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Trust Act, 1882
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Contents
Complete Law
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SECTIONS:
CHAPTER I
PRELIMINARY
1.
Short title.
Commencement.
Local extent.
Savings.
2.
[Omitted.]
3.
Interpretation clause. "trust"
"author of the trust":
"trustee":
"beneficiary":
"trust property":
"beneficial interest":
"instrument of trust":
"breach of trust":
"registered":
"notice".
Expressions defined in Act IX of 1872.
CHAPTER II
OF THE CREATION OF TRUSTS
4.
Lawful purpose.
5.
Trust of immoveable property.
Trust of moveable property.
6.
Creation of trust.
7.
Who may create trusts.
8.
Subject of trust.
9.
Who may be beneficiary.
Disclaimer by beneficiary.
10.
Who may be trustee.
No one bound to accept trust.
Acceptance of trust.
Disclaimer of trust.
CHAPTER III
OF THE DUTIES AND LIABILITIES OF TRUSTEES
11.
Trustee to execute trust.
12.
Trustee to inform himself of state of trust-property.
13.
Trustee to protect title to trust-property.
14.
Trustee not to set up title adverse to beneficiary.
15.
Care required from trustee.
16.
Conversion of perishable property.
17.
Trustee to be impartial.
18.
Trustee to prevent waste.
19.
Accounts and information.
20.
Investment of trust-money.
20A.
Power to purchase redeemable stock at a premium.
21.
Mortgage of land pledged to Government under Act XIX of 1883.
Deposit in Government Savings Bank.
22.
Sale by trustee directed to sell within specified time.
23.
Liability for breach of trust.
24.
No set-off allowed to trustee.
25.
Non-liability for predecessor's default.
26.
Non-liability for co-trustee's default.
Joining in receipt for conformity.
27.
Several liability of co-trustees.
Contribution as between co-trustees.
28.
Non-liability of trustee paying without notice of transfer by beneficiary.
29.
Liability of trustee where beneficiary's interest is forfetied to the Government.
30.
Indemnity of trustees.
CHAPTER IV
OF THE RIGHTS AND POWERS OF TRUSTEES
31.
Right to title-deed.
32.
Right to reimbursement of expenses.
Right to be recouped for erroneous over-payment.
33.
Right to indemnity from gainer by breach of trust.
34.
Right to apply to Court for opinion in management of trust-property.
35.
Right to settlement of accounts.
36.
General authority of trustee.
37.
Power to sell in lots, and either by public auction or private contract.
38.
Power to sell under special conditions.
Power to buy in and re-sell.
Time allowed for selling trust-property.
39.
Power to convey.
40.
Power to vary investments.
41.
Power to apply property of minors, etc., for their maintenance, etc.
42.
Power to give receipts.
43.
Power to compound, etc.
44.
Power to several trustees of whom one disclaim or dies.
45.
Suspension of trustee's powers by decree.
CHAPTER V
OF THE DISABILITIES OF TRUSTEES
46.
Trustee cannot renounce after acceptance.
47.
Trustee cannot delegate.
48.
Co-trustees cannot act singly.
49.
Control of discretionary power.
50.
Trustee may not charge for services.
51.
Trustee may not use trust-property for his own profit.
52.
Trustee for sale or this agent may not buy.
53.
Trustee may not buy beneficiary's interest without permission.
Trustee for purchase.
54.
Co-trustees may not lend to one of themselves.
CHAPTER VI
OF THE RIGHTS AND LIABILITIES OF THE BENEFICIARY
55.
Rights to rents and profits.
56.
Right to specific execution.
Right to transfer of possession.
57.
Rights to inspect and take copies of instrument of trust, accounts, etc.
58.
Right to transfer beneficial interest.
59.
Right to sue for execution of trust.
60.
Right to proper trustees.
61.
Right to compel to any act of duty.
62.
Wrongful purchase by trustee.
63.
Following trust-property-
into the hands of third persons;
into that into which it has been converted.
64.
Saving of rights of certain transferees.
65.
Acquisition by trustee of trust-property wrongfully converted.
66.
Right in case of blended property.
67.
Wrongful employment by partner-trustee of trust-property for partnership purposes.
68.
Liability of beneficiary joining in breach of trust.
69.
Rights and liabilities of beneficiary's transferee.
CHAPTER VII
OF VACATING THE OFFICE OF TRUSTEE
70.
Office how vacated.
71.
Discharge of trustee.
72.
Petition to be discharged from trust.
73.
Appointment of new trustees on death, etc.
74.
Appointment by Court.
Rules for selecting new trustees.
75.
Vesting of trust-property in new trustees.
Powers of new trustees.
76.
Survival of trusts.
CHAPTER VIII
OF THE EXTINCTION OF TRUSTS
77.
Trust how extinguished.
78.
Revocation of trust.
79.
Revocation not to defeat what trustees have duly done.
CHAPTER IX
OF CERTAIN OBLIGATIONS IN THE NATURE OF TRUSTS
80.
Where obligation in nature of trust is created.
81.
Where it does not appear that transferor intended to dispose of beneficial interest.
82.
Transfer to one for consideration paid by another.
83.
Trust incapable of execution or executed without exhausting trust-property.
84.
Transfer for illegal purpose.
85.
Bequest for illegal purpose.
Bequest of which revocation is prevented by coercion.
86.
Transfer pursuant to rescindable contract.
87.
Debtor becoming creditor's representative.
88.
Advantage gained by fiduciary.
89.
Advantage gained by exercise of undue influence.
90.
Advantage gained by qualified owner.
91.
Property acquired with notice of existing contract.
92.
Purchase by person contracting to buy property to be held on trust.
93.
Advantage secretly gained by one of several compounding creditors.
94.
Constructive trusts in cases not expressly provided for.
95.
Obligor's duties, liabilities and disabilities.
96.
Saving of rights of bona fide purchasers.
THE SCHEDULE.
[Omitted.]
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