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Status: This version of this Act contains provisions that no longer have effect. Changes 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 teamappear in the content and are referenced with annotations. (See end of Document for details)
Trustee Act 1925
1925 CHAPTER 19
An Act to consolidate certain enactments relating to trustees in England and
Wales. [9th April 1925] Annotations:
Modifications etc. (not altering text)
C1 The 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)
C2 Act 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)
C3 Words of enactment omitted under authority of Statute Law Revision Act 1948 (c. 62) , s. 3
C4 Act extended by Solicitors Act 1974 (c. 47, SIF 76:1) , s. 35 , Sch. 1 para. 11
Commencement Information
I1 Act wholly in force at 1.1.1926 by s. 71(2) (now repealed)
Annotations:
Modifications etc. (not altering text)
C1 The 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)
C2 Act 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)
C3 Words of enactment omitted under authority of Statute Law Revision Act 1948 (c. 62) , s. 3
C4 Act extended by Solicitors Act 1974 (c. 47, SIF 76:1) , s. 35 , Sch. 1 para. 11
Commencement Information
I1 Act wholly in force at 1.1.1926 by s. 71(2) (now repealed)

2 Trustee Act 1925 (c. 19) Part I – Investments Document Generated: 2011-04-02
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F1PART I
INVESTMENTS
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Annotations:
Amendments (Textual)
F1 Pt. I (ss. 1-11) repealed (1.2.2001) by 2000 c. 29 , s. 40(1)(3) , Sch. 2 Pt.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. 2
PART II
GENERAL POWERS OF TRUSTEES AND PERSONAL R EPRESENTATIVES
General Powers
12 Power of trustees for sale to sell by auction, &c.
(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:
Amendments (Textual)
F8 Words 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.2
F9 Words 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.2
13 Power to sell subject to depreciatory conditions.
(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.
(2) No sale made by a trustee shall, after the execution of the conveyance, be impeached
as against the purchaser upon the ground that any of the conditions subject to which

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the sale was made may have been unnecessarily depreciatory, unless it appears that the
purchaser was acting in collusion with the trustee at the time when the contract for sale
was made.
(3) No purchaser, upon any sale made by a trustee, shall be at liberty to make any objection
against the title upon any of the grounds aforesaid.
(4) This section applies to sales made before or after the commencement of this Act.
14 Power of trustees to give receipts.
(1) The receipt in writing of a trustee for any money, securities, [F10 investments ] 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:
Amendments (Textual)
F10 Words 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. 2
F11 S. 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. 2
Marginal Citations
M3 1925 c. 18 .
15 Power to compound liabilities.
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 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—
(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
(e) allow any time of payment of any debt; or

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(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 [F12 if he has or they have discharged the duty of care set out
in section 1(1) of the Trustee Act 2000 ].
Annotations:
Amendments (Textual)
F12 Words 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. 2
16 Power to raise money by sale, mortgage, &c.
(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:
Marginal Citations
M4 1925 c. 18 .
17 Protection to purchasers and mortgagees dealing with trustees.
No purchaser or mortgagee, paying or advancing money on a sale or mortgage
purporting to be made under any trust or power vested in trustees, shall be concerned
to see that such money is wanted, or that no more than is wanted is raised, or otherwise
as to the application thereof.
18 Devolution of powers or trusts.
(1) Where a power or trust is given to or imposed on two or more trustees jointly, the same
may be exercised or performed by the survivors or survivor of them for the time being.
(2) Until the appointment of new trustees, the personal representatives or representative for
the time being of a sole trustee, or, where there were two or more trustees of the last
surviving or continuing trustee, shall be capable of exercising or performing any power
or trust which was given to, or capable of being exercised by, the sole or last surviving
or continuing trustee, or other the trustees or trustee for the time being of the trust.

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(3) This section takes effect subject to the restrictions imposed in regard to receipts by a
sole trustee, not being a trust corporation.
(4) In this section “personal representative” does not include an executor who has
renounced or has not proved.
19 F13 Power to insure.
(1) A trustee may—
(a) insure any property which is subject to the trust against risks of loss or damage
due to any event, and
(b) pay the premiums out of the trust funds.
(2) In the case of property held on a bare trust, the power to insure is subject to any direction
given by the beneficiary or each of the beneficiaries—
(a) that any property specified in the direction is not to be insured;
(b) that any property specified in the direction is not to be insured except on such
conditions as may be so specified.
(3) Property is held on a bare trust if it is held on trust for—
(a) a beneficiary who is of full age and capacity and absolutely entitled to the
property subject to the trust, or
(b) beneficiaries each of whom is of full age and capacity and who (taken together)
are absolutely entitled to the property subject to the trust.
(4) If a direction under subsection (2) of this section is given, the power to insure, so far
as it is subject to the direction, ceases to be a delegable function for the purposes of
section 11 of the Trustee Act 2000 (power to employ agents).
(5) In this section “trust funds” means any income or capital funds of the trust.
Annotations:
Amendments (Textual)
F13 S. 19 substituted (1.2.2001) by 2000 c. 29 , s. 34(1)(3) , (with s. 35); S.I. 2001/49 , art. 2
20 Application of insurance money where policy kept up under any trust, power or
obligation.
(1) Money receivable by trustees or any beneficiary under a policy of insurance against the
loss or damage of any property subject to a trust or to a settlement within the meaning of
the M5Settled Land Act, 1925, [F14 whether by fire or otherwise ], shall, where the policy
has been kept up under any trust in that behalf or under any power statutory or otherwise,
or in performance of any covenant or of any obligation statutory or otherwise, or by a
tenant for life impeachable for waste, be capital money for the purposes of the trust or
settlement, as the case may be.
(2) If any such money is receivable by any person, other than the trustees of the trust or
settlement, that person shall use his best endeavours to recover and receive the money,
and shall pay the net residue thereof, after discharging any costs of recovering and
receiving it, to the trustees of the trust or settlement, or, if there are no trustees capable
of giving a discharge therefor, into court.

