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Indian Trusts Act, 1882 Section 63

Title: Following Trust-property into the Hands of Third Persons

State: Central

Year: 1882

Where trust-property conies into the hands of a third person is consistently with the trust, the beneficiary may require him to admit formally, or may institute a suit for a declaration, 'that the property is comprised in the trust. Into that into which it has been converted.--Where he trustee has disposed of trust-properly and the money or other property which he has received therefor can be traced in his hands, or the hands of his legal representative or legatee, the beneficiary has, in respect thereof, rights as nearly as may be the same as his rights in respect of the original trust-property. Illustrations (a) A, a trustee for B of Rs.10,000, wrongfully invests the Rs.10,000 in the purchase of certain land. B is entitled to the land. (b) A, a trustee, wrongfully purchases land in his own name, partly with his own money, partly with money subject to a trust for . B is entitled to a charge on the land for the amount of the trust-money so misemployed.

Trusts Act, 1882 Complete Act

State: Central

Year: 1882

.....known it, or when information of the fact is given to or obtained by his agent, under the circumstances mentioned in the section 229 Indian Contract Act, 1872 (9 of 1872)-, ; and all expressions used herein and defined in the Indian Contract Act, 1872 (expressions defined in Act 9 of 1872), shall be deemed to have the meanings respectively attributed to them by that Act. SECTION 04: LAWFUL PURPOSE. A trust may be created for any lawful purpose. The purpose of a trust is lawful unless it is (a) forbidden by law, or (b) is of such a nature that, if permitted, it would defeat the provisions of any law, or (c) is fraudulent, or (d) involves or implies injury to the person or property of another, or (e) the Court regards it as immoral or opposed to public policy. Every trust of which the purpose is unlawful is void. And where a trust is created for two purposes, of which one is lawful and the other unlawful, and the two purposes, cannot be separated, the whole trust is void. SECTION 05: TRUST OF IMMOVABLE PROPERTY No trust in relation to immoveable property is valid unless declared by a non-testamentary instrument in writing signed by the author of the trust or the.....

Bills of Exchange Act, 1882 Complete Act

State: Central

Year: 1882

.....operates as notice that the agent has but a limited authority to sign, and the principal is only bound by such signature the agent in so signing was acting within the actual limit of his authority. SECTION 26: PERSON SIGNING AS AGENT OR IN REPRESENTATIVE CAPACITY (1) Where a person signs a bill as drawer, endorser or acceptor, and adds words to his signature, indicating that he signs for or on behalf of a principal, or in a representative character, he is not personally liable thereon ; but the mere addition to his signature of words describing him as an agent, or as filling a representative character, does not exempt him from personal liability. (2) In determining whether a signature on a bill is that of the principal or that of the agent by whose hand it is written, the construction most favourable to the validity of the instrument shall be adopted. SECTION 27: VALUE DEFINED (1) Valuable consideration for a bill may be constituted by- (a) any consideration sufficient to support a simple contract ; (b) an antecedent debt or liability. Such a debt or liability is deemed valuable consideration whether the bill is payable on demand or at a future time. (2) Where value.....

The Transfer of Property Act, 1882 Complete Act

State: Central

Year: 1882

.....for relief, whether such debt or beneficial interest be existent, accruing, conditional or contingent;] 17 ["a person is said to have notice" of a fact when he actually knows that fact, or when, but for wilful abstention from an enquiry or search which he ought to have made, or gross negligence, he would have known it. Explanation 1. "Where any transaction relating to immovable property is required by law to be and has been effected by a registered instrument, any person acquiring such property or any part of, or share or interest in, such property shall be deemed to have notice of such instrument as from the date of registration or, where the property is not all situated in one sub-district, or where the registered instrument has been registered under sub-section (2) of section 30 of the Indian Registration Act, 1908 (16 of 1908), from the earliest date on which any memorandum of such registered instrument has been filed by any Sub-Registrar within whose sub-district any part of the property which is being acquired, or of the property wherein a share or interest is being acquired, is situated:] Provided that " (1) the instrument has been registered and its registration.....

