Section 86: Separate account for trust money

86. Separate account for trust money (1) The trustee shall not pay sums received by him as trustee into his private banking account. (2) He shall have at such local bank as the committee of inspection or the Court shall appoint, a separate and distinct account in the name of the estate administered by him, in which bank all sums received by him shall be paid to the credit of the estate; and if he, at any time, keeps in his hands any sum exceeding 500 rupees for more than 10 days, he shall be subject to the following liabilities— (a) he shall pay interest at the rate of 20 per cent per annum on the excess of such sum above 500 rupees as he may retain in his hands; (b) unless he can prove to the satisfaction of the Court that his reason for retaining the money was sufficient, he shall, on the application of the Official Receiver or of any creditor, be dismissed from his office by the Court, and shall have no claim for remuneration, and be liable to any expenses to which the creditors may be put by or in consequence of his dismissal.