(ii) To construct a dwelling-house, or complete the construction of a dwelling-house, on land in which the borrower has a prescribed interest; (iii) To acquire a prescribed interest in land on which there is a (iv) To alter, improve or extend a dwelling-house constructed on land in which the borrower has a prescribed interest; s. 12E (v) To meet expenses or in respect of the provision or improvement of roads, kerbing, guttering or footpaths in connection with land in which the borrower has a prescribed interest; or (vi) To discharge a mortgage, charge or other encumbrance over land in which the borrower has a prescribed interest, being land on which a dwelling-house is being constructed; and (b) the repayment of which is secured by security over the interest of the borrower in the land— and, where the lender requires the borrower to meet the cost of the premium in respect of a contract of insurance entered into in respect of the loan, includes moneys advanced by the lender to enable the borrower to meet that cost, being moneys the repayment of which is secured by a security over the interest of the borrower in the land;
S. 18(2) amended by Nos 55/1987 s. 57(3)(Sch. 5 item 60), 45/1994 s. 42(Sch. item 12.4). (2) This section shall not, except where the trustee is a trustee company, or except so far as is otherwise enacted, enable a sole trustee to give a valid receipt for capital money arising under the Act 1958. (3) This section shall apply notwithstanding anything to the contrary in the instrument (if any) creating the trust. No. 5770 s. 19. 19 Power to compound liabilities S. 19(1) amended by Nos 55/1987 s. 57(3)(Sch. 5 item 61), 45/1994 s. 42(Sch. item 12.5). (1) A 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 trustee company, a sole acting trustee where by the instrument (if any) creating the trust, or by statute a sole trustee is authorized to execute the trusts and powers reposed in him, may, if and as he or they think fit— (a) accept any property, real or personal, before the time at which it is made transferable or payable; or (b) sever and apportion any blended trust funds or property; or (c) pay or allow any debt or claim on any evidence that he or they think sufficient; or (d) accept any composition or any security, real or personal, for any debt or for any property, real or personal, claimed; or s. 19 (e) allow any time for payment of any debt; or (f) compromise, compound, abandon, submit to arbitration, or otherwise settle any debt, account, claim, or thing whatever relating to
S. 41(9) substituted by Nos 7332 s. 2(Sch. 1 item 115), 59/1986 s. 143(2), amended by No. 26/2014 s. 455(Sch. item 32). (9) If a person who is a patient within the meaning of the Mental Health Act 2014 is a trustee of property and is entitled in possession to some beneficial interest in the property no appointment of a new trustee in his or her place can be made by the continuing trustee or trustees under this section unless leave has been given— S. 41(9)(a) amended by No. 52/1998 s. 311(Sch. 1 item 98). (a) in the case of a represented person within the meaning of the Guardianship and Administration Act 1986, by the guardian or administrator; or (b) in any other case, by the Court. (10) The provisions of this section relative to a person nominated for the purpose of appointing new trustees apply, whether the appointment is to be made in a case specified in this section or in a case specified in the instrument (if any) creating the trust, but where a new trustee is appointed under this section in a case specified in that instrument, the appointment shall be subject to the terms applicable to an appointment in that case under the provisions of that instrument. No. 5770 s. 42. 42 Supplemental provisions as to appointment of trustees s. 42 (1) On the appointment of a trustee for the whole or any part of trust property— (a) the number of trustees may, subject to the restrictions imposed by this Act on the number of trustees, be increased; and (b) a separate set of trustees, not exceeding four, may be appointed for any part of the trust property held on trusts distinct from those
(2) Where any person who is appointed by will both executor and trustee thereof renounces probate, or after being duly cited or summoned fails to apply for probate, or dies before probate is granted to him, and letters of administration with the will annexed are granted to any other person, the person who obtains the grant shall, by virtue of the grant and without further appointment, be deemed to be appointed trustee of the will in the place of the person who was appointed by the will. No. 5770 s. 47. 47 Trustee company obtaining grant to become trustee S. 47(1) amended by Nos 55/1987 s. 57(3)(Sch. 5 item 71), 45/1994 s. 42(Sch. item 12.13(a)(b)). (1) Where a trustee company has pursuant to the provisions of any Act obtained a grant of probate of a will or letters of administration with the will annexed (as the case may be) upon the authority of any person who has been appointed by the will of a deceased person to be both executor and trustee thereof then by virtue of the grant and without further appointment the trustee company shall be deemed to be appointed trustee of the will in the place of the person by whose authority the trustee company applied for the grant. S. 47(2) amended by Nos 10168 s. 3, 55/1987 s. 57(3)(Sch. 5 items 72, 73), 45/1994 s. 42(Sch. item 12.14 (a)–(d)). (2) Where any person who is appointed by will both executor and trustee thereof, and who has obtained a grant of probate, appoints by power of attorney pursuant to section 16 of the Trustee Companies Act 1984 a trustee company to act as executor in his stead, the trustee company while so acting shall, by virtue of this section and without further appointment, be deemed in the place of that person to have all the powers and discretions of that person as a trustee of the will; and section 16 of the Trustee Companies Act 1984 shall apply with respect to every act of the trustee company acting as trustee of the will
No. 5770 s. 53. 53 Orders as to contingent rights of unborn persons s. 53 Where any property is subject to a contingent right in an unborn person or class of unborn persons who, on coming into existence would, in respect thereof, become entitled to or possessed of the property on any trust, the Court may make an order releasing the property from the contingent right or may make an order vesting in any person the estate or interest to or of which the unborn person or class of unborn persons would, on coming into existence, be entitled or possessed in the property. No. 5770 s. 54. S. 54 amended by Nos 9075 s. 5(1), 9427 s. 5(Sch. 4 item 12), 59/1986 s. 143(2), 26/2014 s. 455(Sch. item 32). 54 Vesting order in place of conveyance by minor or mentally ill mortgagee Where any person entitled to or possessed of any property by way of mortgage is a minor or a patient within the meaning of the Mental Health Act 2014 the Court may make an order vesting or releasing or disposing of the property in like manner as in the case of a trustee under like disability. No. 5770 s. 55. S. 55 amended by Nos 9075 s. 5(1), 9427 s. 5(Sch. 4 item 12). 55 Vesting orders in relation to minor's beneficial interests Where a minor is beneficially entitled to any property the Court may, with a view to the application of the capital or income thereof for the maintenance, education, advancement or benefit of the minor, make an order— (a) appointing a person to convey such property; or (b) in the case of stock, or a thing in action, vesting in any person the right to transfer or call for a transfer of such stock, or to receive the dividends or income thereof, or to sue for