This is an official version.
Copyright © 2013: Queen's Printer,
St. John's, Newfoundland and Labrador, Canada
Important Information
(Includes details about the availability of printed and electronic
versions of the Statutes.)
Newfoundland and Labrador
Regulation 2013
NEWFOUNDLAND AND LABRADOR REGULATION 86/13
NEWFOUNDLAND AND LABRADOR
REGULATION 86/13
Public
Trustee Compensation Regulations
under the
Public Trustee Act, 2009
(O.C. 2013-214)
(Filed August 6, 2013)
Under the authority of section 23 of the Public Trustee Act, 2009, the
Lieutenant-Governor in Council makes the following regulations.
Dated at St.
John's, July 30, 2013.
Robert Thompson
Clerk of the Executive Council
REGULATIONS
Analysis
1.
Short title
2.
Fees
3.
Sale
of real property or chattels by agent
4.
Reimbursement of costs
5.
Taxation
Schedule
Short title
1. These
regulations may be cited as the Public
Trustee Compensation Regulations.
Fees
2. For a duty or service described in Column A of
the Schedule, the party named in Column B shall pay to the public trustee, at
the time specified in Column C, the fee specified in Column D opposite the
applicable duty or service.
Sale
of real property or chattels by agent
3. (1) Notwithstanding
section 2, where the sale of real property or chattels is negotiated by an
agent who is entitled to be paid a commission, the compensation due the public
trustee as established in the Schedule in relation to the sale of real property
or chattels shall be recoverable by the public trustee only to the extent that
it exceeds the commission that was paid to the agent.
(2) The public trustee is entitled to recover the
amount of the commission paid to the agent in relation to the sale of real
property or chattels, as if the agent had been retained under section 4.
Reimbursement of
costs
4. In
addition to the compensation provided for in the Schedule, the public trustee
shall be reimbursed for the cost of engaging other persons to carry out the
duties of the public trustee where, in the discretion of the public trustee, it
is necessary to employ other persons due to difficulties such as distance to
travel, lack of facilities, shortness of time or other reasonable cause, or
where the public trustee is required to engage other persons under legislation
that requires duties to be carried out by a member of a profession, trade or
organization.
Taxation
5. An
affected party is entitled to a taxation of the public trustee's account.
Schedule
Column
A
|
Column
B
|
Column
C
|
Column
D
|
Duty
or Service
|
Payable
by
|
When
Payable
|
Fee
|
Life Insurance Act
|
receipt of money paid into court on behalf of a minor under section 52
|
estate
|
on receipt of funds by the public trustee
|
$250
|
plus
|
estate
|
semi-annually and on payout
|
5% of interest or income received
|
Trustee Act
|
receipt of money paid into court under section 48
|
estate
|
on receipt of funds by the public trustee
|
$250
|
plus
|
estate
|
semi-annually and on payout
|
5%
of interest or income earned
|
Public Trustee Act, 2009
|
i) continuing
trusts
|
trust
|
semi-annually and on payout
|
0.4% of
average market value of assets under administration
|
ii)
administration or probate of the estate of a deceased person
|
estate
|
on receipt of funds by the public trustee
|
5% of capital assets received
|
plus
|
estate
|
on receipt of funds by the public trustee
|
5% commission on sale proceeds of real property
|
plus
|
estate
|
on receipt of funds by the public trustee
|
10% commission on sale proceeds of chattels
|
plus
|
estate
|
semi-annually and on payout
|
5% of interest or income received
|
|
person requesting deed
|
prior to release of deed
|
$250 minimum fee where it is requested and proper to execute a deed
with no other duties
|
iii) guardianship
of the estate of a minor, mentally incompetent person or missing person
|
estate
|
on receipt of funds by the public trustee
|
5% of capital assets received
|
plus
|
estate
|
on receipt of funds by the public trustee
|
5% commission on sale proceeds of real property
|
plus
|
estate
|
on receipt of funds by the public trustee
|
10% commission on sale proceeds of chattels
|
plus
|
estate
|
semi-annually and on payout
|
5% of interest or income received
|
iv) acting under
power of attorney
|
estate
|
on receipt of funds by the public trustee
|
5% of capital assets received
|
plus
|
estate
|
on receipt of funds by the public trustee
|
5% commission on sale proceeds of real property
|
plus
|
estate
|
on receipt of funds by the public trustee
|
10% commission on sale proceeds of chattels
|
plus
|
estate
|
semi-annually and on payout
|
5% of interest or income received
|
©Queen's Printer
|