jswizzle3737/ontario_laws_and_regs huggingface dataset:
53 (1) A trustee or assignee acting under the trusts of a deed or assignment for the benefit of creditors generally, or of a particular class or classes of creditors, where the creditors are not designated by name therein, or a personal representative who has given such or the like notices as, in the opinion of the court in which such trustee, assignee or personal representative is sought to be charged, would have been directed to be given by the Superior Court of Justice in an action for the execution of the trusts of such deed or assignment, or in an administration suit, for creditors and others to send in to such trustee, assignee or personal representative, their claims against the person for the benefit of whose creditors such deed or assignment is made, or against the estate of the testator or intestate, as the case may be, at the expiration of the time named in the notices, or the last of the notices, for sending in such claims, may distribute the proceeds of the trust estate, or the assets of the testator or intestate, as the case may be, or any part thereof among the persons entitled thereto, having regard to the claims of which the trustee, assignee or representative has then notice, and is not liable for the proceeds of the trust estate, or assets, or any part thereof so distributed to any person of whose claim there was no notice at the time of the distribution. R.S.O. 1990, c. T.23, s. 53 (1); 2000, c. 26, Sched. A, s. 15 (2). Right of creditor to follow assets not affected (2) Nothing in this section prejudices the right of any creditor or claimant to follow the proceeds of the trust estate, or assets, or any part thereof into the hands of persons who have received the same. R.S.O. 1990, c. T.23, s. 53 (2). Subs. (1) not to apply to heirs, etc. (3) Subsection (1) does not apply to heirs, next of kin, devisees or legatees claiming as such.  R.S.O. 1990, c. T.23, s. 53 (3). Section Amendments with date in force (d/m/y) 2000, c. 26, Sched. A, s. 15 (2) - 06/12/2000
54 Property over which a deceased person had a general power of appointment, which he or she might have exercised for his or her own benefit without the assent of any other person, shall be assets for the payment of his or her debts where the same is appointed by will, and, under an execution against the personal representatives of such deceased person, such assets may be seized and sold after the deceased person’s own property has been exhausted.  R.S.O. 1990, c. T.23, s. 54.
55 Executors of executors have the same actions for the debts and property of the first testator as he or she would have had if in life, and are answerable for such of the debts and property of the first testator as they recover as the first executors would be if they had recovered the same.  R.S.O. 1990, c. T.23, s. 55.
56 The personal representative of any person who, acting with or without authority as executor or administrator, wastes or converts to his or her own use any part of the estate of any deceased person is liable and chargeable in the same manner as the testator or intestate would have been if he or she had been living.  R.S.O. 1990, c. T.23, s. 56.
57 (1) On the administration of the estate of a deceased person, in case of a deficiency of assets, every creditor holding security on the estate of the deceased debtor or on the estate of a third person for whom the estate of the deceased debtor is only indirectly or secondarily liable, shall place a value on such security and the creditor shall rank upon the distribution of assets only upon the unsecured portion of the claim after deducting the value of the security, unless the personal representative elects to take over the security as hereinafter provided. Where personal representative requires creditor to prove claim (2) The personal representative of a deceased person who is of the opinion that there may be a deficiency of assets may require any creditor to prove the claim and to state whether security is held for it or any part thereof, and to give full particulars of the same and if such security is on the estate of the deceased debtor or on the estate of a third person for whom the estate of the deceased debtor is only indirectly or secondarily liable, to place a specified value on such security and the personal representative may either consent to the creditor ranking for the amount of the claim after deducting such valuation or may require from the creditor an assignment of the security at an advance of 10 per cent upon the specified value to be paid out of the estate as soon as the personal representative has realized upon such security or is in a position to make payment out of the assets of the estate and in either case the difference between the value at which the security is retained or taken, as the case may be, and the amount of the claim of the creditor, shall be the amount for which the creditor ranks upon the estate of the deceased debtor. Inspectors, directing of; remuneration of (3) Where inspectors have been appointed as hereinafter provided or where the estate is being administered under the direction of or by a court, the personal representative in making an election shall act under the direction of the inspectors or of the court, as the case may be, and the remuneration of the inspectors shall be determined by the judge on the passing of accounts. Where claim based on negotiable instruments (4) If the claim of the creditor is based upon a negotiable instrument upon which the estate of the deceased debtor is only indirectly or secondarily liable and which is not mature or exigible, the creditor shall be considered to hold security within the meaning of this section and shall put a value on the liability of the person primarily liable thereon as the security for the payment thereof, but after the maturity of such liability and its non-payment the creditor is entitled to amend and revalue the claim.  R.S.O. 1990, c. T.23, s. 57.
