Section 80 — Trusts Act 2019: Protection of purchasers and mortgagees dealing with trustees

80 Protection of purchasers and mortgagees dealing with trustees (1) This section applies if a trustee purports to exercise a power (whether statutory, under the terms of a trust, or otherwise) to sell or mortgage trust property or an interest in trust property. (2) The purchaser or mortgagee is not under any obligation to inquire into whether the money received by the trustee as a result of the sale or mortgage is needed, or how that money is later dealt with, by the trustee. (3) This section is subject to the Land Transfer Act 2017 and the Personal Property Securities Act 1999 . (4) In this section, mortgage and mortgagee have the same meanings as in section 4 of the Property Law Act 2007. Compare: 1956 No 61 s 22