Hong Kong Ordinances

TRUSTEE ORDINANCE - SECT 10

Liability for loss by reason of improper investment

(1) Where a trustee improperly advances trust money on a mortgage security
which would at the time of the investment be a proper investment in all
respects for a smaller sum than is actually advanced thereon, the security
shall be deemed an authorized investment for the smaller sum, and the trustee
shall only be liable to make good the sum advanced in excess thereof with
interest.

(2) This section applies to investments made before as well as after the
commencement of this Ordinance. [cf. 1925 c. 19 s. 9 U.K.]