The Indian Trust Act

Short title

Repeal of enactments

Interpretation-clause

Lawful purpose

Trust of immoveable property

Creation of trust

Who may create trusts

Subject of trust

Who may be beneficiary

Who may be trustee

Trustee to execute trust

Trustee to inform himself of state of trust-property

Trustee to protect title to trust-property

Trustee not to set up title adverse to beneficiary

Care required from trustee

Conversion of perishable property

Trustee to be impartial

Trustee to prevent waste

Accounts and information

Investment of trust-money

Power to purchase redeemable stock at a premium

Mortgage of land pledged to Government under Act 26 of 1871

Sale by trustee directed to sell within specified time

Liability for breach of trust

No set-off allowed to trustee

Non-liability for predecessor’s default

Non-liability for co-trustee’s default

Several liability of co-trustees

Non-liability of trustee paying without notice of transfer by beneficiary

Liability of trustee where beneficiary’s interest is forfeited to the Government

Indemnity of trustees

Right to title-deed

Right to reimbursement of expenses

Right to indemnity from gainer by breach of trust

Right to apply to Court for opinion in management of trust -property

Right to settlement of accounts

General authority of trustee

Power to sell in lots, and either by public auction or private contract

Power to sell under special conditions

Power to convey

Power to vary investments

Power to apply property of minors, etc., for their maintenance, etc

Power to give receipts

Power to compound, etc

Power to several trustees of whom one disclaims or dies

Suspension of trustee’s powers by decree

Trustee cannot renounce after acceptance

Trustee cannot delegate

Co-trustees cannot act singly

Control of discretionary power

Trustee may not charge for services

Trustee may not use trust-property for his own profit

Trustee for sale or his agent may not buy

Trustee may not buy beneficiary’s interest without permission

Co-trustees may not lend to one of themselves

Rights to rents and profits

Right to specific execution

Right to inspect and take copies of instrument of trust, accounts, etc

Right to transfer beneficial interest

Right to sue for execution of trust

Right to proper trustees

Right to compel to any act of duty

Wrongful purchase by trustee

Following trust-property into the hands of third persons; into that into which it has been converted

Saving of rights of certain transferees

Acquisition by trustee of trust-property wrongfully converted

Right in case of blended property

Wrongful employment by partner-trustee of trust property for partnership purposes

Liability of beneficiary joining in breach of trust

Rights and liabilities of beneficiary’s transferee

Office how vacated

Discharge of trustee

Petition to be discharged from trust

Appointment of new trustees on death, etc

Appointment by Court

Vesting of trust-property in new trustees

Survival of trust

Trust how extinguished

Revocation of trust

Revocation not to defeat what trustees have duly done

Where obligation in nature of trust is created

[Repealed.]

Trust incapable of execution or executed without exhausting trust -property

Transfer for illegal purpose

Bequest for illegal purpose

Transfer pursuant to rescindable contract

Debtor becoming creditor’s representative

Advantage gained by fiduciary

Advantage gained by exercise of undue influence

Advantage gained by qualified owner

Property acquired with notice of existing contrac

Purchase by person contracting to buy property to be held on trust

Advantage secretly gained by one of several compounding creditors

Repealed

Obligor’s duties, liabilities and disabilities

Saving of rights of bona fide purchasers

All sections

Where a person
contracts to buy property to be held on trust for certain beneficiaries and buys the property accordingly,
he must hold the property for their benefit to the extent necessary to give effect to the contract.


LAWGIST

# 92 Purchase by person contracting to buy property to be held on trust