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(3) Any such money—
(a) if it was receivable in respect of settled land within the meaning of the Settled
Land Act, 1925, or any building or works thereon, shall be deemed to be
capital money arising under that Act from the settled land, and shall be invested
or applied by the trustees, or, if in court, under the direction of the court,
accordingly;
(b) if it was receivable in respect of personal chattels settled as heirlooms within
the meaning of the Settled Land Act, 1925, shall be deemed to be capital money
arising under that Act, and shall be applicable by the trustees, or, if in court,
under the direction of the court, in like manner as provided by that Act with
respect to money arising by a sale of chattels settled as heirlooms as aforesaid;
(c) if it was receivable in respect of [F15 land subject to a trust of land or personal
property held on trust for sale ], shall be held upon the trusts and subject to the
powers and provisions applicable to money arising by a sale under such trust;
(d) in any other case, shall be held upon trusts corresponding as nearly as may be
with the trusts affecting the property in respect of which it was payable.
(4) Such money, or any part thereof, may also be applied by the trustees, or, if in court,
under the direction of the court, in rebuilding, reinstating, replacing, or repairing the
property lost or damaged, but any such application by the trustees shall be subject to the
consent of any person whose consent is required by the instrument, if any, creating the
trust to the investment of money subject to the trust, and, in the case of money which
is deemed to be capital money arising under the M6Settled Land Act, 1925, be subject
to the provisions of that Act with respect to the application of capital money by the
trustees of the settlement.
(5) Nothing contained in this section prejudices or affects the right of any person to require
any such money or any part thereof to be applied in rebuilding, reinstating, or repairing
the property lost or damaged, or the rights of any mortgagee, lessor, or lessee, whether
under any statute or otherwise.
(6) This section applies to policies effected either before or after the commencement of this
Act, but only to money received after such commencement.
Annotations:
Amendments (Textual)
F14 Words in s. 20(1) repealed (1.2.2001) by 2000 c. 29 , s. 34(2)(3) , 40(3) , 42(2) , Sch. 4 Pt. II (with s. 35 )
F15 Words in s. 20(3)(c) substituted (1.1.1997) by 1996 c. 47 , s. 25(1) , Sch. 3 para. 3(5) (with ss. 24(2) ,
25(4) ); S.I. 1996/2974 , art. 2
Marginal Citations
M5 1925 c. 18 .
M6 1925 c. 18 .
F16 21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Annotations:
Amendments (Textual)
F16 S. 21 repealed (1.2.2001) by 2000 c. 29 , s. 40(1)(3) , Sch. 2 Pt. II para. 21 , Sch. 4 Pt. II (with s. 35 ); S.I.
2001/49 , art. 2
22 Reversionary interests, valuations and audit.
(1) Where trust property includes any share or interest in property not vested in the trustees,
or the proceeds of the sale of any such property, or any other thing in action, the trustees
on the same falling into possession, or becoming payable or transferable may—
(a) agree or ascertain the amount or value thereof or any part thereof in such manner
as they may think fit;
(b) accept in or towards satisfaction thereof, at the market or current value, or upon
any valuation or estimate of value which they may think fit, any authorised
investments;
(c) allow any deductions for duties, costs, charges and expenses which they may
think proper or reasonable;
(d) execute any release in respect of the premises so as effectually to discharge all
accountable parties from all liability in respect of any matters coming within
the scope of such release;
without being responsible in any such case for any loss occasioned by any act or thing
so done by them [F17 if they have discharged the duty of care set out in section 1(1) of
the Trustee Act 2000 ].
(2) The trustees shall not be under any obligation and shall not be chargeable with any
breach of trust by reason of any omission—
(a) to place any distringas notice or apply for any stop or other like order upon any
securities or other property out of or on which such share or interest or other
thing in action as aforesaid is derived, payable or charged; or
(b) to take any proceedings on account of any act, default, or neglect on the part
of the persons in whom such securities or other property or any of them or any
part thereof are for the time being, or had at any time been, vested;
unless and until required in writing so to do by some person, or the guardian of some
person, beneficially interested under the trust, and unless also due provision is made to
their satisfaction for payment of the costs of any proceedings required to be taken:
Provided that nothing in this subsection shall relieve the trustees of the obligation to
get in and obtain payment or transfer of such share or interest or other thing in action
on the same falling into possession.
(3) Trustees may, for the purpose of giving effect to the trust, or any of the provisions of
the instrument, if any, creating the trust or of any statute, from time to time (by duly
qualified agents) ascertain and fix the value of any trust property in such manner as
they think proper, and any valuation so made [F18 . . . ] shall be binding upon all persons
interested under the trust [F19 if the trustees have discharged the duty of care set out in
section 1(1) of the Trustee Act 2000 ].
(4) Trustees may, in their absolute discretion, from time to time, but not more than once
in every three years unless the nature of the trust or any special dealings with the trust
property make a more frequent exercise of the right reasonable, cause the accounts of

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the trust property to be examined or audited by an independent accountant, and shall,
for that purpose, produce such vouchers and give such information to him as he may
require; and the costs of such examination or audit, including the fee of the auditor,
shall be paid out of the capital or income of the trust property, or partly in one way and
partly in the other, as the trustees, in their absolute discretion, think fit, but, in default
of any direction by the trustees to the contrary in any special case, costs attributable to
capital shall be borne by capital and those attributable to income by income.
Annotations:
Amendments (Textual)
F17 Words in s. 22(1) substituted (1.2.2001) by 2000 c. 29 , s. 40(1) , Sch. 2 Pt. II para. 22(a) (with s. 35 );
S.I. 2001/49 , art. 2
F18 Words in s. 22(3) omitted (1.2.2001) by virtue of 2000 c. 29 , s. 40(1) , Sch. 2 Pt. II para. 22(b) (with s.
35); S.I. 2001/29 , art. 2
F19 Words in s. 22(3) inserted (1.2.2001) by 2000 c. 29 , s. 40(1) , Sch. 2 Pt. II para. 22(b) (with s. 35 ); S.I.
2001/29 , art. 2
F20 23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Annotations:
Amendments (Textual)
F20 S. 23 repealed (1.2.2001) by 2000 c. 29 , s. 40(1)(3) , Sch. 2 Pt. II para. 23 , Sch. 4 Pt. II (with s. 35 , Sch.
3 para. 6 ); S.I. 2001/49 , art. 2
24 Power to concur with others.
Where an undivided share in [F21 any ] property, is subject to a trust, or forms part
of the estate of a testator or intestate, the trustees or personal representatives may
(without prejudice to the [F22 trust ] affecting the entirety of the land and the powers of
the [F23 trustees ] in reference thereto) execute or exercise any [F24 duty or ] power vested
in them in relation to such share in conjunction with the persons entitled to or having
power in that behalf over the other share or shares, and notwithstanding that any one or
more of the trustees or personal representatives may be entitled to or interested in any
such other share, either in his or their own right or in a fiduciary capacity.
Annotations:
Amendments (Textual)
F21 Words in s. 24 substituted (1.1.1997) by 1996 c. 47 , s. 25(1) , Sch. 3 para. 3(6)(a) (with ss. 24(2) , 25(4) );
S.I. 1996/2974 , art.2
F22 Words in s. 24 substituted (1.1.1997) by 1996 c. 47 , s. 25(1) , Sch. 3 para. 3(6)(b) (with ss. 24(2) , 25(4) );
S.I. 1996/2974 , art.2
F23 Words in s. 24 substituted (1.1.1997) by 1996 c. 47 , s. 25(1) , Sch. 3 para. 3(6)(c) (with ss. 24(2) , 25(4) );
S.I. 1996/2974 , art.2
F24 Words in s. 24 substituted (1.1.1997) by 1996 c. 47 , s. 25(1) , Sch. 3 para. 3(6)(d) (with ss. 24(2) , 25(4) );
S.I. 1996/2974 , art.2

