Section 389(1)

(1) Where any person, by reasonof his receiving rent
of immovable property as a receiver, agent or trustee would be bound to discharge any
obligation imposed by this Act, or any rule, bye-law, regulation or order made under it for
the discharge the obligation unless he has, or but for his own improper act or default
might have had, funds in his hands belonging to the owner sufficient for the purpose.