any part of them, into the hands of the persons who may have received them.
Section 39 (1) (a) BEFORE amended by 2023-10-1127, effective March 30, 2023 (Royal Assent).
(a) the trustee, executor or administrator be at liberty to distribute the proceeds of the estate he or she is administering among the parties entitled to them, having regard only to the claims of the persons the trustee, executor or administrator has been able to ascertain to be entitled and whose residence or address he or she has been able to find out, and
Section 47 (2) BEFORE amended by 2023-10-1128, effective March 30, 2023 (Royal Assent).
(2) If an infant is entitled jointly with another person to a stock on a trust, the court may make an order vesting the right to transfer the stock or to receive the dividends or income of it, either in the persons jointly entitled with the infant, or in him or her or them together with any other person the court appoints.
Section 52 (1) BEFORE amended by 2023-10-1129, effective March 30, 2023 (Royal Assent).
(1) If a person is seised or possessed of land jointly with a person who is out of the jurisdiction of the court or who cannot be found, the court may make an order vesting the land in the person jointly seised or possessed, or in him or her together with any other person, in the manner and for the estate that the court directs.
Section 54 (1) BEFORE amended by 2023-10-1129, effective March 30, 2023 (Royal Assent).
(1) If a person jointly entitled with any other person to a contingent right in land on a trust is out of the jurisdiction of the court or cannot be found, the court may make an order disposing of the contingent right of the person who is out of the jurisdiction, or who cannot be found, to the person jointly entitled or to him or her together with any other person.
Section 57 (1) BEFORE amended by 2023-10-1130, effective March 30, 2023 (Royal Assent).
(1) If a person seised of land on a trust has died intestate as to that land and without an heir, or has died and it is not known who is his or her heir or devisee, the court may make an order vesting the land in the persons, in the manner and for the estate that the court directs.
Section 59 (1) (part) BEFORE amended by 2023-10-1130, effective March 30, 2023 (Royal Assent).
(1) If a person is jointly or solely seised or possessed of any land or entitled to a contingent right in it on a trust, and a demand has been made on the trustee by a person entitled to require a conveyance or assignment of the land, or his or her duly authorized agent, requiring the trustee to convey or assign it, or to release the contingent right, the court, if satisfied that the trustee has wilfully refused or neglected to convey or assign the land for 28 days after the demand, may make an order
Section 60 BEFORE amended by 2023-10-1131, effective March 30, 2023 (Royal Assent).
Court may make decree in absence of trustee
60 (1) If in a proceeding commenced or to be commenced in the court it is made to appear to the court, by affidavit, that a diligent search and inquiry has been made after a person made a defendant, who is only a trustee, to serve the person with the process of the court, and that the person cannot be found, the court may hear and determine the cause, and may make an absolute decree in it against every person who appears to the court to be only a trustee, and not otherwise concerned in interest in the matter in question, in the same manner as if the trustee had been duly served with the process of the court, had appeared and filed his or her answer to it, and had appeared by counsel at the hearing of the cause.
(2) A decree made under subsection (1) does not bind, affect or in any way prejudice any person against whom it is made, without service of process on him or her, his or her heirs, executors or administrators, for or in respect of an estate, right or interest which that person has at the time of making the decree for his or her own use or benefit, or otherwise than as trustee.
Section 61 (1) (b), (d) and (e) BEFORE amended by 2023-10-1132, effective March 30, 2023 (Royal Assent).
(b) an heir or devisee of the mortgagee has, on a demand by a person entitled to require a conveyance of the land or by the authorized agent of that person, stated in writing that he or she will not convey it or will not convey it for 28 days after a proper deed for conveying the land has been tendered to him or her by the person entitled or by the agent;
(d) it is uncertain as to the survivor of several devisees of the mortgagee, or as to the heir of the mortgagee, whether he or she is living or dead;
(e) the mortgagee has died intestate as to the land and without an heir, or has died and it is not known who is his or her heir or devisee.
Section 62 (2) BEFORE amended by 2023-10-1133, effective March 30, 2023 (Royal Assent).
(2) The conveyance, assignment, release or disposition of the person appointed under subsection (1) has, when acting in accordance with the terms of the order by which he or she is appointed, the same effect in conveying or assigning the land or releasing or disposing of the contingent right, as an order of the court would have had in the particular case under this Act.
