TRUSTEE ACT

ARRANGEMENT OF SECTIONS

   1   Short title

 

Interpretation

   2   Interpretation

 

PART I
Investments

   3   Authorised investments

   4   Discretion of trustees

   5   Application of preceding sections

   6   Liability of trustee

   7   Enlargement of express powers of investment

   8   Loans and investments by trustees not chargeable as breaches of trust

   9   Liability for loss by reason of improper investments

 

PART II
Various Powers and Duties of Trustees Appointment of New Trustees

   10   Power of appointing new trustees

   11   Retirement of trustee

   12   Vesting trust property in new or continuing trustees

 

Purchase and Sale

   13   Exercise of trusts and powers of sale

   14   Power to sell subject to depreciatory conditions

   15   Power to sell under Vendors and Purchasers Act

 

Various Powers and Liabilities

   16   Power to authorise receipt of money by banker or solicitor

   17   Power to insure building

   18   Power of trustees of renewable leaseholds to renew

   19   Sections 17 and 18 not to authorise anything forbidden by trust instrument

   20   Receipts in writing of trustee sufficient discharge

   21   Power for executors and trustees to compound, etc

   22   Power of two or more trustees

   23   Exoneration of trustees in respect of certain powers of attorney

   24   Implied indemnity of trustees

 

PART III
Powers of the Court

Appointment of New Trustees and Vesting Orders

   25   Power of the Court to appoint new trustees

   26   Vesting order as to land

   27   Order as to contingent rights of unborn persons

   28   Vesting order in place of conveyance by an infant mortgagee

   29   Vesting order in place of Conveyance by heir, etc, or personal representative of mortgagee

   30   Vesting order consequential on judgment for sale or mortgage of land

   31   Vesting order consequential on judgment for specific performance, etc

   32   Effect of vesting order

   33   Power to appoint person to convey

   34   Vesting orders as to stock and choses in action

   35   Persons entitled to apply for orders

   36   Applications to the Court to be by petition or summons

   37   Powers of new trustee appointed by Court

   38   Power to charge costs an trust estate

   39   Trustees of charities

   40   Order made upon certain allegations to be conclusive evidence

   41   Trustee or executor may apply to the Court for an opinion, advice, etc

   42   As to form of application

   43   Power of the Court to authorise dealings with trust property

 

Relief for Breach of Trust

   44   Power of the Court in case of a breach of trust

   45   Extent of relief for application of section 44

 

Plea of Statute of Limitations

   46   Statute of limitations may be pleaded by trustees

 

Payment into Court by Trustees

   47   Payment into Court by trustees

 

Miscellaneous

   48   Power to give judgment in absence of trustee

   49   Power to sanction sale of land or minerals separately

   50   Power to make beneficiary indemnify for breach of trust

   51   Meaning of "the Court"

 

PART IV
Miscellaneous and Supplemental

   52   Application to trustees under Settled Land Act of provisions as to appointment of trustee

   53   Trust estates not affected by trustee becoming a convict

   54   Indemnity

 

THE TRUSTEE ACT

[Date of Commencement: 1st January, 1897]

Cap 393.

1   Short title

   This Act may be cited as the Trustee Act.

Interpretation

2   Interpretation

   In this Act

   "contingent right", as applied to land, includes a contingent or executory interest, a possibility coupled with an interest, whether the object of the gift or limitation of the interest, or possibility is or is not ascertained, also a right of entry, whether immediate or future, and whether vested or contingent;

   "convey" and "conveyance" applied to any person include the execution by that person of every necessary or suitable assurance for conveying, assigning, appointing, surrendering, or otherwise transferring or disposing of land whereof he is seised or possessed, or wherein he is entitled to a contingent right, either for his whole estate or for any less estate, together with the performance of all formalities required by law to the validity of the conveyance;

   "devisee" includes the heir of a devisee and the devisee of an heir, and any person who may claim right by devolution of title of a similar description;

   "instrument" includes enactments of the United Kingdom Parliament or of the Legislature of Jamaica;

   "land" includes incorporeal as well as corporeal hereditaments, and any interest therein, and also an undivided share of land;

   "mortgage" and "mortgagee" include and relate to every estate and interest regarded in equity as merely a security for money, and every person deriving title under the original mortgagee;

   "pay" and "payment" as applied in relation to stocks and securities, and in connection with the expression "into court" include the deposit or transfer of the same in or into court;

   "possessed" applies to receipt of income of, and to any vested estate, less than a life estate, legal or equitable, in possession or in expectancy in any land;

   "property" includes real and personal property, and any estate and interest in any property, real or personal, and any debt, or any thing in action, and any other right or interest, whether in possession or not;

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