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[F25 25 Delegation of trustee’s functions by power of attorney.
(1) Notwithstanding any rule of law or equity to the contrary, a trustee may, by power
of attorney, delegate the execution or exercise of all or any of the trusts, powers and
discretions vested in him as trustee either alone or jointly with any other person or
persons.
(2) A delegation under this section—
(a) commences as provided by the instrument creating the power or, if the
instrument makes no provision as to the commencement of the delegation, with
the date of the execution of the instrument by the donor; and
(b) continues for a period of twelve months or any shorter period provided by the
instrument creating the power.
(3) The persons who may be donees of a power of attorney under this section include a
trust corporation.
(4) Before or within seven days after giving a power of attorney under this section the
donor shall give written notice of it (specifying the date on which the power comes into
operation and its duration, the donee of the power, the reason why the power is given
and, where some only are delegated, the trusts, powers and discretions delegated) to—
(a) each person (other than himself), if any, who under any instrument creating the
trust has power (whether alone or jointly) to appoint a new trustee; and
(b) each of the other trustees, if any;
but failure to comply with this subsection shall not, in favour of a person dealing with
the donee of the power, invalidate any act done or instrument executed by the donee.
(5) A power of attorney given under this section by a single donor—
(a) in the form set out in subsection (6) of this section; or
(b) in a form to the like effect but expressed to be made under this subsection,
shall operate to delegate to the person identified in the form as the single donee of the
power the execution and exercise of all the trusts, powers and discretions vested in the
donor as trustee (either alone or jointly with any other person or persons) under the
single trust so identified.
(6) The form referred to in subsection (5) of this section is as follows—
“
THIS GENERAL TRUSTEE POWER OF ATTORNEY is made on [ date ] by [ name of
one donor ] of [ address of donor ] as trustee of [ name or details of one trust ].
I appoint [ name of one donee ] of [ address of donee ] to be my attorney [ if desired, the
date on which the delegation commences or the period for which it continues (or both) ] in accordance with section 25(5) of the M7Trustee Act 1925.
[To be executed as a deed ]”.
(7) The donor of a power of attorney given under this section shall be liable for the acts or
defaults of the donee in the same manner as if they were the acts or defaults of the donor.
(8) For the purpose of executing or exercising the trusts or powers delegated to him, the
donee may exercise any of the powers conferred on the donor as trustee by statute or by
the instrument creating the trust, including power, for the purpose of the transfer of any

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inscribed stock, himself to delegate to an attorney power to transfer, but not including
the power of delegation conferred by this section.
(9) The fact that it appears from any power of attorney given under this section, or from
any evidence required for the purposes of any such power of attorney or otherwise, that
in dealing with any stock the donee of the power is acting in the execution of a trust
shall not be deemed for any purpose to affect any person in whose books the stock is
inscribed or registered with any notice of the trust.
(10) This section applies to a personal representative, tenant for life and statutory owner as
it applies to a trustee except that subsection (4) shall apply as if it required the notice
there mentioned to be given—
(a) in the case of a personal representative, to each of the other personal
representatives, if any, except any executor who has renounced probate;
(b) in the case of a tenant for life, to the trustees of the settlement and to each
person, if any, who together with the person giving the notice constitutes the
tenant for life; and
(c) in the case of a statutory owner, to each of the persons, if any, who together with
the person giving the notice constitute the statutory owner and, in the case of
a statutory owner by virtue of section 23(1)(a) of the M8Settled Land Act 1925,
to the trustees of the settlement. ] Annotations:
Amendments (Textual)
F25 S. 25 substituted (1.3.2000) by 1999 c. 15 , s. 5(1)(2) ; S.I. 2000/216 , art. 2
Modifications etc. (not altering text)
C8 S. 25(6) amended (1.3.2000) by S.I. 2000/215 , art. 2 , Sch. Pt. I
Marginal Citations
M7 1925 c.19 .
M8 1925 c.18 .
Indemnities
26 Protection against liability in respect of rents and covenants.
(1) Where a personal representative or trustee liable as such for—
(a) any rent, covenant, or agreement reserved by or contained in any lease; or
(b) any rent, covenant or agreement payable under or contained in any grant made
in consideration of a rentcharge; or
(c) any indemnity given in respect of any rent, covenant or agreement referred to
in either of the foregoing paragraphs;
satisfies all liabilities under the lease or grant [F26 which may have accrued and been
claimed ] up to the date of the conveyance hereinafter mentioned, and, where necessary,
sets apart a sufficient fund to answer any future claim that may be made in respect
of any fixed and ascertained sum which the lessee or grantee agreed to lay out on the
property demised or granted, although the period for laying out the same may not have
arrived, then and in any such case the personal representative or trustee may convey the

