Indian Trusts Act, 1882 is an Act in India related to private trusts and trustees. The act defines what would lawfully be called as a trust and who can be legally its trustees and provides definition for them. The Indian trusts amendment bill of 2015 amended the act and removed some restrictions on investment of the monetary assets by the trust in certain investments. But at the same time enabled the government to scrutinize the trusts investments at will.
Ps&A DEALS WITH THE FOLLOWING PROVISION OF THE INDIAN TRUSTS ACT, 1882
Short title and commencement – repeal of enactments – interpreation-clause. trust-of the creation of trusts- lawful purpose-trust of immovable property- creation of trust-who may create trusts- subject of trust-who may be beneficiary- who may be trustee-of the duties and liabilities of trustees- trustee to execute trust -trustee to inform himself of state of trust-property trustee to protect title to trust-property-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 liabilities 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 of the rights and powers 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, an 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-of the disabilities of trustees- trustees 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-of the rights and liabilities of the beneficiary- 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-of the extinction of trusts-trust how extinguished- revocation of trust- revocation not to defeat what trustees have duly done-of certain obligations in the nature of trusts- where obligation in nature of trust is created- where it does not appear that transferor intended to dispose of beneficial interest- transfer to one for consideration paid by another- 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 contract- purchase by person contracting to buy property to be held on trust- advantage secretly gained by one of several compounding creditors-constructive trusts in cases not expressly provided for- obligator’s duties, liabilities and disabilities-saving of rights of bona fide purchasers