65Advances to beneficiaries

65 Advances to beneficiaries (a) a person is beneficially entitled in an estate or trust being administered by the public trustee and guardian; and (b) the person applies, in writing, to the public trustee and guardian for an advance against the person’s beneficial interest; the public trustee and guardian may make an advance or advances in accordance with this section to the person from a common fund containing money received by the public trustee and guardian on behalf of the estate, trust or person. (2) The public trustee and guardian must not make an advance to a person under subsection (1) if the advance exceeds, or the total of the advances made to the person would exceed, 1/2 of the amount the public trustee and guardian estimates to be the value of the person’s beneficial interest in the estate or trust against which the advance is to be made. (3) An advance under subsection (1) must bear interest at the rate, and be made on any other conditions, that the public trustee and guardian from time to time decides having regard to any advice given by the (4) An advance under subsection (1), together with the interest payable under subsection (3) in respect of the advance, shall be a charge against the beneficial interest of the person to whom the advance is made subject only to any prior charges on that interest of which the public trustee and guardian has, before making the advance, received notice in writing.

(5) An advance under subsection (1), together with the interest payable under subsection (3) in respect of the advance and any costs, charges or expenses incurred by the public trustee and guardian in connection with the advance or the recovery of the advance shall, unless expressly agreed to the contrary, be repayable on demand to the public trustee and guardian by the person to whom the advance was made.