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property demised or granted to a purchaser, legatee, devisee, or other person entitled to
call for a conveyance thereof and thereafter—
(i) he may distribute the residuary real and personal estate of the deceased testator
or intestate, or, as the case may be, the trust estate (other than the fund, if
any, set apart as aforesaid) to or amongst the persons entitled thereto,without
appropriating any part, or any further part, as the case may be, of the estate of
the deceased or of the trust estate to meet any future liability under the said
lease or grant;
(ii) notwithstanding such distribution, he shall not be personally liable in respect
of any subsequent claim under the said lease or grant.
[F27 (1A) Where a personal representative or trustee has as such entered into, or may as such
be required to enter into, an authorised guarantee agreement with respect to any lease
comprised in the estate of a deceased testator or intestate or a trust estate (and, in a
case where he has entered into such an agreement, he has satisfied all liabilities under
it which may have accrued and been claimed up to the date of distribution)—
(a) he may distribute the residuary real and personal estate of the deceased testator
or intestate, or the trust estate, to or amongst the persons entitled thereto—
(i) without appropriating any part of the estate of the deceased, or the trust
estate, to meet any future liability (or, as the case may be, any liability)
under any such agreement, and
(ii) notwithstanding any potential liability of his to enter into any such
agreement; and
(b) notwithstanding such distribution, he shall not be personally liable in respect
of any subsequent claim (or, as the case may be, any claim) under any such
agreement.
In this subsection “ authorised guarantee agreement ” has the same meaning as in the
Landlord and Tenant (Covenants) Act 1995. ] (2) This section operates without prejudice to the right of the lessor or grantor, or the
persons deriving title under the lessor or grantor, to follow the assets of the deceased
or the trust property into the hands of the persons amongst whom the same may have
been respectively distributed, and applies notwithstanding anything to the contrary in
the will or other instrument, if any, creating the trust.
(3) In this section “lease” includes an underlease and an agreement for a lease or underlease
and any instrument giving any such indemnity as aforesaid or varying the liabilities
under the lease; “grant” applies to a grant whether the rent is created by limitation, grant,
reservation, or otherwise, and includes an agreement for a grant and any instrument
giving any such indemnity as aforesaid or varying the liabilities under the grant; “lessee”
and “grantee” include persons respectively deriving title under them.
Annotations:
Amendments (Textual)
F26 Words substituted by Law of Property (Amendment) Act 1926 (c. 11) , Sch.
F27 S. 26(1A) inserted (1.1.1996) by 1995 c. 30 , s. 30(1) , Sch. 1 para.1 (with ss. 2(2) , 26(1)(2) ); S.I.
1995/2963 , art.2

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27 Protection by means of advertisements.
(1) With a view to the conveyance to or distribution among the persons entitled to any real
or personal property, the trustees of a settlement [F28 , trustees of land, trustees for sale of
personal property ] or personal representatives, may give notice by advertisement in the
Gazette, and [F29 in a newspaper circulating in the district in which the land is situated ] and such other like notices, including notices elsewhere than in England and Wales, as
would, in any special case, have been directed by a court of competent jurisdiction in
an action for administration, of their intention to make such conveyance or distribution
as aforesaid, and requiring any person interested to send to the trustees or personal
representatives within the time, not being less than two months, fixed in the notice or,
where more than one notice is given, in the last of the notices, particulars of his claim
in respect of the property or any part thereof to which the notice relates.
(2) At the expiration of the time fixed by the notice the trustees or personal representatives
may convey or distribute the property or any part thereof to which the notice relates, to
or among the persons entitled thereto, having regard only to the claims, whether formal
or not, of which the trustees or personal representatives then had notice and shall not, as
respects the property so conveyed or distributed, be liable to any person of whose claim
the trustees or personal representatives have not had notice at the time of conveyance
or distribution; but nothing in this section—
(a) prejudices the right of any person to follow the property, or any property
representing the same, into the hands of any person, other than a purchaser,
who may have received it; or
(b) frees the trustees or personal representatives from any obligation to make
searches or obtain official certificates of search similar to those which an
intending purchaser would be advised to make or obtain.
(3) This section applies notwithstanding anything to the contrary in the will or other
instrument, if any, creating the trust.
Annotations:
Amendments (Textual)
F28 Words in s. 27(1) substituted (1.1.1997) by 1996 c. 47 , s. 25(1) , Sch. 3 para. 3(7) (with ss. 24(2) , 25(4) );
S.I. 1996/2974 , art.2
F29 Words substituted by Law of Property (Amendment) Act 1926 (c. 11) , Sch.
28 Protection in regard to notice.
A trustee or personal representative acting for the purposes of more than one trust or
estate shall not, in the absence of fraud, be affected by notice of any instrument, matter,
fact or thing in relation to any particular trust or estate if he has obtained notice thereof
merely by reason of his acting or having acted for the purposes of another trust or estate.
29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F30

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Annotations:
Amendments (Textual)
F30 S. 29 repealed by Power of Attorney Act 1971 (c. 27) , Sch. 2
F31 30 Implied indemnity of trustees.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Annotations:
Amendments (Textual)
F31 S. 30 repealed (1.2.2001) by 2000 c. 29 , s. 40(1)(3) , Sch. 2 Pt. II para. 24 , Sch. 4 Pt. II (with s. 35 ); S.I.
2001/49 , art. 2
Maintenance, Advancement and Protective Trusts
31 Power to apply income for maintenance and to accumulate surplus income during
a minority.
(1) Where any property is held by trustees in trust for any person for any interest
whatsoever, whether vested or contingent, then, subject to any prior interests or charges
affecting that property—
(i) during the infancy of any such person, if his interest so long continues, the
trustees may, at their sole discretion, pay to his parent or guardian, if any,
or otherwise apply for or towards his maintenance, education, or benefit, the
whole or such part, if any, of the income of that property as may, in all the
circumstances, be reasonable, whether or not there is—
(a) any other fund applicable to the same purpose;or
(b) any person bound by law to provide for his maintenance or education;
and
(ii) if such person on attaining the age of [F32 eighteen years ] has not a vested interest
in such income, the trustees shall thenceforth pay the income of that property
and of any accretion thereto under subsection (2) of this section to him, until
he either attains a vested interest therein or dies, or until failure of his interest:
Provided that, in deciding whether the whole or any part of the income of the
property is during a minority to be paid or applied for the purposes aforesaid,
the trustees shall have regard to the age of the infant and his requirements
and generally to the circumstances of the case, and in particular to what other
income, if any, is applicable for the same purposes; and where trustees have
notice that the income of more than one fund is applicable for those purposes,
then, so far as practicable, unless the entire income of the funds is paid or
applied as aforesaid or the court otherwise directs, a proportionate part only of
the income of each fund shall be so paid or applied.
(2) During the infancy of any such person, if his interest so long continues, the trustees
shall accumulate all the residue of that income [F33 by investing it, and any profits
from so investing it ] from time to time in authorised investments, and shall hold those
accumulations as follows:—

