62Leases etc., trustees' liability under

##### 62. Leases etc., trustees’ liability under (1) Where a trustee liable as such for — (a) any rent, covenant or agreement reserved by, or contained in, any lease; or (b) any rent, covenant or agreement payable under, or contained in, any grant made in consideration of a rent charge; or (c) any indemnity given in respect of any rent, covenant or agreement referred to in either paragraph (a) or (b), satisfies all liabilities under the lease or grant that may have accrued and been claimed up to the date of the conveyance hereinafter in this subsection mentioned, and, where necessary, sets apart a sufficient fund to answer any future claim that may be made in respect of any fixed and ascertained sum that the lessee or grantee agreed to lay out on the property demised or granted, although the period for laying out that sum may not have arrived, then, and in any such case, the trustee may convey the property demised or granted to a purchaser, legatee, devisee or other person entitled to call for a conveyance thereof; and may thereafter distribute the trust estate, other than the fund (if any) set apart under this subsection, to or amongst the persons entitled thereto, without appropriating any part, or any further part, as the case may be, of the trust estate to meet any future liability under the said lease or grant; and notwithstanding that distribution, the trustee shall not be personally liable in respect of any subsequent claim under the lease or grant. (2) For the purposes of this section a trustee shall be deemed to be liable as such for any liabilities arising from privity of estate that he may incur under the obligations contained in a lease or grant, if he is entitled to reimburse himself out of the trust property for all expenses he may incur in respect of the liabilities. (3) This section operates without prejudice to the right of the lessor or grantor, or the persons deriving title under the lessor or grantor, to follow the trust property or any part thereof or any property representing that property into the hands of the persons amongst whom it may have been distributed, and applies notwithstanding anything to the contrary in the instrument (if any) creating the trust. (4) In this section lease includes a sublease and an agreement for a lease or sublease and any instrument giving any such indemnity as is mentioned in subsection (1) or varying the liabilities under the lease; grant applies to a grant whether the rent is created by limitation, grant, reservation or otherwise, and includes an agreement for a grant and any instrument giving any such mentioned indemnity or varying the liabilities under the grant; and lessee and grantee include persons respectively deriving title under a lessee or grantee.