18Power to trustees to give receipts

18 Power to trustees to give receipts (1) The receipt in writing of a trustee for any money, securities or other personal property or effects payable, transferable or deliverable to him under any trust or power shall be a sufficient discharge to the person paying, transferring or delivering the same and shall effectually exonerate him from seeing to the application or being answerable for any loss or misapplication thereof. S. 18(2) amended by Nos 55/1987 s. 57(3)(Sch. 5 item 60), 45/1994 s. 42(Sch. item 12.4). (2) This section shall not, except where the trustee is a trustee company, or except so far as is otherwise enacted, enable a sole trustee to give a valid receipt for capital money arising under the **Settled Land Act 1958**. (3) This section shall apply notwithstanding anything to the contrary in the instrument (if any) creating the trust. No. 5770 s. 19.