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(i) If any such person—
(a) attains the age of [F32 eighteen years ], or marries under that age, and
his interest in such income during his infancy or until his marriage is
a vested interest or;
(b) on attaining the age of [F32 eighteen years ] or on marriage under that
age becomes entitled to the property from which such income arose in
fee simple, absolute or determinable, or absolutely, or for an entailed
interest;
the trustees shall hold the accumulations in trust for such person absolutely,
but without prejudice to any provision with respect thereto contained in any
settlement by him made under any statutory powers during his infancy, and so
that the receipt of such person after marriage, and though still an infant shall
be a good discharge, and
(ii) In any other case the trustees shall, notwithstanding that such person had a
vested interest in such income, hold the accumulations as an accretion to the
capital of the property from which such accumulations arose, and as one fund
with such capital for all purposes, and so that, if such property is settled land,
such accumulations shall be held upon the same trusts as if the same were
capital money arising therefrom;
but the trustees may, at any time during the infancy of such person if his interest so
long continues, apply those accumulations, or any part thereof, as if they were income
arising in the then current year.
(3) This section applies in the case of a contingent interest only if the limitation or trust
carries the intermediate income of the property, but it applies to a future or contingent
legacy by the parent of, or a person standing in loco parentis to, the legatee, if and for
such period as, under the general law, the legacy carries interest for the maintenance of
the legatee, and in any such case as last aforesaid the rate of interest shall (if the income
available is sufficient, and subject to any rules of court to the contrary) be five pounds
per centum per annum.
(4) This section applies to a vested annuity in like manner as if the annuity were the income
of property held by trustees in trust to pay the income thereof to the annuitant for the
same period for which the annuity is payable, save that in any case accumulations made
during the infancy of the annuitant shall be held in trust for the annuitant or his personal
representatives absolutely.
(5) This section does not apply where the instrument, if any, under which the interest arises
came into operation before the commencement of this Act.
Annotations:
Amendments (Textual)
F32 Word substituted by Family Law Reform Act 1969 (c. 46) , s. 1(3) , Sch. 1 Pt. I
F33 Words in s. 31(2) substituted (1.2.2001) by 2000 c. 29 , s. 40(1) , Sch. 2 Pt. II para. 25 (with s. 35 ); S.I.
2001/49 , art. 2
32 Power of advancement.
(1) Trustees may at any time or times pay or apply any capital money subject to a trust, for
the advancement or benefit, in such manner as they may, in their absolute discretion,
think fit, of any person entitled to the capital of the trust property or of any share

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thereof, whether absolutely or contingently on his attaining any specified age or on the
occurrence of any other event, or subject to a gift over on his death under any specified
age or on the occurrence of any other event, and whether in possession or in remainder
or reversion, and such payment or application may be made notwithstanding that the
interest of such person is liable to be defeated by the exercise of a power of appointment
or revocation, or to be diminished by the increase of the class to which he belongs:
Provided that—
(a) the money so paid or applied for the advancement or benefit of any person shall
not exceed altogether in amount one-half of the presumptive or vested share or
interest of that person in the trust property; and
(b) if that person is or becomes absolutely and indefeasibly entitled to a share in
the trust property the money so paid or applied shall be brought into account
as part of such share; and
(c) no such payment or application shall be made so as to prejudice any person
entitled to any prior life or other interest, whether vested or contingent, in the
money paid or applied unless such person is in existence and of full age and
consents in writing to such payment or application.
[F34 (2) This section does not apply to capital money arising under the M9Settled Land Act 1925. ] (3) This section does not apply to trusts constituted or created before the commencement
of this Act.
Annotations:
Amendments (Textual)
F34 S. 32(2) substituted (1.1.1997) by 1996 c. 47 , s. 25(1) , Sch. 3 para. 3(8) (with ss. 24(2) , 25(4) ); S.I.
1996/2974 , art.2
Marginal Citations
M9 1925 c. 18 .
33 Protective trusts.
(1) Where any income, including an annuity or other periodical income payment, is directed
to be held on protective trusts for the benefit of any person (in this section called “the
principal beneficiary”) for the period of his life or for any less period, then, during that
period (in this section called the “trust period”) the said income shall, without prejudice
to any prior interest, be held on the following trusts, namely:—
(i) Upon trust for the principal beneficiary during the trust period or until he,
whether before or after the termination of any prior interest, does or attempts to
do or suffers any act or thing, or until any event happens, other than an advance
under any statutory or express power, whereby, if the said income were payable
during the trust period to the principal beneficiary absolutely during that period,
he would be deprived of the right to receive the same or any part thereof, in any
of which cases, as well as on the termination of the trust period, whichever first
happens, this trust of the said income shall fail or determine;
(ii) If the trust aforesaid fails or determines during the subsistence of the trust
period, then, during the residue of that period, the said income shall be held
upon trust for the application thereof for the maintenance or support, or

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otherwise for the benefit, of all or any one or more exclusively of the other or
others of the following persons (that is to say)—
(a) the principal beneficiary and his or her wife or husband, if any, and his
or her children or more remote issue, if any; or
(b) if there is no wife or husband or issue of the principal beneficiary
in existence, the principal beneficiary and the persons who would, if
he were actually dead, be entitled to the trust property or the income
thereof or to the annuity fund, if any, or arrears of the annuity, as the
case may be;
as the trustees in their absolute discretion, without being liable to account for
the exercise of such discretion, think fit.
(2) This section does not apply to trusts coming into operation before the commencement of
this Act, and has effect subject to any variation of the implied trusts aforesaid contained
in the instrument creating the trust.
(3) Nothing in this section operates to validate any trust which would, if contained in the
instrument creating the trust, be liable to be set aside.
[F35 (4) In relation to the dispositions mentioned in section 19(1) of the Family Law Reform
Act 1987, this section shall have effect as if any reference (however expressed) to any
relationship between two persons were construed in accordance with section 1 of that
Act. ] Annotations:
Amendments (Textual)
F35 S. 33(4) added by Family Law Reform Act 1987 (c. 42, SIF 49:7) , s. 33(1)(2) , Sch. 2 para. 2 , Sch. 3
paras. 1 , 6
Modifications etc. (not altering text)
C9 S. 33 modified by Family Law Reform Act 1987 (c. 42, SIF 49:7) , ss. 19(3)(4) , 33(2) , Sch. 3 paras. 1 , 6
PART III
APPOINTMENT AND D ISCHARGE OF TRUSTEES
34 Limitation of the number of trustees.
(1) Where, at the commencement of this Act, there are more than four trustees of a
settlement of land, or more than four trustees holding land on trust for sale, no new
trustees shall (except where as a result of the appointment the number is reduced to four
or less) be capable of being appointed until the number is reduced to less than four, and
thereafter the number shall not be increased beyond four.
(2) In the case of settlements and dispositions [F36 creating trusts of land ] made or coming
into operation after the commencement of this Act—
(a) the number of trustees thereof shall not in any case exceed four, and where
more than four persons are named as such trustees, the four first named (who
are able and willing to act) shall alone be the trustees, and the other persons
named shall not be trustees unless appointed on the occurrence of a vacancy;

