S-29.01 - Act respecting trust companies and savings companies

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190. A company is not required to see to the performance of a trust to which a deposit is subject.
Notwithstanding the foregoing, if the company is advised of the existence of a trust to which a deposit entered in the name of several persons is subject, the only valid quittance is the receipt or the order for payment given by all such persons or by those among them who, under the instrument or Act creating the trust, may be entitled to the sums payable in respect of the deposit.
1987, c. 95, s. 190.