chapter
11 Pages

COMPOUND

TA 1925 (UK), sIS, TA, Cap 250 (Barbados), s 19 and TA (Jamaica), s 21 give very wide powers to trustees and personal representatives to enter into compromises and settle claims relating to the trust estate. Section 19 Trustee Act, Cap 250 (Barbados) provides:13

19(1) A personal representative, or two or more trustees acting together, or (subject to the restrictions imposed in regard to receipts by a sole trustee not being a trust corporation) a sole acting trustee where by the instrument, if any, creating the trust, or by statute, a sole trustee is authorised to execute the trusts and powers reposed in him, may, if and as he or they, as the case may be, think fit - (a) accept any property, real or personal, before the time at which it is

made transferable or payable; or (b) sever and apportion any blended trust funds or property; or (c) payor allow any debt or claim on any evidence that he or they think

sufficient; or (d) accept any composition or any security, real or personal, for any

debt, or for any property, real or personal, claimed; or (e) allow any time for payment of any debt; or (f) compromise, compound, abandon, submit to arbitration, or

otherwise settle any debt, account, claim, or thing whatever relating to the trust; or

(g) settle and fix reasonable fees of remuneration for any professional person or any trust corporation appointed by him or by them, as the case may be, under section 38 of the Succession Act, to act as trustee of any property and authorise such professional person or trust corporation to charge and retain such remuneration out of that property,

and for any of those purposes may enter into, give, execute, and do such agreements, instruments of composition or arrangement, releases, and other things as to him seem expedient, without being responsible for any loss occasioned by any act or thing so done by him or by them, as the case may be, in good faith.