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(b) the number of the trustees shall not be increased beyond four.
(3) This section only applies to settlements and dispositions of land, and the restrictions
imposed on the number of trustees do not apply—
(a) in the case of land vested in trustees for charitable, ecclesiastical, or public
purposes; or
(b) where the net proceeds of the sale of the land are held for like purposes; or
(c) to the trustees of a term of years absolute limited by a settlement on trusts for
raising money, or of a like term created under the statutory remedies relating
to annual sums charged on land.
Annotations:
Amendments (Textual)
F36 Words in s. 34(2) substituted (1.1.1997) by 1996 c. 47 , s. 25(1) , Sch. 3 para. 3(9) (with ss. 24(2) , 25(4) );
S.I. 1996/2974 , art.2
Modifications etc. (not altering text)
C10 S. 34 applied by Land Registration Act 1925 (c. 21) , s. 95
35 Appointments of trustees of settlements and [F37 and trustees of land ].
[F38 (1) Appointments of new trustees of land and of new trustees of any trust of the proceeds
of sale of the land shall, subject to any order of the court, be effected by separate
instruments, but in such manner as to secure that the same persons become trustees of
land and trustees of the trust of the proceeds of sale. ] (2) Where new trustees of a settlement are appointed, a memorandum of the names and
addresses of the persons who are for the time being the trustees thereof for the purposes
of the M10 Settled Land Act, 1925, shall be endorsed on or annexed to the last or only
principal vesting instrument by or on behalf of the trustees of the settlement, and
such vesting instrument shall, for that purpose, be produced by the person having the
possession thereof to the trustees of the settlement when so required.
[F39 (3) Where new trustees of land are appointed, a memorandum of the persons who are for the
time being the trustees of the land shall be endorsed on or annexed to the conveyance by
which the land was vested in trustees of land; and that conveyance shall be produced to
the persons who are for the time being the trustees of the land by the person in possession
of it in order for that to be done when the trustees require its production. ] (4) This section applies only to settlements and dispositions of land.
Annotations:
Amendments (Textual)
F37 Words "and trustees of land" substituted for "dispositions on trust for sale of land" (1.1.1997) by 1996
c. 47 , s. 25(1) , Sch. 3 para. 10(10)(c) (with ss. 24(2) , 25(4) ); S.I. 1996/2974 , art.2
F38 S. 35(1) substituted (1.1.1997) by 1996 c. 47 , s. 25(1) , Sch. 3 para. 3(10)(a) (with ss. 24(2) , 25(4) ); S.I.
1996/2974 , art.2
F39 S. 35(3) substituted (1.1.1997) by 1996 c. 47 , s. 25(1) , Sch. 3 para. 3(10)(b) (with ss. 24(2) , 25(4) ); S.I.
1996/2974 , art.2

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Marginal Citations
M10 1925 c. 18 .
36 Power of appointing new or additional trustees.
(1) Where a trustee, either original or substituted, and whether appointed by a court or
otherwise, is dead, or remains out of the United Kingdom for more than twelve months,
or desires to be discharged from all or any of the trusts or powers reposed in or conferred
on him, or refuses or is unfit to act therein, or is incapable of acting therein, or is an
infant, then, subject to the restrictions imposed by this Act on the number of trustees,—
(a) the person or persons nominated for the purpose of appointing new trustees by
the instrument, if any, creating the trust; or
(b) if there is no such person, or no such person able and willing to act, then the
surviving or continuing trustees or trustee for the time being, or the personal
representatives of the last surviving or continuing trustee;
may, by writing, appoint one or more other persons (whether or not being the persons
exercising the power) to be a trustee or trustees in the place of the trustee so deceased
remaining out of the United Kingdom, desiring to be discharged, refusing, or being unfit
or being incapable, or being an infant, as aforesaid.
(2) Where a trustee has been removed under a power contained in the instrument creating
the trust, a new trustee or new trustees may be appointed in the place of the trustee who
is removed, as if he were dead, or, in the case of a corporation, as if the corporation
desired to be discharged from the trust, and the provisions of this section shall apply
accordingly, but subject to the restrictions imposed by this Act on the number of trustees.
(3) Where a corporation being a trustee is or has been dissolved, either before or after the
commencement of this Act, then, for the purposes of this section and of any enactment
replaced thereby, the corporation shall be deemed to be and to have been from the date
of the dissolution incapable of acting in the trusts or powers reposed in or conferred
on the corporation.
(4) The power of appointment given by subsection (1) of this section or any similar previous
enactment to the personal representatives of last surviving or continuing trustee shall
be and shall be deemed always to have been exercisable by the executors for the time
being (whether original or by representation) of such surviving or continuing trustee
who have proved the will of their testator or by the administrators for the time being
of such trustee without the concurrence of any executor who has renounced or has not
proved.
(5) But a sole or last surviving executor intending to renounce, or all the executors where
they all intend to renounce, shall have and shall be deemed always to have had power,
at any time before renouncing probate, to exercise the power of appointment given by
this section, or by any similar previous enactment, if willing to act for that purpose and
without thereby accepting the office of executor.
[F40 (6) Where, in the case of any trust, there are not more than three trustees— ] (a) the person or persons nominated for the purpose of appointing new trustees by
the instrument, if any, creating the trust; or
(b) if there is no such person, or no such person able and willing to act, then the
trustee or trustees for the time being;

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may, by writing, appoint another person or other persons to be an additional trustee
or additional trustees, but it shall not be obligatory to appoint any additional trustee,
unless the instrument, if any, creating the trust, or any statutory enactment provides to
the contrary, nor shall the number of trustees be increased beyond four by virtue of any
such appointment.
[F41 (6A) A person who is either—
(a) both a trustee and attorney for the other trustee (if one other), or for both of the
other trustees (if two others), under a registered power; or
(b) attorney under a registered power for the trustee (if one) or for both or each of
the trustees (if two or three),
may, if subsection (6B) of this section is satisfied in relation to him, make an
appointment under subsection (6)(b) of this section on behalf of the trustee or trustees.
(6B) This subsection is satisfied in relation to an attorney under a registered power for one
or more trustees if (as attorney under the power)—
(a) he intends to exercise any function of the trustee or trustees by virtue of
section 1(1) of the Trustee Delegation Act 1999; or
(b) he intends to exercise any function of the trustee or trustees in relation to any
land, capital proceeds of a conveyance of land or income from land by virtue
of its delegation to him under section 25 of this Act or the instrument (if any)
creating the trust.
(6C) In subsections (6A) and (6B) of this section “ registered power ” means a power of
attorney created by an instrument which is for the time being registered under section 6
of the M11 Enduring Powers of Attorney Act 1985.
(6D) Subsection (6A) of this section—
(a) applies only if and so far as a contrary intention is not expressed in the
instrument creating the power of attorney (or, where more than one, any of
them) or the instrument (if any) creating the trust; and
(b) has effect subject to the terms of those instruments. ] (7) Every new trustee appointed under this section as well before as after all the trust
property becomes by law, or by assurance, or otherwise, vested in him, shall have the
same powers, authorities, and discretions, and may in all respects act as if he had been
originally appointed a trustee by the instrument, if any, creating the trust.
(8) The provisions of this section relating to a trustee who is dead include the case of a
person nominated trustee in a will but dying before the testator, and those relative to a
continuing trustee include a refusing or retiring trustee, if willing to act in the execution
of the provisions of this section.
[F42 (9) Where a trustee is incapable, by reason of mental disorder within the meaning of [F43 the
Mental Health Act 1983 ], of exercising his functions as trustee and is also entitled in
possession to some beneficial interest in the trust property, no appointment of a new
trustee in his place shall be made by virtue of paragraph ( b) of subsection (1) of this
section unless leave to make the appointment has been given by the authority having
jurisdiction under [F43 Part VII of the Mental Health Act 1983 ].]

