The Trusts Act, 1882

( ACT NO. II Of 1882 )

1An Act to define and amend the law relating to Private Trusts and Trustees.
  Preamble
 
WHEREAS it is expedient to define and amend the law relating to private trusts and trustees; It is hereby enacted as follows:-
 

CONTENTS

SECTIONS

1. Short title Commencemen

Local extent Savings

2. [Omitted]

3. Interpretation-clause

Expressions defined in Act IX of 1872

4. Lawful purpose

5. Trust of immoveable property

Trust of moveable property

6. Creation of trust

7. Who may create trusts

8. Subject of trust

9. Who may be beneficiary

Disclaimer by beneficiary

10. Who may be trustee

No one bound to accept trust

Acceptance of trust

Disclaimer of trust

11. Trustee to execute trust

12. Trustee to inform himself of state of trust-property

13. Trustee to protect title to trust-property

14. Trustee not to set up title adverse to beneficiary

15. Care required from trustee

16. Conversion of perishable property

17. Trustee to be impartial

18. Trustee to prevent waste

19. Accounts and information

20. Investment of trust-money

20A. Power to purchase redeemable stock at a premium

20B. Investment of trust-money in company securities

21. Deposit in Government Savings Bank

22. Sale by trustee directed to sell within specified time

23. Liability for breach of trust

24. No set-off allowed to trustee

25. Non-liability for predecessor’s default

26. Non-liability for co-trustee’s default

Joining in receipt for conformity

27. Several liability of co-trustees

Contribution as between co-trustees

28. Non-liability of trustee paying without notice of transfer by beneficiary

29. Liability of trustee where beneficiary’s interest is forfeited to the Government

30. Indemnity of trustees

31. Right to title-deed

32. Right to reimbursement of expenses

Right to be recouped for erroneous overpayment

33. Right to indemnity from gainer by breach of trust

34. Right to apply to Court for opinion in management of trust-property

35. Right to settlement of accounts

36. General authority of trustee

37. Power to sell in lots, and either by public auction or private contract

38. Power to sell under special conditionsPower to buy in and re-sell

Time allowed for selling trust-property

39. Power to convey

40. Power to vary investments

41. Power to apply property of minors, etc., for their maintenance, etc.

42. Power to give receipts

43. Power to compound, etc.

44. Power to several trustees of whom one disclaims or dies

45. Suspension of trustee’s powers by decree

46. Trustee cannot renounce after acceptance

47. Trustee cannot delegate

48. Co-trustees cannot act singly

49. Control of discretionary power

50. Trustee may not charge for services

51. Trustee may not use trust-property for his own profit

52. Trustee for sale or his agent may not buy

53. Trustee may not buy beneficiary’s interest without permission

Trustee for purchase

54. Co-trustees may not lend to one of themselves

55. Rights to rents and profits

56. Right to specific execution

Right to transfer of possession

57. Right to inspect and take copies of instrument of trust accounts, etc.

58. Right to transfer beneficial interest

59. Right to sue for execution of trust

60. Right to proper trustees

61. Right to compel to any act of duty

62. Wrongful purchase by trustee

63. Following trust-property- into the hands of third persons; into that into which it has been converted

64. Saving of rights of certain transferees

65. Acquisition by trustee of trust-property wrongfully converted

66. Right in case of blended property

67. Wrongful employment by partner-trustee of trust-property for partnership purposes

68. Liability of beneficiary joining in breach of trust

69. Rights and liabilities of beneficiary’s transferee

70. Office how vacated

71. Discharge of trustees

72. Petition to be discharged from trust

73. Appointment of new trustees on death, etc.

74. Appointment by Court

Rules for selecting new trustees

75. Vesting of trust-property in new trustees

Powers of new trustees

76. Survival of trust

77. Trust how extinguished

78. Revocation of trust

79. Revocation not to defeat what trustees have duly done

80. Where obligation in nature of trust is created

81. Where it does not appear that transferor intended to dispose of beneficial interest

82. Transfer to one for consideration paid by another

83. Trust incapable of execution or executed without exhausting trust-property

84. Transfer for illegal purpose

85. Bequest for illegal purpose

Bequest of which revocation is prevented by coercion

86. Transfer pursuant to rescindable contract

87. Debtor becoming creditor’s representative

88. Advantage gained by fiduciary

89. Advantage gained by exercise of undue influence

90. Advantage gained by qualified owner

91. Property acquired with notice of existing contract

92. Purchase by person contracting to buy property to be held on trust

93. Advantage secretly gained by one of several compounding creditors

94. Constructive trusts in cases not expressly provided for

95. Obligor’s duties, liabilities and disabilities

96. Saving of rights of bona fide purchasers