Section 17
of International Trusts Order, 2000
Section 17
(1)
Where any property vested in trustees by way of security becomes, by virtue of any law relating to the limitation of actions or of an order for foreclosure or otherwise, discharged from the right of redemption, it shall be held by them on trust for sale with full power of postonement.
(2)
The net proceeds of sale after payment of costs and expenses shall be applied in like manner as the mortgage debt, if received, would have been applicable and the income of the property until sale shall be applied in like manner as the interest, if received, would have been applicable; but this subsection operates without prejudice to the rule of law relating to the apportionment of such proceeds between income and capital beneficiaries sometimes referred to as the rule in Re Atkinson.
(3)
This section shall not affect the right of any person to require that instead of a sale the property shall be conveyed to him or in accordance with his directions.
Power of trustees to give receipts.