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Annotations:
Amendments (Textual)
F40 Words before s. 36(6)(a) substituted (1.1.1997) by 1996 c. 47 , s. 25(1) , Sch. 3 para. 3(11) (with ss.
24(2) , 25(4) ); S.I. 1996/2974 , art. 2
F41 S. 36(6A)-(6D) inserted (1.3.2000) by 1999 c. 15 , s. 8(1)(2) ; S.I. 2000/216 , art. 2
F42 S. 36(9) substituted by Mental Health Act 1959 (c. 72) , Sch. 7 Pt. I
F43 Words substituted by Mental Health Act 1983 (c. 20, SIF 85) , s. 148 , Sch. 4 para. 4 (a)
Modifications etc. (not altering text)
C11 S. 36(6) excluded by National Theatre Act 1949 (c. 16) , s. 2(2)
S. 36(7) extended (1.1.1997) by 1996 c. 47 , s. 21(3) (with ss. 24(2) , 25(4) ); S.I. 1996/2974 , art. 2
C12 S.36(9) restricted by S.I. 1984/2035 , art. 15
Marginal Citations
M11 1985 c.29 .
37 Supplemental provisions as to appointment of trustees.
(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 relating to any other part
or parts of the trust property, notwithstanding that no new trustees or trustee
are or is to be appointed for other parts of the trust property, and any existing
trustee may be appointed or remain one of such separate set of trustees, or, if
only one trustee was originally appointed, then, save as hereinafter provided,
one separate trustee may be so appointed; and
(c) it shall not be obligatory, save as hereinafter provided, to appoint more than
one new trustee where only one trustee was originally appointed, or to fill up
the original number of trustees where more than two trustees were originally
appointed, but, except where only one trustee was originally appointed, and a
sole trustee when appointed will be able to give valid receipts for all capital
money, a trustee shall not be discharged from his trust unless there will be either
a trust corporation or at least two [F44 persons ] to act as trustees to perform the
trust; and
(d) any assurance or thing requisite for vesting the trust property, or any part
thereof, in a sole trustee, or jointly in the persons who are the trustees, shall
be executed or done.
(2) Nothing in this Act shall authorise the appointment of a sole trustee, not being a trust
corporation, where the trustee, when appointed, would not be able to give valid receipts
for all capital money arising under the trust.
Annotations:
Amendments (Textual)
F44 Word in s. 37(1)(c) substituted (1.1.1997) by 1996 c. 47 , s. 25(1) , Sch. 3 para. 3(12) (with ss. 24(2) ,
25(4) ); S.I. 1996/2974 , art.2

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38 Evidence as to a vacancy in a trust.
(1) A statement, contained in any instrument coming into operation after the
commencement of this Act by which a new trustee is appointed for any purpose
connected with land, to the effect that a trustee has remained out of the United Kingdom
for more than twelve months or refuses or is unfit to act, or is incapable of acting, or
that he is not entitled to a beneficial interest in the trust property in possession, shall, in
favour of a purchaser of a legal estate, be conclusive evidence of the matter stated.
(2) In favour of such purchaser any appointment of a new trustee depending on
that statement, and any vesting declaration, express or implied, consequent on the
appointment, shall be valid.
39 Retirement of trustee without a new appointment.
(1) Where a trustee is desirous of being discharged from the trust, and after his discharge
there will be either a trust corporation or at least two [F45 persons ] to act as trustees to
perform the trust, then, if such trustee as aforesaid by deed declares that he is desirous
of being discharged from the trust, and if his co-trustees and such other person, if any,
as is empowered to appoint trustees, by deed consent to the discharge of the trustee,
and to the vesting in the co-trustees alone of the trust property, the trustee desirous of
being discharged shall be deemed to have retired from the trust, and shall, by the deed,
be discharged therefrom under this Act, without any new trustee being appointed in his
place.
(2) Any assurance or thing requisite for vesting the trust property in the continuing trustees
alone shall be executed or done.
Annotations:
Amendments (Textual)
F45 Word in s. 39(1) substituted (1.1.1997) by 1996 c. 47 , s. 25(1) , Sch. 3 para. 3(13) (with ss. 24(2) ,
25(4) ); S.I. 1996/2974 , art.2
Modifications etc. (not altering text)
C13 Ss. 39 , 40, modified by Trade Union and Labour Relations Act 1974 (c. 52, SIF 43:5) , s. 4(1)
C14 S. 39 modified (16. 10. 1992) by Trade Union and Labour Relations (Consolidation) Act 1992 (c. 52) ,
ss. 13(2)(a) , 302 .
40 Vesting of trust property in new or continuing trustees.
(1) Where by a deed a new trustee is appointed to perform any trust, then—
(a) if the deed contains a declaration by the appointor to the effect that any estate or
interest in any land subject to the trust, or in any chattel so subject, or the right
to recover or receive any debt or other thing in action so subject, shall vest in the
persons who by virtue of the deed become or are the trustees for performing the
trust, the deed shall operate, without any conveyance or assignment, to vest in
those persons as joint tenants and for the purposes of the trust the estate interest
or right to which the declaration relates; and
(b) if the deed is made after the commencement of this Act and does not contain
such a declaration, the deed shall, subject to any express provision to the
contrary therein contained, operate as if it had contained such a declaration by