Section 65 (1) BEFORE amended by 2023-10-1134, effective March 30, 2023 (Royal Assent).
(1) If a person is jointly entitled to a stock or chose in action on a trust with a person
(a) who is out of the jurisdiction of the court,
(c) with respect to whom it is uncertain whether he or she is alive or dead,
the court may make an order vesting the right to transfer the stock, receive the dividends or income of it, or to sue for or recover the chose in action or an interest in respect of it, in the persons so jointly entitled, or in him or her together with any person the court appoints.
Section 66 BEFORE amended by 2023-10-1135, effective March 30, 2023 (Royal Assent).
Trustee of stock refusing to transfer
66 If a sole trustee of a stock or chose in action neglects or refuses to transfer the stock, receive the dividends or income of it, or sue for or recover the chose in action or an interest in respect of it, according to the direction of the person absolutely entitled to it, for 28 days next after a request in writing for that purpose has been made to him or her by the person absolutely entitled to it, the court may make an order vesting the sole right to transfer the stock, or to receive the dividends or income of it, or to sue for and recover the chose in action or an interest in respect of it, in the persons as the court appoints.
Section 67 BEFORE amended by 2023-10-1135, effective March 30, 2023 (Royal Assent).
One of several trustees of stock refusing to transfer or deal with dividends
67 If any one of the trustees of a stock or chose in action neglects or refuses to transfer the stock, receive the dividends or income of it, or sue for or recover the chose in action according to the directions of the person absolutely entitled to it, for 28 days next after a request in writing for that purpose has been made to him or her by that person, the court may make an order vesting the right to transfer the stock, receive the dividends or income of it, or sue for and recover the chose in action, in the other trustees of the stock or chose in action, or in any person whom the court may appoint jointly with the other trustees.
Section 70 BEFORE amended by 2023-10-1136, effective March 30, 2023 (Royal Assent).
Effect of order vesting chose in action
70 If an order has been made by the court, vesting the legal right to sue for or recover a chose in action or an interest in respect of it in a person, that legal right vests accordingly, and it is lawful for the person appointed to carry on, commence and prosecute in his or her own name, any proceeding at law or in equity for the recovery of the chose in action, in the same manner that the person in whose place an appointment has been made could have sued for or recovered the chose in action.
Section 72 (1) BEFORE amended by 2023-10-1133, effective March 30, 2023 (Royal Assent).
(1) If a person has entered a contract in writing for the sale and conveyance of land or for an estate or interest in the land, and the person has died intestate, or without providing by will for the conveyance of the land, estate or interest to the person entitled or to become entitled to the conveyance under the contract, then, where if the deceased were alive, he or she would be liable to execute a conveyance, the executor, administrator or administrator with the will annexed, as the case may be, of the deceased must make and give to the person entitled to it a good and sufficient conveyance of the estate and of a nature that the deceased, if living, would be liable to give, but without covenants, except as against the acts of the grantor.
Section 73 (1) (b) (ii) BEFORE amended by 2023-10-1136, effective March 30, 2023 (Royal Assent).
(ii) the will or voluntary settlement of a person deceased who was during his or her lifetime a party to the contract or transactions concerning which the decree is made,
Section 74 (1) BEFORE amended by 2009-13-260, effective March 31, 2014 (BC Reg 148/2013).
(1) The court may make orders and give directions concerning the manner in which the right to a stock or chose in action vested under the Estate Administration Act or this Act must be exercised.
Section 75 BEFORE amended by 2023-10-1137, effective March 30, 2023 (Royal Assent).
Presentation of petition, evidence and notice
75 A person entitled as described above to apply for an order from the court may present a petition to the court for the order to which the person thinks he or she is entitled, and may give evidence by affidavit or otherwise in support of the petition before the court, and may serve notice of the petition on any person who he or she thinks are entitled to service of it.
Section 79 (1) (c) BEFORE amended by 2023-10-1138, effective March 30, 2023 (Royal Assent).
