44Advances for administration purposes or against shares

44 Advances for administration purposes or against shares

(1)  The Public Trustee may make advances out of the Public Trustee's Account for the payment of expenses necessarily incurred by him in the administration of an estate.

(2)  In any case where there is to the credit of an estate any property, whether capital or income, but there is no money or not sufficient money available to make payments required to be made on account of such estate, whether to the persons entitled to such estate or to a share or interest therein or otherwise, the Public Trustee may advance and pay, out of the Public Trustee's Account, for or on account of such estate any sum of money, not exceeding in the whole one-half of the total value of such property, which he is authorized or required to pay.

(3)  Where an estate is in the Public Trust Office, and any person entitled to a share therein desires an advance against such share, the Public Trustee may make advances to that person not exceeding in the whole one-half of the value of such share as estimated by the Public Trustee.

(4)  All sums so advanced, with all interest thereon, shall be a first charge upon all the property of the estate or the share against which the advance is made, as the case may be, and shall bear interest at such rate as may be fixed by the Public Trustee. This provision shall relate back to the commencement of the Public Trust Office Act 1912 .

(5)  All interest received under this section shall be paid into the common fund.

(6)  *[Section 44 Subsection (6) amended by No. 20 of 1995, s. 3 and Sched. 1 ]*A certificate under the seal of the Public Trustee, stating the amount owing for advances and interest on any specified date by the estate or person to whom the advances were made, and the share against which they were made, shall, according to its tenor, be sufficient evidence of the facts until the contrary is proved.