Bare Act Search Results

Indian Trusts Act, 1882 Chapter IX

Title: Of Certain Obligations in the Nature of Trusts

State: Central

Year: 1882

.....performance could be enforced, the former must hold the property for the benefit of the latter to the extent necessary to give effect to the contract. Section 92 - Purchase by person contracting to buy property to be held on trust Where a person contracts to buy property to be held on trust for certain beneficiaries and buys the property accordingly, he must hold the property for their benefit to the extent necessary to give effect to the contract. Section 93 - Advantage secretly gained by one of several compounding creditors Where creditors compound the debts due to them, and one of such creditors, by a secret arrangement with the debtor, gains an undue advantage over his co-creditors, he must hold for the benefit of such creditors the advantage so gained. Section 94 - Constructive trust in cases not expressly provided for (Rep. by the Benami Transactions (Prohibition) Act, 1988, sec. 7 (w.e.f. 19.5.1988)). Illustrations (a) A, an executor, distributes the assets of his testator B to the legatees without having paid the whole of B's debts. The legatees hold for the benefit of B's creditors, to the extent necessary to satisfy their just demands, the assets so.....

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.....

Indian Trusts Act, 1882 Section 3

Title: Interpretation-clause

State: Central

Year: 1882

.....trust": "breach of trust".--A breach of any duty imposed on a trustee, as such, by any law for the time being in force, is called a "breach of trust". "registered", "notice", expressions defined in Act 9 of 1872.-- And in this Act, unless there be something repugnant in the subject of context, "registered" means registered under the law for the registration of documents for the time being in force a person is said to have "notice" of a fact either when he actually knows that fact or when, but for wilful abstention from inquiry or gross negligence, he would have known it, or when information of the fact is given to or obtained by his agent, under the circumstances mentioned in the Indian Contract Act, 1872, sect ion 229; and all expressions used herein and defined in the Indian Contract Act, 1872, shall be deemed to have the meanings respectively attributed to them by that Act.

Indian Trusts Act, 1882 Chapter I

Title: Preliminary

State: Central

Year: 1882

.....trust": "breach of trust".--A breach of any duty imposed on a trustee, as such, by any law for the time being in force, is called a "breach of trust". "registered", "notice", expressions defined in Act 9 of 1872.-- And in this Act, unless there be something repugnant in the subject of context, "registered" means registered under the law for the registration of documents for the time being in force a person is said to have "notice" of a fact either when he actually knows that fact or when, but for wilful abstention from inquiry or gross negligence, he would have known it, or when information of the fact is given to or obtained by his agent, under the circumstances mentioned in the Indian Contract Act, 1872, sect ion 229; and all expressions used herein and defined in the Indian Contract Act, 1872, shall be deemed to have the meanings respectively attributed to them by that Act.

Indian 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.

Indian 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).

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.

Indian 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

Indian 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.

Administration 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).