(c) an allegation that a trustee or mortgagee has died intestate without an heir, or has died and it is not known who is his or her heir or devisee,
Section 82 (2) BEFORE amended by 2023-10-1139, effective March 30, 2023 (Royal Assent).
(2) A person appointed under subsection (1) is authorized and empowered to execute all deeds and powers of attorney, and to perform all acts relating to the transfer of the stock into his or her name or otherwise, to the extent and in accordance with the terms of the order.
Section 86 (1) BEFORE amended by 2009-13-195,Sch 1, effective March 31, 2014 (BC Reg 148/2013).
(1) A trustee, executor or administrator may, without commencing any other proceeding, apply by petition to the court, or by summons on a written statement to a Supreme Court judge in chambers, for the opinion, advice or direction of the court on a question respecting the management or administration of the trust property or the assets of a testator or intestate.
Section 87 (2) BEFORE amended by 2016-5-47,Sch 9, effective March 10, 2016 (Royal Assent).
(2) This Act does not extend to indemnify a trustee, executor or administrator in respect of an act done in accordance with the opinion, advice or direction referred to in subsection (1) if the trustee, executor or administrator has been guilty of fraud, willful concealment or misrepresentation in obtaining the opinion, advice or direction.
Section 87 (1) BEFORE amended by 2023-10-1140, effective March 30, 2023 (Royal Assent).
(1) The trustee, executor or administrator, acting on the opinion, advice or direction given by the court, is deemed, so far as regards his or her own responsibility, to have discharged his or her duty as trustee, executor or administrator in the subject matter of the application.
Section 88 (1) BEFORE amended by 2009-13-263(a), effective March 31, 2014 (BC Reg 148/2013).
(1) A trustee under a deed, settlement or will, an executor or administrator, a guardian appointed by any court, a testamentary guardian, or any other trustee, however the trust is created, is entitled to, and it is lawful for the Supreme Court, or a registrar of that court if so directed by the court, to allow him or her a fair and reasonable allowance, not exceeding 5% on the gross aggregate value, including capital and income, of all the assets of the estate by way of remuneration for his or her care, pains and trouble and his or her time spent in and about the trusteeship, executorship, guardianship or administration of the estate and effects vested in him or her under any 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 as the court, or a registrar of the court if so directed by the court thinks proper.
Section 88 (1) and (2) BEFORE amended by 2023-10-1141, effective March 30, 2023 (Royal Assent).
(1) A trustee under a deed, settlement or will, an executor or administrator, a guardian appointed by any court, a testamentary guardian, or any other trustee, however the trust is created, is entitled to, and it is lawful for the Supreme Court, or a registrar of that court if so directed by the court, to allow him or her a fair and reasonable allowance, not exceeding 5% on the gross aggregate value, including capital and income, of all the assets of the estate by way of remuneration for his or her care, pains and trouble and his or her time spent in and about the trusteeship, executorship, guardianship or administration of the estate and effects vested in him or her under any will or grant of administration, and in administering, disposing of and arranging and settling the same, and generally in arranging and settling the affairs of the estate as the court, or a registrar of the court if so directed by the court thinks proper.
(2) The court or a registrar of the court if so directed by the court, may make an order under subsection (1) from time to time, and the amount of remuneration must be allowed to an executor, trustee, guardian or administrator, in passing his or her accounts, in addition to any other allowances for expenses actually incurred to which the trustee, executor, guardian or administrator may by law be entitled.
Section 90 BEFORE amended by 2003-37-45, effective May 29, 2003 (Royal Assent).
90 Nothing in section 88 or 89 applies to an official administrator under Part 5 of the Estate Administration Act or in any case in which the allowance is set by the instrument creating the trust.
Section 95 BEFORE amended by 2016-5-47,Sch 9, effective March 10, 2016 (Royal Assent).
Implied indemnity of trustees
95 A trustee, without prejudice to the provisions of any instrument creating the trust, is chargeable only for money and securities actually received by the trustee even though the trustee signed a receipt for the sake of conformity, and is answerable and accountable only for the trustee's own acts, receipts, neglects or defaults, and not for those of other trustees or a banker, broker or other person with whom trust money or securities may be deposited, nor for the insufficiency or deficiency of securities or any other loss, unless it happens through the trustee's own willful default, and may reimburse himself or herself, or pay or discharge out of the trust premises, all expenses incurred in or about the execution of his or her trusts or powers.
