30Loans to estates from common fund

30 Loans to estates from common fund (1) Where, in any estate administered by the Public Trustee, there is real or personal property but there is not money or not sufficient money available in the estate for the purpose of meeting the payment of: (a) the expenses properly incurred by the Public Trustee in the administration of the estate; (b) creditors or beneficiaries; or (c) money required to carry to full effect any power or discretion which is vested in the Public Trustee, the Public Trustee may, with the approval of the Investment Board, advance to the estate sufficient money out of a common fund in which money from the estate is invested as may be necessary for the purpose. (2) The Public Trustee shall not advance an amount greater than the value of the real and personal property in the estate as estimated in accordance with the valuation approved by the Investment Board less the amount of any debts, actual or contingent, owing by the estate. (3) A sum of money advanced under this section shall bear interest at a rate approved by the Investment Board and shall be a charge upon the real and personal property of the estate. (4) The charge upon the real and personal property referred to in subsection (3) shall rank next in priority to any mortgage or other charge which is registered against or secured on the real or personal property and of which the Public Trustee has notice at the time of the making of an advance. (5) The Public Trustee may lodge a caveat claiming an interest in land as an equitable mortgagee against the title to any land registered under the Land Title Act 2000 to protect the interest of a common fund and the Registrar-General may register the caveat. (6) A caveat may be lodged under subsection (5) by the Public Trustee notwithstanding the fact that he or she is registered as a proprietor of an interest in land.