Indian Trusts Act, 1882 Chapter VI

Title: Of the Rights and Liabilities of the Beneficiary

State: Central

Year: 1882

.....and negotiable instruments in the hands of a bona fide holder to whom they have passed in circulation, or shall be deemed to affect the Indian Contract Act, 1872 (9 of 1872) section 108, or the liability of a person to whom a debt or charge is transferred. Section 65 - Acquisition by trustee of trust-property wrongfully converted Where a trustee wrongfully sells or otherwise transfers trust-property and afterwards himself becomes the owner of the property, the property again becomes subject lo the trust, notwithstanding any want of notice on the part of intervening transferees in good faith for consideration. Section 66 - Right in case of blended property Where the trustee wrongfully mingles the trust-property with his own, the beneficiary is entitled to a charge on the whole fund for the amount due to him. Section 67 - Wrongful employment by partner-trustee of trust-property for partnership purposes 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.....

Indian 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.....

Transfer of Property Act, 1882 Chapter IV

Title: Of Mortgages of Immovable Property and Charges

State: Central

Year: 1882

.....times, at his request and at his own cost, and on payment of the mortgagee's costs and expenses in this behalf, to inspect and make copies or abstracts of, or extracts from, documents of title relating to the mortgaged property which are in the custody or power of the mortgagee.] Section 61 - Right to redeem separately or simultaneously 1 [61. Right to redeem separately or simultaneously A mortgagor who has executed two ormore mortgages in favour of the same mortgagee shall, in the absence of acontract to the contrary, when the principal money of any two or more of themortgages has become due, be entitled to redeem any one such mortgageseparately, or any two or more of such mortgages together.] ________________________ 1. Substituted byAct 20 of 1929, section 24 for the original section. Section 62 - Right of usufructuary mortgagor to recover possession In the case of a usufructuary mortgage, the mortgagor has a right to recover possession of the property 1 [together with the mortgage-deed and all documents relating to the mortgaged property which are in the possession or power of the mortgagee], - (a) where the mortgagee is authorized to pay himself the.....

Indian 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.....

Indian Easements Act, 1882 Chapter 2

Title: The Imposition, Acquisition and Transfer of Easements

State: Central

Year: 1882

.....sale took effect. A is entitled to the light, and B cannot build on the land so as to obstruct such light. (g) A the owner of a house, sells IS a factor)' built on adjoining land, B is entitled, as against A, to pollute the air, when necessary, with smoke and vapours from the factory. (h) A, the owner of two adjoining houses, Y and Z, sells Y to B, and retains Z. B is entitled to the benefit of all gutters and drains common to the two houses and necessary for enjoying Y as it was enjoyed when the sale took effect, and A is entitled to the benefit of all the gutters and drains common to the two houses and necessary for enjoying Z as it was enjoyed when the sale look effect. (i) A, the owner of two adjoining buildings, sells one to B, retaining the other. B is entitled to a right to lateral support from A's building, and A is entitled to a right to lateral support from B's building. (j) A, the owner of two adjoining buildings, sells one to B and the other to C. C is entitled to lateral support from B's building, and B is entitled to lateral support from C's building. (k) A grants lands to ti for the purpose of building a house thereon. B is entitled to such amount of.....

Transfer of Property Act, 1882 Chapter III

Title: Of Sales of Immoveable Property

State: Central

Year: 1882

.....on such amount or part1[from the date on which possession has been delivered]. (5) The buyer is bound- (a) to disclose to the seller any fact as to the nature or extent of the seller's interest in the property of which the buyer is aware, but of which he has reason to believe that the seller is not aware, and which materially increases the value of such interest; (b) to pay or tender, at the time and place of completing the sale, the purchase-money to the seller or such person as he directs: provided that, where the property is sold free from encumbrances, the buyer may retain out of the purchase-money the amount of any encumbrances on the property existing at the date of the sale, and shall pay the amount so retained to the persons entitled thereto; (c) where the ownership of the property has passed to the buyer, to bear any loss arising from the destruction, injury or decrease in value of the property not caused by the seller; (d) where the ownership of the property has passed to the buyer, as between himself and the seller, to pay all public charges and rent which may become payable in respect of the property, the principal moneys due on any encumbrances.....