The Trustee Act is an act, which is part of the land reform legislation in the s. It consolidated and codified the law on. Where capital money arising under the Settled Land Act is paid to the trustees of the settlement, it is to be invested or applied according to the directions of. An Act to consolidate certain enactments relating to trustees in England and Wales.Act · Trustee Act , section 34(2) · Trustee Act · Latest available.
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For "securities", "stock" and "trustee", see s.
S 1 of this Act. By virtue of the Trustee Investments Acts 16, Sch 4, para trustee act 1925 1this part of this title post, this is now to be construed as a reference to s 1 of that Act.
A trustee is not absolutely safeguarded if he invests trust funds in some of the securities authorised by the settlement or by statute. He must take such care as a reasonably cautious man would use, having regard not only to the interests of those who are entitled to the trustee act 1925, but also to the interests of those who will take in future, and, if he acts honestly and prudently within the limits of his trust in the belief that his acts are the best course to take in this interest of all parties, he will not be held liable for mere errors of judgment; see e.
The court has power to relieve a trustee from personal liability for any breach of trust, when he has acted honestly and reasonably and ought fairly to trustee act 1925 excused; see s 61 post.
In a proper case the court will direct an inquiry as to whether an investment ought to be retained, even where the trustees claim to exercise their discretion as to investments; see Re D'Epinoix's Settlement, D'Epinoix v Fettes  1 Ch ,83 LJ Ch As to a trustee's duty in choosing investments, see the Trustee Investments Acts 6, trustee act 1925 part of this title post.
Where capital money arising under the Settled Land Act is paid to the trustees of the settlement, it is to be invested or applied according to the directions of the tenant for life in accordance with the provisions of s 73 of that Act, Pt 2 of this title post, and in default thereof according to the discretion of the trustees, but in this latter case subject to any consent required or direction given by the settlement; see s 75 12 thereof, Pt 2 of this title post.
Trustee Act | Practical Law
By sub-s 4 of that section any investment or other application of the capital money is not, during the subsistence of the beneficial interest of the tenant for life, to be altered without his consent. Where trustees are required by the settlement to change investments at the direction of the tenant for life they can be compelled to comply with his request, even though the investment required be in leaseholds which might impose liability on the trustees, for, being parties to the settlement, they had agreed to do it; see Cadogan v Earl of Essex 2 Drew ; Beauclerk v Ashburnham 8 Beav But if the investment proposed were improvident, though within the powers of the trustees, they would be justified trustee act 1925 bringing the matter before the court to restrain the tenant for life from so directing; see Re Hunt's Settled Estates, Bulteel v Lawdeshayne  2 Ch.
On a direction under the Settled Land Acts 22 repealed; see now s. It is the duty of trustees to consult the wishes of the beneficiaries with regard to the exercise not only of the trust for sale but also of all other trusts and powers arising under the Settled Land ActPt 2 of this title post, and the Law of Property Acts andVol 37, title Real Property Pt 1 ; see the Law of Property Acts 26 3and Re Jones, Jones v Cusack-Smith  1 Ch All ER Rep Where an action to administer the estate of a deceased person has been begun and a decree made thereon for general administration, the powers of the trustees of selling the property, investing moneys and managing the estate are completely suspended for the time being, and also subsequent transactions must be subject to the previous sanction of the court; see Re Viscount Furness Wilson v Kenmare  Ch 1 All ER 66 following Bethell v Abraham LR 17 Eq 24, and distinguishing Berry v Gibbons 8 Ch App This section applies to trusts whether created before or after the commencement of this Act; see s 69 1 post.
For "instrument" and "trustee", see s 68 1paras 5 and 17 post, respectively. For meaning, see s 68 1para 17 post.
United Kingdom - Legislation - Trustee Act
Apart from this Act trustees were usually required to realise a security which had become unauthorised; see Re Morris, Bucknill v Morris 54 LJ Ch ; Re Tucker, Tucker v Tucker  1 Ch63 LJ Ch ; but in case of a mortgage they are not bound to make continual inquiry as to its value; see Rawsthorne v Rowley 1 Ch n, 78 LJ Ch n but cf Re Brookes, Brookes v Taylor  1 Ch83 LJ Chwhere trustees were held liable on the distribution of an estate, for appropriating a mortgage, which turned out to be worthless, to a share of the estate nor to make good the loss in its value where they had retained it in the honest belief that to do so was the best course for all parties; see Re Chapman, Cocks v Chapman  2 Ch All ER Rep Where trustees were authorised to leave money with a particular firm had interest, Romer J considered it a breach of trust to continue the loan after a change in the firm had occurred; see Re Tucker, Tucker v Tucker  1 Ch63 LJ Ch ; on appeal, but an appeal from this decision reported  3 Ch63 LJ ChCA was directed to stand over until trustee act 1925 was ascertained whether any loss had occurred through the alleged breach of trust.
By the Trustee Investments Acts 3, this part of this title post, the investment powers conferred by s 1 of that Act are in addition to and not in derogation from any power of, inter alia, postponing conversion conferred otherwise than by that Act.
It is doubtful, however, whether this section confers such a power of postponing conversion and probably the only effect of the Act upon this section is that by s 3 4 thereof, and Sch 3, para 2, thereto, this part of this title post, it does not apply where an investment ceases to be authorised by virtue of Sch 3, para 1, to that Act, which relates to certain investments made or retained in the wider-range Sch 1, Pt III, to that Act by or under certain court orders and enactments made before 3 August The retention of unauthorised investments may be authorised by the court under s 57 post.
Cf, as to the review of certain authorised investments, the Trustee act 1925 Investment Acts 6 3this part of this title post. The court has power to relieve a trustee from personal liability for any breach of trust, where he has acted honestly and reasonably and ought fairly to be excused; see s 61 post.
Having power to invest. It was held that the Trustee Acts 5 repealedwhich corresponded to this section, only enlarged the power trustee act 1925 a trustee to invest where that power existed under the trust instrument independently of the power conferred by s 1 thereof repealedlater s 1 of this Act repealed Re Tattersall, Topham v Armitage  2 Ch75 LJ Chbut see now, by virtue of the Trustee Investments Acts 16, Sch 4, s 1 3 of that Act, this part of this title post.
Mortgages of freehold property in England and Wales or Northern Ireland and of leasehold property therein with an unexpired term not less than sixty years and loans on heritable security in Scotland fall within the narrower range of investments in which trustees may now invest without limit but are within that category of the narrower range upon which a trustee must obtain advice; see the Trustee Investments Actss 1 16 2Sch 1, Pt II, this part of this title post.
Charge by way of legal mortgage.
Trustee Act - Wikipedia
For the statutory power to convert, see s 87 23 of that Act. Stock issued as compensation to shareholders in railway companies taken into public ownership under the Transport Act repealedthe liability for which was trustee act 1925 to the Treasury by the Transport Acts 36, Vol 36, title Railways, Inland Waterways and Pipelines, now falls within the narrower range investments requiring advice mentioned in the note "Real securities" above.
This section applies to trusts whether created before or after the commencement of this Act, but, subject to a trustee act 1925 intention expressed in the instrument, if any, creating the trust; see s 69 1 trustee act 1925, 2 post. For "securities" and "trustee", see s 68 1paras 13 and 17 post, respectively.
Improvement of Land Act