103Interest bearing securities, apportionment of interest on sale etc.

##### 103. Interest bearing securities, apportionment of interest on sale etc. (1) Whenever any payment received by a trustee in respect of a sale of trust property, being securities bearing interest at a fixed rate, is, or includes, payment for the right to receive any interest accrued from those securities at the time of the sale, though that interest may not then be due, the amount of that accrued interest shall for the purposes of the trust be deemed to have been received by the trustee as interest in respect of the period during which the interest so accrued. (2) Whenever any payment made by a trustee out of trust money in respect of a purchase of any securities bearing interest at a fixed rate is, or includes, payment for the right to receive any interest accrued from those securities at the time of the purchase, though that interest may not then be due, the amount of that accrued interest when received on account of the trust shall, for the purposes of the trust, be deemed to have been so received as purchase money repaid. (3) Anything done by a trustee before the passing of this Act that would have been authorised by this section, if this section had then been in force, shall be deemed to have been authorised by this section. (4) The provisions of this section apply if and so far only as a contrary intention is not expressed in the instrument (if any) creating the trust, and have effect subject to the terms of that instrument.