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Home Bare Acts Phrase: trust propertyIndian Trusts Act, 1882 Section 12
Title: Trustee to Inform Himself of State of Trust-property
State: Central
Year: 1882
A trustee is bound to acquaint himself, as soon as possible, with the nature and circumstances of the trust-property; to obtain, where necessary, a transfer of the trust-property to himself; and (subject to the provisions of the instrument of trust) to get in trust-moneys invested on insufficient or hazardous security. Illustrations (a) The trust-property is a debt outstanding on personal security. The instrument of trust gives the trustee no discretionary power to leave the debt so outstanding. The trustee's July is to recover the debt without unnecessary delay. (b) The trust-property is money in the hands of one of two co-trustees. No discretionary power is given by the instrument of trust. The other co-trustee must not allow the former to retain the money for a longer period than the circumstances of the case required.
View Complete Act List Judgments citing this sectionIndian Trusts Act, 1882 Section 13
Title: Trustee to Protect Title to Trust-property
State: Central
Year: 1882
Section 13 - Trustee to protect title to trust-property A trustee is bound to maintain and defend all such suits, and (subject to the provisions of the instrument of trust) to take such other steps as, regard being had to the nature and amount or value of the trust-property, may be reasonably requisite for the preservation of the trust-property and the assertion or protection of the title thereto. Illustration The trust-property is immovable property which has been given to the author of the trust by an unregistered instrument. Subject to the provisions of the Indian Registration Act, 18771, lire trustee's duty is to cause the instrument to he registered. __________________________ 1. See now the Indian Registration Act, 1908 (16 of 1908).
View Complete Act List Judgments citing this sectionIndian 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.
View Complete Act List Judgments citing this sectionIndian Trusts Act, 1882 Section 83
Title: Trust Incapable of Execution or Executed Without Exhausting Trust-property
State: Central
Year: 1882
Where a trust is incapable of being executed, or where the trust is completely executed without exhausting the trust-property, the trustee, in the absence of a direction to the contrary, must hold the trust-property, or so much thereof as is unexhausted, for the benefit of the author of the trust or his legal representative. Illustrations (a) A conveys certain land to B -- "upon trust", and no trust is declared; or "upon trust to be thereafter declared", and no such declaration is ever made; or upon trusts that are too vague to be executed; or upon trust become incapable of taking effect; or "in trust for C", and C renounces his interest under the trust In each of these cases B holds the land for the benefits of A. (b) A transfers Rs.10,000 in the four per cents to B, in trust to pay the interest annually accruing due to C for her life. A dies. Then C dies. B holds the fund for the benefit of A's legal representative. (c) A conveys land to B upon trust to sell it and apply one moiety of the proceeds for certain charitable purposes, and the other for the maintenance of the worship of an idol. B sells the land, but the charitable purposes wholly fail, and the ma
View Complete Act List Judgments citing this sectionIndian 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 sectionAdministration of Evacuee Property Act, 1950 [Repealed] Section 11
Title: Special Provisions with Respect to Certain Trust Properties
State: Central
Year: 1950
.....or charitable nature, it shall be lawful for the Central Government, notwithstanding anything contained in the instrument of trust or any law for the time being in force, to appoint by general or special order, new trustees in place of the evacuee trustees and the property shall remain vested in the Custodian only until such time as the new trustees are so appointed; and pending the appointment of such new trustees the trust property and the income thereof shall be applied by the Custodian for fulfilling, as far as possible, the purpose of the trust.] (2) In respect of any Wakf-alal-aulad.-- (a) Where the mutawalli is an evacuee, the property forming the subject-matter of the wakf shall vest in the Custodian subject to the rights of the beneficiaries under the wakf, if any, who are not evacuees; (b) Where not all the beneficiaries are evacuees, the rights and interests of such of the beneficiaries as are evacuees shall alone vest in the Custodian. _____________________________ 1. Substituted by the Administration of Evacuee Property (Amdt.) Act, 1956(91 of 1956), S. 5 (w.r.e.f. 22-10-1956).
View Complete Act List Judgments citing this sectionIndian Trusts Act, 1882 Section 65
Title: Acquisition by Trustee of Trust-property Wrongfully Converted
State: Central
Year: 1882
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.
View Complete Act List Judgments citing this sectionIndian Trusts Act, 1882 Section 51
Title: Trustee May Not Use Trust-property for His Own Profit
State: Central
Year: 1882
A trustee may not use or deal with the trust-property for his own profit or for any other purpose unconnected with the trust.
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 34
Title: Right to Apply to Court for Opinion in Management of Trust-property
State: Central
Year: 1882
Any trustee may, without instituting a suit, apply by petition to a principal civil court of original jurisdiction for its opinion, advice or direction on any present questions respecting the management or administration of the trust-property other than questions of detail, difficulty or importance, not proper in the opinion of the court for summary disposal. A copy of such petition shall be served upon, and the hearing thereof may be attended by, such of the persons interested in the application as the court thinks fit. The trustee staling in good faith the facts in such petition and acting upon the opinion, advice or direction given by the court shall be deemed, so far as regards his own responsibility, to have discharged his duly as such trustee in the subject-matter of the application. The costs of every application under this section shall be in the discretion of the court to which it is made.
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