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Indian Trusts Act, 1882

[Act No. 2 of Year 1882]

Content

Sections

Particulars

Chapter I 

Preliminary

1

Short title and commencement

2

Repeal of enactments

3

Interpretation clause- "trust"

Chapter II 

The Creation Of Trusts

4

Lawful purpose

5

Trust of immovable property

6

Creation of trust

7

Who may create trusts

8

Subject matter of trust

9

Who may be beneficiary

10

Who may be trustee

Chapter III 

The Duties And Liabilities Of Trustees

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

21

Mortgage of land Pledged to government under Act 26 of 1871-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

27

Several liability of 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

Chapter IV 

The Rights And Powers Of Trustees

31

Right to title deed

32

Right to reimbursement of expenses

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 conditions-Power to buy-in and re-sell

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

Chapter V 

The Disabilities Of Trustees

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

54

Co-trustees may not lend to one of themselves

Chapter VI 

The Rights And Liabilities Of The Beneficiary

55

Rights to rents and profits

56

Right to specific execution

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

Chapter VII  

Vacating The Office Of Trustee

70

Office how vacated

71

Discharge of trustee

72

Petition to be discharged from trust

73

Appointment of new trustees on death, etc.

74

Appointment by court

75

Vesting of trust-property in new trustees

76

Survival of trust

Chapter VIII 

The Extinction Of Trusts

77

Trust how extinguished

78

Revocation of trust

79

Revocation not to defeat what trustees have duly done

Chapter IX 

Certain Obligations In The Nature Of Trusts

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

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

 

The Schedule

  Footnotes

An Act to define and amend the law relating to private trusts and trustees

Whereas it is expedient to define and amend the law relating to private trusts and trustees; it is hereby enacted as follows: -



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