NLR 86/13 - Public Trustee Compensation Regulations under the Public Trustee Act, 2009

NEWFOUNDLAND AND LABRADOR REGULATION 86/13 Public Trustee Compensation Regulations under the Public Trustee Act, 2009 (O.C. 2013-214) Amended by: 26/16 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. Johns , 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 . 86/13 s1 Back to Top 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. 86/13 s2 Back to Top 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. 86/13 s3 Back to Top 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. 86/13 s4 Back to Top Taxation 5. An affected party is entitled to a taxation of the public trustee's account. 86/13 s5 Back to Top 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 8% 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 8% 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 8% of capital assets received Plus estate on receipt of funds by the public trustee 8% 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 8% 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 8% of capital assets received Plus estate on receipt of funds by the public trustee 8% 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 8% of interest or income received 26/16 s1