Every trust instrument to be 3. Every deed, will, or other document, creating a trust, either expressly or by implication, shall, without prejudice to the clauses actually contained therein, be deemed to contain a clause in the deemed to words, or to the effect following, that is to say:-" That the trustees contain or trustee, for the time being, of the said deed, will or other instrument, shall be respectively chargeable only for such moneys, stocks, clause for the of the trustees c. 35 s. 31. indemnity funds and securities as they shall respectively actually receive, notand reimbursement withstanding their respectively signing any receipt for the sake of conformity, and shall be answerable and accountable only for their Imp. Act, own acts, receipts, neglects or defaults, and not for those of each 22-23 V. other, nor for any banker, broker, or other person with whom any trust moneys or securities may be deposited, nor for the insufficiency or deficiency of any stocks, funds or securities, nor for any other loss, unless the same shall happen through their own wilful default respectively; and also that it shall be lawful for the trustees or trustee for the time being, of the said deed, will, or other instrument, to reimburse themselves or himself, or pay or discharge out of the trust premises all expenses incurred in or about the execution of the trusts or powers of the said deed, will or other instrument." R. S. O. 1887, c. 110, s. 2. 1 CHAPTER X. APPLICATION IN CASES WHERE SUCCESSION required re- when duties are 243. In certain cases, which will be stated in a sub- Security sequent part of this book, Succession Duties are quired by the Crown to be paid for the purposes of the succession Province. In such cases, information is required and payable. security taken from Executors and Administrators as directed by the following sections of the Ontario Succession Duties Act. R. S. O. 1897, chapter 24. 5. (1) An executor or administrator applying for letters probate, Executors or letters of administration. to the estate of a deceased person, shall, etc. to file inventory before the issue of letters probate or administration to him, make and bonds and file with the Surrogate Registrar a full, true, and correct state- for ment under oath shewing: (a) A full itemized inventory of all the property of the deceased person, and the market value thereof, and (b) The several persons to whom the same will pass under the will or intestacy, and the degree of relationship, if any, in which they stand to the deceased; and the executor or administrator shall before the issue of letters probate, or letters of administration, deliver to the Surrogate Registrar a bond in a penal sum equal to ten per centum of the sworn value of the property of the deceased person liable, or which may become liable, to succession duty, executed by himself and two sureties, to be approved by the Registrar, conditioned for the due payment to Her Majesty of any duty to which the property coming to the hands of such executor or administrator of the deceased may be found liable. Ont. Stats., 1892, c. 6, s. 5 (1); ditto, 1896, c. 5, s. 8. (2) This section shall not apply to estates in respect of which no succession duty is payable. Ont. Stats., 1892, c. 6, s. 5 (2). payment of duty. Every trust instrument to be contain the of the trustees 3. Every deed, will, or other document, creating a trust, either expressly or by implication, shall, without prejudice to the clauses actually contained therein, be deemed to contain a clause in the deemed to words, or to the effect following, that is to say:-" That the trustees clause for or trustee, for the time being, of the said deed, will or other instrument, shall be respectively chargeable only for such moneys, stocks, indemnity funds and securities as they shall respectively actually receive, notand reimbursement withstanding their respectively signing any receipt for the sake of conformity, and shall be answerable and accountable only for their own acts, receipts, neglects or defaults, and not for those of each other, nor for any banker, broker, or other person with whom any trust moneys or securities may be deposited, nor for the insufficiency or deficiency of any stocks, funds or securities, nor for any other loss, unless the same shall happen through their own wilful default respectively; and also that it shall be lawful for the trustees or trustee for the time being, of the said deed, will, or other instrument, to reimburse themselves or himself, or pay or discharge out of the trust premises all expenses incurred in or about the execution of the trusts or powers of the said deed, will or other instrument." R. S. O. 1887, c. 110, s. 2. Imp. Act, ་ CHAPTER X. APPLICATION IN CASES WHERE SUCCESSION duties are 243. In certain cases, which will be stated in a sub- Security required sequent part of this book, Succession Duties are re- when quired by the Crown to be paid for the purposes of the succession Province. In such cases, information is required and payable. security taken from Executors and Administrators as directed by the following sections of the Ontario Succession Duties Act. R. S. O. 1897, chapter 24. 5. (1) An executor or administrator applying for letters probate, Executors or letters of administration. to the estate of a deceased person, shall, etc. to file before the issue of letters probate or administration to him, make and bonds inventory and file with the Surrogate Registrar a full, true, and correct state-for ment under oath shewing: (a) A full itemized inventory of all the property of the deceased person, and the market value thereof, and will pass (b) The several persons to whom the same and the executor or administrator shall before the issue of letters (2) This section shall not apply to estates in respect of which no succession duty is payable. Ont. Stats., 1892, c. 6, s. 5 (2). payment of duty. Cases where CHAPTER XI. ERRONEOUS PRESUMPTION OF DEATH. 244. In cases where death has been presumed, and death has it afterwards appears that the presumption was erroneous, persons who have acted as Executors or Adminispresumed. trators are protected by the following section of R. S. O. been erroneously 1897, c. 131. Protection 1. Where any one has been or is hereafter appointed, by a Court of persons having jurisdiction in that behalf, administrator of the estate of any acting as executors person who on account of absence for seven years, or for any other and adreason, has been presumed to be dead, or where probate of a will ministratmade by any such person has been or shall be granted by such Court, ors to persons all acts done under the authority of such appointment or probate, supposed shall, notwithstanding it may thereafter appear that the presumpto be deceased. tion of death was erroneous, be as valid and effectual as such acts would have been had such person been dead; but the person erroneously presumed to be dead, shall, subject to the provisions of sections 3 and 4, have the right to recover from the person acting as executor or administrator any part of the estate remaining in his hands undistributed, and no more; and shall, subject to the provisions of the Statutes of Limitations, be entitled to recover from any one who received any portion of his estate as one of his next of kin, or as a devisee, legatee or heir, or as the husband or wife of such person, the portion so received, or the value thereof. Ont. Acts. 1890, c. 29, s. 1. Erroneously will. 245. In cases where an administration has been granted on some erroneous supposition of intestacy of the supposed intestacy deceased, or on the discovery of a later will than that of or discov ery of later which probate was granted, or of some other cause for issuing a substituted probate, the following provisions are made for the confirmation of acts done under the superseded probate or administration, and for the better protection of all parties concerned. (Section 2, same Act). Compare also paragraph 152, supra, and sections 63 and 64 of Surrogate Act there set out. |