Section 95 BEFORE amended by 2023-10-1142, effective March 30, 2023 (Royal Assent).
Implied indemnity of trustees
95 A trustee, without prejudice to the provisions of any instrument creating the trust, is chargeable only for money and securities actually received by the trustee even though the trustee signed a receipt for the sake of conformity, and is answerable and accountable only for the trustee's own acts, receipts, neglects or defaults, and not for those of other trustees or a banker, broker or other person with whom trust money or securities may be deposited, nor for the insufficiency or deficiency of securities or any other loss, unless it happens through the trustee's own wilful default, and may reimburse himself or herself, or pay or discharge out of the trust premises, all expenses incurred in or about the execution of his or her trusts or powers.
Section 97 (2) BEFORE amended by 2009-13-195,Sch 1, effective March 31, 2014 (BC Reg 148/2013).
(2) The administration of the property of a deceased person, whether a testator or intestate, is a trust, and the executor or administrator a trustee, within the meaning of this section and sections 96 and 98.
Section 97 (5) BEFORE amended by 2023-10-1143, effective March 30, 2023 (Royal Assent).
(5) A judicial trustee may be paid out of the trust property the remuneration, not exceeding the prescribed limits, that the court assigns in each case, subject to any rules under this Act respecting the application of that remuneration where the judicial trustee is an official of the court, and the remuneration so assigned to a judicial trustee, except as the court may for special reasons otherwise order, must cover all his or her work and personal outlay.
Section 99 (1), (2) and (4) BEFORE amended by 2009-13-265, effective March 31, 2014 (BC Reg 148/2013).
(1) Unless his or her accounts are approved and consented to in writing by all beneficiaries, or the court otherwise orders, an executor, administrator, trustee under a will and judicial trustee must, within 2 years from the date of the granting of the probate or letters of administration or within 2 years from the date of his or her appointment, and every other trustee may at any time obtain from the court an order for passing his or her first accounts, and he or she must pass his or her subsequent accounts at the times the court directs.
(2) Despite subsection (1), an executor, administrator and trustee, including a judicial trustee, if so required by notice served on him or her at the instance of a person beneficially interested in the property covered by the trust, must pass his or her accounts annually within one month from the anniversary of the granting of the probate or letters of administration or of his or her appointment, but the court may on application make an order it considers proper as to the time and manner of passing the accounts.
(4) Subsection (1) does not apply to official administrators appointed under Part 5 of the Estate Administration Act, or to any executor, administrator or trustee under a will if the date of the granting of probate or letters of administration or of his or her appointment is before May 1, 1949.
Section 99 BEFORE re-enacted by 2023-10-1144, effective March 30, 2023 (Royal Assent).
Passing of trustee's accounts
99 (1) Unless his or her accounts are approved and consented to in writing by all beneficiaries, or the court otherwise orders, an executor, administrator, trustee under a will and judicial trustee must, within 2 years from the date of the grant of probate or grant of administration or within 2 years from the date of his or her appointment, and every other trustee may at any time obtain from the court an order for passing his or her first accounts, and he or she must pass his or her subsequent accounts at the times the court directs.
(2) Despite subsection (1), an executor, administrator and trustee, including a judicial trustee, if so required by notice served on him or her at the instance of a person beneficially interested in the property covered by the trust, must pass his or her accounts annually within one month from the anniversary of the grant of probate or the grant of administration or of his or her appointment, but the court may on application make an order it considers proper as to the time and manner of passing the accounts.
(3) If an executor, administrator or trustee fails to pass any accounts under this section, or if his or her accounts are incomplete or inaccurate, he or she may be required to attend before the court to show cause why the account has not been passed or a proper proceeding in connection with it taken and proper directions may be given at chambers or by adjournment into court, including the removal of a trustee and appointment of another, and payment of costs.
(4) Subsection (1) does not apply to the Public Guardian and Trustee, if appointed under Division 11 of Part 6 of the Wills, Estates and Succession Act, or to any executor, administrator or trustee under a will if the date of the grant of probate or grant of administration or of his or her appointment is before May 1, 1949.