Gratuitous Trustees - Law Dictionary Search Results
Home Dictionary Name: gratuitous trusteesGratuitous trustees
Gratuitous trustees, Act to amend the law in Scotland relative to the resignation, powers, and liabilities of, 24 & 25 Vict. c. 84,...
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...
Loan, gratuitous
Loan, gratuitous, a class of bailment called commodatum in the Roman Law, and denominated by Sir William Jones a loan for use (pret a usage), to distinguish it from mutuum, a loan for consumption.The borrower has the right to use the thing during the time and for the purpose agreed upon by the parties. the loan is to be considered as strictly personal, unless from other circumstances a different intention may fairly be presumed. The borrower must take proper care of the thing borrowed, use it according to the lender's intention, and restore it at the proper time, and in a proper condition.The lender must suffer the borrower to use and enjoy the thing lent during the time of the loan, according to the original intention, without any molestation or impediment, under the peril of damages. He must reimburse the borrower the extraordinary expenses to which he has been put for the preservation of the thing lent. He is bound to give notice to the borrower of the defects of the thing lent; and...
Bare 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...
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...
Custodian trustee
Custodian trustee, a trustee appointed under the Public Tustee Act, 1906, s. 4, to hav the custody as distinct from the management of the trust estate. The appointment may be made by the Court or the settlor or the donee of the power of appointing new trustees, but the only persons eligible are the Public Trustee, or some banking or insurance company or other body corporate entitled by the rules made under the Act to act as custodian trustee, e.g., (English) Public Trustee (Custodian Tustee Rules,1926 (S. R. & O. 1926, No. 1423/L. 37). See Re Cherry's Trusts, (1914) 1 Ch 83, and TRUST CORPORATION....
trustee
trustee 1 : one to whom something is entrusted : one trusted to keep or administer something: as a : a member of a board entrusted with administering the funds and directing the policy of an institution or organization b : a country charged with the supervision of a trust territory 2 a : a natural or legal person to whom property is committed to be administered for the benefit of a beneficiary (as a person or charitable organization) : the holder of legal title to property placed in a trust compare cestui que trust, settlor b : one (as a corporate director) occupying a position of trust and performing functions comparable to those of a trustee c : trustee in bankruptcy trust·ee·ship n vb trust·eed trust·ee·ing vt : to commit to the care of a trustee vi : to serve as trustee ...
gratuitous
gratuitous : not involving a return benefit, compensation, or consideration compare onerous gra·tu·i·tous·ly adv ...
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