Section 13
Liability for loss by reason of improper investment
ActIn forceProvision 13 of 69
Section 13
(1)
Where a trustee improperly advances trust money on the security of a charge which would at the time of the investment be a proper investment in all respects for a smaller sum than is actually
20 Laws of Malaysia ACT 208
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 Act.