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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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