Source: http://www.legislation.gov.uk/ukpga/Geo5/15-16/19
Timestamp: 2015-07-30 02:40:35
Document Index: 8364767

Matched Legal Cases: ['art. 2', 'art.2', 'art.213', 'art. 2', 'art. 2', 'art. 216']

Skip to main contentSkip to navigationlegislation.gov.ukThe National ArchivesHelpSite MapAccessibilityContact UsCymraegHomeAbout UsBrowse LegislationNew LegislationChanges To LegislationSearch LegislationSearch LegislationTitle: (or keywords in the title)Year:Number:Type:All Legislation (excluding draft)All Primary Legislation UK Public General Acts UK Local Acts Acts of the Scottish Parliament Acts of the National Assembly for Wales Measures of the National Assembly for Wales Church Measures Acts of the Northern Ireland Assembly Acts of the Old Scottish Parliament Acts of the English Parliament Acts of the Old Irish Parliament Acts of the Parliament of Great Britain Northern Ireland Orders in Council Measures of the Northern Ireland Assembly Acts of the Northern Ireland ParliamentAll Secondary Legislation UK Statutory Instruments Wales Statutory Instruments Scottish Statutory Instruments Northern Ireland Statutory Rules Church Instruments UK Ministerial Orders UK Statutory Rules and OrdersAll Draft Legislation UK Draft Statutory Instruments Scottish Draft Statutory Instruments Northern Ireland Draft Statutory RulesAll Impact Assessments UK Impact AssessmentsSearchAdvanced SearchTrustee Act 1925You are here:1925 c. 19 (Regnal. 15_and_16_Geo_5)Whole ActTable of ContentsContentMore ResourcesPreviousNextPlain ViewPrint OptionsWhat VersionLatest available (Revised)Original (As enacted)Advanced FeaturesShow Geographical Extent(e.g. England, Wales, Scotland, Northern Ireland)Show Timeline of ChangesOpening OptionsOpen whole ActOpen Act without schedulesOpen Schedules onlyMore ResourcesOriginal Print PDFView moreChanges to legislation:There are outstanding changes not yet made by the legislation.gov.uk editorial team to Trustee Act 1925. Any changes that have already been made by the team appear in the content and are referenced with annotations.Changes to LegislationRevised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.E+WTrustee Act 19251925 CHAPTER 19 15 and 16 Geo 5An Act to consolidate certain enactments relating to trustees in England and Wales.[9th April 1925]Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Modifications etc. (not altering text)C1The provisions of this Act relating to vesting and certain other orders applied by Settled Land Act 1925 (c. 18), s. 113(9), Law of Property Act 1925 (c. 20), s. 9(3) and Administration of Estates Act 1925 (c. 23), s. 43(2)C2Act applied by Land Registration Act 1925 (c. 21), ss. 47(1), 111(6) and by Local Government Act 1972 (c. 70), s. 146(1)(c); amended by Trustee Investments Act 1961 (c. 62), Sch. 4 para. 1(1)C3Words of enactment omitted under authority of Statute Law Revision Act 1948 (c. 62), s. 3C4Act extended by Solicitors Act 1974 (c. 47, SIF 76:1), s. 35, Sch. 1 para. 11Commencement InformationI1Act wholly in force at 1.1.1926 by s. 71(2) (now repealed) F1Part IE+W Investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F1Pt. I (ss. 1-11) repealed (1.2.2001) by 2000 c. 29, s. 40(1)(3), Sch. 2 Pt. II para. 18, Sch. 4 Pt. II (with s. 35, Sch. 3 paras. 2, 3); S.I. 2001/49, art. 2Part IIE+W General Powers of Trustees and Personal Representatives General PowersE+W12 Power of trustees for sale to sell by auction, &c.E+W(1)Where [F8a trustee has a duty or power to sell property], he may sell or concur with any other person in selling all or any part of the property, either subject to prior charges or not, and either together or in lots, by public auction or by private contract, subject to any such conditions respecting title or evidence of title or other matter as the Trustee thinks fit, with power to vary any contract for sale, and to buy in at any auction, or to rescind any contract for sale and to re-sell, without being answerable for any loss.
