15CNo trust estate to be liable under guarantee from trustee company unless given on behalf of that estate

15C No trust estate to be liable under guarantee from trustee company unless given on behalf of that estate

[Section 15C Inserted by No. 64 of 1985, s. 11 ]

(1)  A trust estate administered or managed by a trustee company is not liable for the payment of money under a guarantee from the trustee company otherwise than under a guarantee lawfully given by the trustee company on behalf of that trust estate.

(2)  Subsection (1) does not authorize a trustee company to give a guarantee on behalf of a trust estate to a related corporation.