58 Where a creditor fails to value any security held by the creditor which under this Act the creditor is called upon to value, the personal representative may apply to the Superior Court of Justice for an order that unless a specified value is placed on such security and notified in writing to the personal representative, within a time to be limited by the order, such claimant, in respect of the claim or the part thereof for which security is held, is wholly barred of any right to share in the proceeds of the estate unless the judge upon the application of the creditor extends the time for the valuation of the security.  R.S.O. 1990, c. T.23, s. 58; 2000, c. 26, Sched. A, s. 15 (2). Section Amendments with date in force (d/m/y) 2000, c. 26, Sched. A, s. 15 (2) - 06/12/2000
59 (1) Where in the administration of the estate of a deceased person the personal representative fears that there may be a deficiency of assets or that all the creditors will not be paid in full, the personal representative may call a meeting of creditors and lay before them the situation of the estate and at such meeting inspectors may be appointed by the creditors to assist the personal representative in the administration of the estate and to advise with respect thereto. Creditors’ request for meeting (2) In any such case the personal representative shall call a meeting of creditors for the purpose aforesaid at the request in writing of creditors holding 10 per cent of the amount of claims filed against the estate. Appointment of creditor as an inspector (3) In cases where no meeting of creditors has been held, the personal representative may appoint a creditor or creditors as inspector or inspectors to assist in the realizing and management of the estate but in such case the appointment shall be approved by the judge before the inspectors accept office.  R.S.O. 1990, c. T.23, s. 59. Applications to Court for Advice
60 (1) A trustee, guardian or personal representative may, without the institution of an action, apply to the Superior Court of Justice for the opinion, advice or direction of the court on any question respecting the management or administration of the trust property or the assets of a ward or a testator or intestate.  R.S.O. 1990, c. T.23, s. 60 (1); 2000, c. 26, Sched. A, s. 15 (2). Indemnity of trustee, etc., acting as advised (2) The trustee, guardian or personal representative acting upon the opinion, advice or direction given shall be deemed, so far as regards that person’s responsibility, to have discharged that person’s duty as such trustee, guardian or personal representative, in the subject-matter of the application, unless that person has been guilty of some fraud, wilful concealment or misrepresentation in obtaining such opinion, advice or direction.  R.S.O. 1990, c. T.23, s. 60 (2). Section Amendments with date in force (d/m/y) 2000, c. 26, Sched. A, s. 15 (2) - 06/12/2000 Allowance to Trustees and Personal Representatives
61 (1) A trustee, guardian or personal representative is entitled to such fair and reasonable allowance for the care, pains and trouble, and the time expended in and about the estate, as may be allowed by a judge of the Superior Court of Justice.  R.S.O. 1990, c. T.23, s. 61 (1); 2000, c. 26, Sched. A, s. 15 (2). Though estate not before the court (2) The amount of such compensation may be settled although the estate is not before the court in an action.  R.S.O. 1990, c. T.23, s. 61 (2). Allowance to personal representative for services (3) The judge, in passing the accounts of a trustee or of a personal representative or guardian, may from time to time allow a fair and reasonable allowance for care, pains and trouble, and time expended in or about the estate.  R.S.O. 1990, c. T.23, s. 61 (3). Allowance to barrister or solicitor trustee for professional services (4) Where a barrister or solicitor is a trustee, guardian or personal representative, and has rendered necessary professional services to the estate, regard may be had in making the allowance to such circumstance, and the allowance shall be increased by such amount as may be considered fair and reasonable in respect of such services.  R.S.O. 1990, c. T.23, s. 61 (4). Where allowance fixed by the instrument (5) Nothing in this section applies where the allowance is fixed by the instrument creating the trust.  R.S.O. 1990, c. T.23, s. 61 (5). Section Amendments with date in force (d/m/y) 2000, c. 26, Sched. A, s. 15 (2) - 06/12/2000 Miscellaneous
62 A trustee who is either a vendor or a purchaser may sell or buy without excluding the application of section 1 of the Vendors and Purchasers Act.  R.S.O. 1990, c. T.23, s. 62.
63 This Act or an order purporting to be made under it is a complete indemnity to all persons for any acts done under the Act or order, as the case may be.  R.S.O. 1990, c. T.23, s. 63.
64 The Superior Court of Justice may order the costs of and incidental to any application, order, direction, conveyance, assignment or transfer under this Act to be paid or raised out of the property in respect of which it is made, or out of the income thereof, or to be borne and paid in such manner and by such persons as the court considers proper.  R.S.O. 1990, c. T.23, s. 64; 2000, c. 26, Sched. A, s. 15 (2). Section Amendments with date in force (d/m/y) 2000, c. 26, Sched. A, s. 15 (2) - 06/12/2000
65 Where in the administration of any trust, estate or fund any question relating to the disposition, transmission or devolution of any property arises, including the right of any person to terminate a trust or an accumulation directed under a trust or other disposition, and it becomes relevant to inquire whether any person is or at a relevant date was or will be capable of procreating or giving birth to a child, section 7 of the Perpetuities Act applies to any such question as it applies to questions concerning the rule against perpetuities.  R.S.O. 1990, c. T.23, s. 65.
66 Subject to section 67, unless otherwise expressed therein, this Act applies to all trusts whenever created and to all trustees whenever appointed.  R.S.O. 1990, c. T.23, s. 66.
67 The powers, rights and immunities conferred by this Act are in addition to those conferred by the instrument creating the trust, and have effect subject to the terms thereof.  R.S.O. 1990, c. T.23, s. 67.
68 Nothing in this Act authorizes a trustee to do anything that the trustee is in express terms forbidden to do, or to omit to do anything that the trustee is in express terms directed to do by the instrument creating the trust.  R.S.O. 1990, c. T.23, s. 68. ______________  Français