25 Sale Of Property To Maintain Infant

25 (1) If any property is held by trustees in trust for an infant, either absolutely or contingently on the infant reaching 19 years of age or on the occurrence of any event before the infant reaches that age, and if the income arising from that property is insufficient for the maintenance and education of the infant, the trustees may, by leave of the court to be obtained in a summary manner, sell and dispose of any portion of the property, and pay any guardians of the infant or otherwise apply for or toward the infant’s maintenance or education all or part of the money arising from the sale.

• (2) If all of the money arising from the sale of the property referred to in subsection (1) is not immediately required for the maintenance and education of the infant, the trustees must

• (a) invest the surplus money and the resulting income from it from time to time in proper securities,
• (b) apply the money referred to in paragraph (a) and the proceeds of it from time to time for the education and maintenance of the infant, and
• (c) hold the residue of the money and interest on it not required for the education and maintenance of the infant for the benefit of the person who will ultimately become entitled to the property from which the money and interest have arisen.

1979-414-25.