Bare Trustee - Law Dictionary Search Results
Home Dictionary Name: bare trusteeBare trustee
Bare trustee, A person holding property in trust for another without any beneficial interest in or duty in regard to it except to transfer it to the person entitled. Under the (English) Law of Property Act, 1925, 1st Sched., Part II., para 3, the legal estate, if any, in a bare trustee (not being a trustee for sale) automatically vested in the person who could call for a conveyance of it. Although this simplified conveyancing where the legal estate in the trustee was only remote, it was found that great inconvenience would be caused in cases where the legal estate in the trustee related to the entirety of the property in question according to its nature, and the Law of Property Amendment Act, 1926, provided that a purchaser for money or money's worth without notice of the trust upon production of the title deeds may accept the conveyance from the trustee or persons deriving title under him. See ACTIVE TRUSTEE.Bare trustee, in relation to a deposit means person holding the deposit on tr...
Passive trust
Passive trust, a trust as to which the trustee has no active duty to perform. Passive uses were resorted to before the Statute of Uses, in order to escape from the trammels and hardships of the Common Law, the permanent division of property into legal and equitable interests being clearly an invention to lessen the force of some pre-existing law. For similar reasons equitable interests were after the statute revived under the form of trusts. as such, they continued to flourish, notwithstanding the singular amelioration effected at a later period in the law of tenure, because the legal ownership was attended with some peculiar inconveniences. For, in order to guard against the forfeiture of a legal estate for life passive trusts, by settlements, were resorted to, and hence, trusts to preserve contingent remainders; and passive trusts were created in order to prevent dower.Where an active trust was created, without defining the quantity of the estate to be taken by the trustee, the court...
Simple trust
Simple trust: where property is vested in one person upon trust for another, and the nature of the trust, not being qualified by the settlor, is left to the construction of law. In this case the cestui que trust has jushabendi, or the right to be put into actual possession of the property, Jusdisponendi, or the right to call upon the trustee to execute conveyances of the legal estate as the cestui que trust directs. See BARE TRUSTEE and Law of Property Act, 1925, s. 3 (3), and Settled Land Act, 1925, s. 7 (5), enabling a person entitled to a legal estate to have it conveyed to him, and also L.P. Act, 1925, 1st Sch., Part II., par. (3), as amended by the L.P. (Amendment) Act, 1926, vesting the estate existing on 1st January, 1926, in the beneficial owner by force of the statute....
Active trust
Active trust, a confidence connected with a duty. See BARE TRUSTEE...
Public trustee
Public trustee. The office of Public Trustee was established by the (English) Public Trustee Act, 1906, which came into force on 1st January, 1908. The Public Trustee is a corporation sole, and may if he thinks fit act in the administration of estates of deceased persons if under one thousand pounds; act as custodian trustee [see that title, and Re Cherry's Trusts, (1914) 1 Ch 83]; act as an ordinary trustee; be appointed to be a judicial trustee (see that title); be appointed administrator of the property of a convict under the Forfeiture Act, 1870; and he may also be appointed an executor and obtain a grant of probate (s. 5). He may be appointed a trustee whether the trust instrument came into operation before or after the Act, and either as an original or a new trustee, or as an additional trustee, in the same cases and manner and by the same persons or Court as if he were a private trustee, with this addition--that he may be appointed sole trustee although the trustees originally a...
Appointment of new trustees
Appointment of new trustees, See TRUSTEES. It was formerly necessary to inset a full power in instruments creating a trust providing a succession of trustees and nominating the person or persons by whom the power was to be exercised and specifying the various contingencies, as death, resignation, incapacity, etc., of the trustee, in which the power was to arise; otherwise application had to be made to the Court of Chancery. Latterly, however, a power for this purpose has been supplied by various Acts of Parliament, the statute at present in force being the (English) Trustee Act, 1925, ss. 36 and 37 replacing and extending the 10th section of the (English) Trustee Act, 1893 (56 & 57 Vict. c. 53), and s. 36 of the (English) Act of 1925 also provides for the appointment of additional trustees. S. 40 provides for the vesting of the trust property in the new trustees by a declaration in the deed of appointment or, deeds of appointment executed after 1925, no express vesting declaration appe...
bare licensee
bare licensee : one who has a bare license called also naked licensee ...
Bare license
Bare license, means one who has a bare license, Webster's Dictionary of Law, Indian Edn. (2005), p. 44....
Judicial Trustee
Judicial Trustee, a trustee appointed by, and to act under the control of, the court, under the (English) judicial Trustees Act, 1896 (59 & 60 Vict. c. 35). Such a trustee may be appointed either jointly with any other person or as sole trustee, and if sufficient cause is shown in place of all or any existing trustees (s. 1); and the administration of the estate of a deceased person is a 'trust' within the meaning of the Act (ibid.). A judicial trustee is an officer of the court, and he may be remunerated out of the trust property and his accounts must be audited once a year and a report thereon made to the court (ibid). See also Judicial Trustee Rules, 1897, and Lewin on Trusts....
Trustee
Trustee, is the legal owner of the property the actual owner thereof having lost title thereto by the creation of a trust. The equitable ownership in the trust property vests in the beneficiaries. The trust is thus an incidence of dual ownership in which the creator of the trust no longer figures, Baba Badri Dass v. Dharma, AIR 1982 P&H 255.Means one who, having legal title to property, holds it in trust for the benefit of another and owes a fiduciary duty to that beneficiary, Black's Law Dictionary, 7th Edn., p. 1519.Trustee, one entrusted with property for the benefit of another, called beneficiary, or cestui que trust. See also PUBLIC TRUSTEE; BREACH OF TRUST.Consult Lewin or Godefroi on Trusts.'Trustee' means any person, by whatever desig-nation known, appointed to administer a religious trust either verbally or by or under any deed or instrument or in accordance with the usage of such trust or by the District Judge or any other competent authority, and includes any person appointe...
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