(2)A [F9duty] or power to sell or dispose of land includes a [F9duty] or power to sell or dispose of part thereof, whether the division is horizontal, vertical, or made in any other way.
(3)This section does not enable an express power to sell settled land to be exercised where the power is not vested in the tenant for life or statutory owner.
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F8Words in s. 12(1) substituted (1.1.1997) by 1996 c. 47, s. 25(1), Sch. 3 para. 3(2)(a) (with ss. 24(2), 25(4)); S.I. 1996/2974, art.2F9Words in s. 12(2) substituted (1.1.1997) by 1996 c. 47, s. 25(1), Sch. 3 para. 3(2)(b) (with ss. 24(2), 25(4)); S.I. 1996/2974, art.213 Power to sell subject to depreciatory conditions.E+W(1)No sale made by a trustee shall be impeached by any beneficiary upon the ground that any of the conditions subject to which the sale was made have been unnecessarily depreciatory, unless it also appears that the consideration for the sale was thereby rendered inadequate.
14 Power of trustees to give receipts.E+W(1)The receipt in writing of a trustee for any money, securities, [F10investments] or other personal property or effects payable, transferable, or deliverable to him under any trust or power shall be a sufficient discharge to the person paying, transferring, or delivering the same and shall effectually exonerate him from seeing to the application or being answerable for any loss or misapplication thereof.
(2)This section does not, except where the trustee is a trust corporation, enable a sole trustee to give a valid receipt for—
[F11(a)proceeds of sale or other capital money arising under a trust of land;]
(b)capital money arising under the M3Settled Land Act, 1925.
(3)This section applies notwithstanding anything to the contrary in the instrument, if any, creating the trust.
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F10Words in s. 14(1) inserted (1.2.2001) by 2000 c. 29, s. 40(1), Sch. 2 Pt. II para. 19 (with s. 35); S.I. 2001/49, art. 2F11S. 14(2)(a) substituted (1.1.1997) by 1996 c. 47, s. 25(1), Sch. 3 para. 3(3) (with ss. 24(2), 25(4)); S.I. 1996/2974, art. 2Marginal CitationsM31925 c. 18. 15 Power to compound liabilities.E+WA personal representative, or two or more trustees acting together, or, subject to the restrictions imposed in regard to receipts by a sole trustee not being a trust corporation, a sole acting trustee where by the instrument, if any, creating the trust, or by statute, a sole trustee is authorised to execute the trusts and powers reposed in him, may, if and as he or they think fit—
(f)compromise, compound, abandon, submit to arbitration, or otherwise settle any debt, account, claim, or thing whatever relating to the testator’s or intestate’s estate or to the trust;
and for any of those purposes may enter into, give, execute, and do such agreements, instruments of composition or arrangement, releases, and other things as to him or them seem expedient, without being responsible for any loss occasioned by any act or thing so done by him or them [F12if he has or they have discharged the duty of care set out in section 1(1) of the Trustee Act 2000].
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F12Words in s. 15 substituted (1.2.2001) by 2000 c. 29, s. 40(1), Sch. 2 Pt. II para. 20 (with s. 35); S.I. 2001/49, art. 216 Power to raise money by sale, mortgage, &c.E+W(1)Where trustees are authorised by the instrument, if any, creating the trust or by law to pay or apply capital money subject to the trust for any purpose or in any manner, they shall have and shall be deemed always to have had power to raise the money required by sale, conversion, calling in, or mortgage of all or any part of the trust property for the time being in possession.
(2)This section applies notwithstanding anything to the contrary contained in the instrument, if any, creating the trust, but does not apply to trustees of property held for charitable purposes, or to trustees of a settlement for the purposes of the M4Settled Land Act, 1925, not being also the statutory owners.
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement inf