sec.62Power to apply capital for advancement etc.

### sec.62 Power to apply capital for advancement etc. Where under a trust a person is entitled to the capital of the trust property or any share thereof, the trustee, in such manner as the trustee in the trustee’s absolute discretion thinks fit, may from time to time out of that capital pay or apply for the maintenance, education (including past maintenance or education), advancement or benefit of that person, an amount not exceeding in all $2,000 or one-half that capital (whichever is the greater) or with the consent of the court an amount greater than that amount. The power conferred by this section may be exercised whether the person is entitled absolutely or contingently on the person attaining any specified age or on the occurrence of any other event, and notwithstanding that the interest of the person so entitled is liable to be defeated by the exercise of a power of appointment or revocation, or to be diminished by the increase of the class to which the person belongs. The power conferred by this section may be exercised whether the person is so entitled in possession or in remainder or in reversion. Any money so paid or applied shall be brought into account as part of the share in the trust property to which the person is or becomes absolutely or indefeasibly entitled. No payment or application pursuant to this section shall be made so as to prejudice any person entitled to any prior life or other interest whether vested or contingent, in the money paid or applied unless that person is in existence and of full age and consents in writing to the payment or application, or unless the court, on the application of the trustee, so orders. For the purposes of this section the trustee may raise money by sale, mortgage or exchange of the trust property. (sec.62-ssec.1) Where under a trust a person is entitled to the capital of the trust property or any share thereof, the trustee, in such manner as the trustee in the trustee’s absolute discretion thinks fit, may from time to time out of that capital pay or apply for the maintenance, education (including past maintenance or education), advancement or benefit of that person, an amount not exceeding in all $2,000 or one-half that capital (whichever is the greater) or with the consent of the court an amount greater than that amount. (sec.62-ssec.2) The power conferred by this section may be exercised whether the person is entitled absolutely or contingently on the person attaining any specified age or on the occurrence of any other event, and notwithstanding that the interest of the person so entitled is liable to be defeated by the exercise of a power of appointment or revocation, or to be diminished by the increase of the class to which the person belongs. (sec.62-ssec.3) The power conferred by this section may be exercised whether the person is so entitled in possession or in remainder or in reversion. (sec.62-ssec.4) Any money so paid or applied shall be brought into account as part of the share in the trust property to which the person is or becomes absolutely or indefeasibly entitled. (sec.62-ssec.5) No payment or application pursuant to this section shall be made so as to prejudice any person entitled to any prior life or other interest whether vested or contingent, in the money paid or applied unless that person is in existence and of full age and consents in writing to the payment or application, or unless the court, on the application of the trustee, so orders. (sec.62-ssec.6) For the purposes of this section the trustee may raise money by sale, mortgage or exchange of the trust property.