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Start Free TrialIndian Trusts Act, 1882 Section 67
Title: Wrongful Employment by Partner-trustee of Trust-property for Partnership Purposes
State: Central
Year: 1882
If a partner, being a trustee, wrongfully employs trust-property in the business or on the account of the partnership, no other partner is liable therefor in his personal capacity to the beneficiaries, unless he had notice of the breach of trust. The partners having such notice are jointly and severally liable for the breach of trust. Illustrations (a) A and Bare partners. A dies, having bequeathed all his property to B in trust for Z, and appointed B his sole executor. B, instead of winding up the affairs of the partners hip, retains all the assets in the business. Z. may compel him, as partner, to account for so much of the profits as a re derived from A's share of the capital. B is also answerable to Z. for the improper employment of A's assets. (b) A, a trader, bequeaths his property to B in trust for C, appoints B his sole executor, and dies.B enters into partnership with X and Y in the same trade, and employs A's assets in the partnership-business. B gives an indemnity to X and Y 'against the claims of C. Here X and Y a re jointly liable with B to C, as having knowingly become parties to the breach of trust committed by B.
View Complete Act List Judgments citing this sectionIndian Trusts Act, 1882 Chapter III
Title: Of the Duties and Liabilities of Trustees
State: Central
Year: 1882
.....the Slate Government of Bombay]; 15[(d) in debentures or other securities for money issued, under the authority of16[any Central Act or Provincial Act or State Act], by or on behalf of any municipal body, port trust or city improvement trust in any Presidency-town, or in Rangoon town, or by or on behalf of the trustees of the port of Karachi:] 17[Provided that after the 31st day of March, 1948, no money shall be invested in any securities issued by or on behalf of a municipal body, port trust or city improvement trust in Rangoon town, or by or on behalf of trustees of the port of Karachi:] (e) On a first mortgage of immovable property situate in18[any part of the territories to which this Act extends]: Provided that the property is not a leasehold for a term of years and that the value of the property exceeds by one-third, or, if consisting of buildings, exceeds by one-half, the mortgage-money; 19[* * *] 20[(ee) in units issued by the Unit Trust of India under any unit scheme made under section 21 of the Unit Trust of India Act, 1963; or] (f) on any other security expressly authorized by the instrument of trust,21[or by the Central Government by the notification in.....
View Complete Act List Judgments citing this sectionIndian Trusts Act, 1882 Chapter VII
Title: Of Vacating the Office of Trustee
State: Central
Year: 1882
.....than one, all the beneficiaries being competent to contract; or (f) by the court to which a petition for his discharge is presented under this Act. Section 72 - Petition to be discharged from trust Notwithstanding the provisions of section 11, every trustee may apply by petition to a principal civil court of original jurisdiction to be discharge from his office; and if the court finds that there is sufficient reason for such discharge, it may discharge him accordingly, and direct his costs to be paid out of the trust-property. But where there is no such reason, the court shall not discharge him, unless a proper person can be found to take his place. Section 73 - Appointment of new trustees on death, etc Whenever any person appointed a trustee disclaims, of any trustee, either original or substituted, dies, or is for a continuous period of six months absent from1[India], or leaves1[India] for the purpose of residing abroad, or is declared an insolvent, or desires to be discharged from the trust, or refuses or becomes, in the opinion of a principal civil court of original jurisdiction, unfit or personally incapable to act in the trust, or accepts an inconsistent.....
View Complete Act List Judgments citing this sectionIndian Trusts Act, 1882 Chapter IV
Title: Of the Rights and Powers of Trustees
State: Central
Year: 1882
.....the lease, nor without reserving the best yearly rent than can be reasonably obtained. _______________________ 1. Second paragraph repealed by Act 12 of 1891, section 2 and Schedule. I, Pt. I. Section 36 - General authority of trustee In addition to the powers expressly conferred by this Act and by the instrument of trust, and subject to the restriction, if any, contained in such instrument, and to the provisions of section 17, a trustee may do all acts which are reasonable and proper for the realization, protection or benefit of the trust-property, and for the protection or support of a beneficiary who is not competent to contract. 1 [***] Expect with the permission of a principal civil court of original jurisdiction, no trustee shall lease trust-property for a term exceeding twenty-one years from the date of executing the lease, nor without reserving the best yearly rent than can be reasonably obtained. _______________________ 1. Second paragraph repealed by Act 12 of 1891, section 2 and Schedule. I, Pt. I. Section 37 - Power to sell in lots and either by public auction or private contract Where the trustee is empowered to sell any trust-property, he may.....
View Complete Act List Judgments citing this sectionIndian Trusts Act, 1882 Chapter V
Title: Of the Disabilities of Trustees
State: Central
Year: 1882
.....to B fifty houses let at monthly rents in trust to collect the rents and pay them to C, B may employ a proper person to collect these rents. Section 48 - Co-trustees cannot act singly When there are more trustees than one, all must join in the execution of the trust, except where the instrument of trust otherwise provides. Section 49 - Control of discretionary power Where a discretionary power conferred on a trustee is not exercised reasonably and in good faith, such power may be controlled by a principal civil court of original jurisdiction. Section 50 - Trustee may not charge for services In the absence of express directions to the contrary contained in the instrument of trust or of a contract to the contrary entered into with the beneficiary or the court at the time of accepting the trust, a trustee has no right to remuneration for his trouble, skill and loss of time in executing the trust. Nothing in this section applies to any Official Trustee, Administrator General, Public Curator, or person holding a certificate of administration. Section 51 - Trustee may not use trust-property for his own profit A trustee may not use or deal with the trust-property.....
View Complete Act List Judgments citing this sectionIndian Trusts Act, 1882 Section 73
Title: Appointment of New Trustees on Death, Etc
State: Central
Year: 1882
.....the last surviving and continuing trustee, or (with the consent of the court) the retiring trustees, if they all retire simultaneously, or (with the like consent) the last retiring trustee. Every such appointment shall be by writing under the hand of the person making it. On an appointment of a new trustee the number of trustees may be increased. The Official Trustee may, with his consent and by the order of the court, be appointed under this section, in any case in which only one trustee is to be appointed and such trustee is to be the sole trustee. The provisions of this section relative to a trustee who is dead include the case of a person nominated trustee in a will but dying before the testator, and those relative to a continuing trustee include a refusing or retiring trustee if willing to act in the execution of the power. ______________________ 1. Substituted by the A.O. 1950 for "the Provinces".
View Complete Act List Judgments citing this sectionIndian Trusts Act, 1882 Section 60
Title: Right to Proper Trustees
State: Central
Year: 1882
.....B, the trustee, has improperly disposed of part of the trust-property, or that the property is in danger from B's being in insolvent circumstances, or that he is incapacitated from acting, as trustee. A may obtain a receiver of the trust-property. (b) A bequeaths certain jewels to B is trust for C, B dies during A's lifetime; then A dies, C is entitled to have the property conveyed to a trustee for him. (c) A conveys certain property to four trustees in trust for B. Three of the trustees die. B may institute a suit to have three new trustees appointed in the place of the deceased trustees. (d) A conveys certain properly to three trustees in trust for B. All the trustees disclaim. B may institute a suit to have three trustees appointed in place of the trustees so disclaiming. (e) A a trustee for B, refuses to act, or goes to reside permanently out of1[India] or is declared an insolvent, or compounds with his creditors, or suffers a co-trustee to commit a breach of trust. B may institute a suit to have A removed and a new trustee appointed in his room. _______________________ 1.Substituted by The A.O. 1950 for "the Provinces".
View Complete Act List Judgments citing this sectionIndian Trusts Act, 1882 Section 15
Title: Care Required from Trustee
State: Central
Year: 1882
.....with the trust-property as carefully as a man of ordinary prudence would deal with such property if it were his own; and, in the absence of a contract to the contrary, a trustee so dealing is not responsible for the loss, destruction or deterioration of the trust-property. Illustrations (a) A, living in Calcutta, is a trustee for B, living in Bombay, A remits trust-funds to B by bills drawn by a person of undoubted credit in favour of the trustee as such, and payable at Bombay. The bills are dishonoured. A is not hound to make good the loss. (b) A, trustee of leasehold property, directs the tenant to pay the rents on account of the trust to a banker, B, then in credit. The rents a re accordingly paid to B, and A leaves the money with B only till wanted. Before the money is drawn out, B becomes insolvent. A, having had no reason to believe that B was in insolvent circumstances, is not bound to make good the loss. (c) A, a trustee of two debts for B, releases one and con: pounds the other, in good faith, and reasonably believing that it is for B's interest to do so. A is not bound to make good any loss caused thereby to B. (d) A, a trustee directed to sell the.....
View Complete Act List Judgments citing this sectionIndian Trusts Act, 1882 Section 75
Title: Vesting of Trust-property in New Trustees
State: Central
Year: 1882
Whenever any new trustee is appointed under section 73 or section 74, all the trust-property for the time being vested in the surviving or continuing trustees of trustee, or in the legal representative of any trustee, shall become vested in such new trustee, either solely or jointly with the surviving or continuing trustees or trustee, as the case may require. Powers of new trustees.--Every new trustee so appointed, and every trustee appointed by a court either before or after the passing of this Act, shall have the same powers, authorities and discretions, and shall in all respects act, as if he had been originally nominated a trustee by the author of the trust.
View Complete Act List Judgments citing this sectionINDIAN TRUSTS ACT, 1882 Section 26
Title: Non-liability for co-trustee's defaults
State: Central
Year: 1882
Subject to the provisions of sections 13 and 15, one trustee is not, as such, liable for a breach of trust committed by his co-trustee: Provided that, in the absence of an express declaration to the, contrary in the instrument of trust, a trustee is so liable-- (a) where he has delivered trust-properly to his co-trustee without seeing to its proper application; (b) where he allows his co-trustee to receive trust-properly and fails to make due enquiry as to the co-trustee's dealings therewith, or allows him to retain it longer than the circumstances of the case reasonably require; (c) where he becomes aware of a breach of trust committed or intended by his co-trustee, and either actively conceals it or does not within a reasonable time lake proper steps to protect the beneficiary's interest. Joining in receipt for conformity A co-trustee who joins in signing a receipt for trust-property and proves that he has not received the same is not answerable, by reason of such signature only, for loss or mis-application of the property by his co-trustee. Illustration A bequeaths certain property to B and C, and directs them to sell it and invest the proceeds for the benefit.....
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