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the appointor extending to all the estates interests and rights with respect to
which a declaration could have been made.
(2) Where by a deed a retiring trustee is discharged under [F46 section 39 of this Act or
section 19 of the Trusts of Land and Appointment of Trustees Act 1996 ] without a new
trustee being appointed, then—
(a) if the deed contains such a declaration as aforesaid by the retiring and
continuing trustees, and by the other person, if any, empowered to appoint
trustees, the deed shall, without any conveyance or assignment, operate to vest
in the continuing trustees alone, as joint tenants, and for the purposes of the
trust, the estate, interest, or right to which the declaration relates; and
(b) if the deed is made after the commencement of this Act and does not contain
such a declaration, the deed shall, subject to any express provision to the
contrary therein contained, operate as if it had contained such a declaration by
such persons as aforesaid extending to all the estates, interests and rights with
respect to which a declaration could have been made.
(3) An express vesting declaration, whether made before or after the commencement of this
Act, shall, notwithstanding that the estate, interest or right to be vested is not expressly
referred to, and provided that the other statutory requirements were or are complied
with, operate and be deemed always to have operated (but without prejudice to any
express provision to the contrary contained in the deed of appointment or discharge)
to vest in the persons respectively referred to in subsections (1) and (2) of this section,
as the case may require, such estates, interests and rights as are capable of being and
ought to be vested in those persons.
(4) This section does not extend—
(a) to land conveyed by way of mortgage for securing money subject to the trust,
except land conveyed on trust for securing debentures or debenture stock;
(b) to land held under a lease which contains any covenant, condition or agreement
against assignment or disposing of the land without licence or consent, unless,
prior to the execution of the deed containing expressly or impliedly the vesting
declaration, the requisite licence or consent has been obtained, or unless, by
virtue of any statute or rule of law, the vesting declaration, express or implied,
would not operate as a breach of covenant or give rise to a forfeiture;
(c) to any share, stock, annuity or property which is only transferable in books
kept by a company or other body, or in manner directed by or under an Act
of Parliament.
In this subsection “lease” includes an underlease and an agreement for a lease or
underlease.
(5) For purposes of registration of the deed in any registry, the person or persons making the
declaration expressly or impliedly, shall be deemed the conveying party or parties, and
the conveyance shall be deemed to be made by him or them under a power conferred
by this Act.
(6) This section applies to deeds of appointment or discharge executed on or after the first
day of January, eighteen hundred and eighty-two.

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Annotations:
Amendments (Textual)
F46 Words in s. 40(2) substituted (1.1.1997) by 1996 c. 47 , s. 25(1) , Sch. 3 para. 3(14) (with ss. 24(2) ,
25(4) ); S.I. 1996/2974 , art.2
Modifications etc. (not altering text)
C15 S. 40 extended by Charities Act 1960 (c. 58) , s. 35(2) and Covent Garden Market Act 1961 (c. 49) , s.
14(2)(3)
C16 Ss. 39 , 40, modified by Trade Union and Labour Relations Act 1974 (c. 52, SIF 43:5) , s. 4(1)
C17 S. 40 modified (16.10.1992) by Trade Union and Labour Relations (Consolidation) Act 1992 (c. 52) , ss.
13(2)(b)(4) , 302 .
C18 S. 40 applied (1.8.1993) by 1993 c. 10 , ss. 83(2) , 99(1)
C19 S. 40(1)(b) applied by Incumbents and Churchwardens (Trusts) Measure 1964 (No. 2) , s. 3(3)
PART IV
POWERS OF THE C OURT
Appointment of new Trustees
41 Power of court to appoint new trustees.
(1) The court may, whenever it is expedient to appoint a new trustee or new trustees, and
it is found inexpedient difficult or impracticable so to do without the assistance of the
court, make an order appointing a new trustee or new trustees either in substitution for
or in addition to any existing trustee or trustees, or although there is no existing trustee.
In particular and without prejudice to the generality of the foregoing provision, the court
may make an order appointing a new trustee in substitution for a trustee who . . . F47 is
[F48 incapable, by reason of mental disorder within the meaning of [F49 the Mental Health
Act 1983 ], of exercising his functions as trustee ], or is a bankrupt, or is a corporation
which is in liquidation or has been dissolved.
(2) The power conferred by this section may, in the case of a deed of arrangement within
the meaning of the M12 Deeds of Arrangement Act, 1914, be exercised either by the High
Court or by the court having jurisdiction in bankruptcy in the district in which the debtor
resided or carried on business at the date of the execution of the deed.
(3) An order under this section, and any consequential vesting order or conveyance, shall
not operate further or otherwise as a discharge to any former or continuing trustee than
an appointment of new trustees under any power for that purpose contained in any
instrument would have operated.
(4) Nothing in this section gives power to appoint an executor or administrator.
Annotations:
Amendments (Textual)
F47 Words repealed by Criminal Law Act 1967 (c. 58) , Sch. 3 Pt. III
F48 Words substituted by Mental Health Act 1959 (c. 72) , Sch. 7 Pt. I

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F49 Words substituted by Mental Health Act 1983 (c. 20, SIF 85) , s. 148 , Sch. 4 para. 4 (b)
Marginal Citations
M12 1914 c. 47 .
42 Power to authorise remuneration.
Where the court appoints a corporation, other than the Public Trustee, to be a trustee
either solely or jointly with another person, the court may authorise the corporation to
charge such remuneration for its services as trustee as the court may think fit.
43 Powers of new trustee appointed by the court.
Every trustee appointed by a court of competent jurisdiction shall, as well before as
after the trust property becomes by law, or by assurance, or otherwise, vested in him,
have the same powers, authorities, and discretions, and may in all respects act as if he
had been originally appointed a trustee by the instrument, if any, creating the trust.
Vesting Orders
44 Vesting orders of land.
In any of the following cases, namely:—
(i) Where the court appoints or has appointed a trustee, or where a trustee has been
appointed out of court under any statutory or express power;
(ii) Where a trustee entitled to or possessed of any land or interest therein, whether
by way of mortgage or otherwise, or entitled to a contingent right therein, either
solely or jointly with any other person—
(a) is under disability; or
(b) is out of the jurisdiction of the High Court; or
(c) cannot be found, or, being a corporation, has been dissolved;
(iii) Where it is uncertain who was the survivor of two or more trustees jointly
entitled to or possessed of any interest in land;
(iv) Where it is uncertain whether the last trustee known to have been entitled to or
possessed of any interest in land is living or dead;
(v) Where there is no personal representative of a deceased trustee who was entitled
to or possessed of any interest in land, or where it is uncertain who is the
personal representative of a deceased trustee who was entitled to or possessed
of any interest in land;
(vi) Where a trustee jointly or solely entitled to or possessed of any interest in land,
or entitled to a contingent right therein, has been required, by or on behalf of
a person entitled to require a conveyance of the land or interest or a release
of the right, to convey the land or interest or to release the right, and has
wilfully refused or neglected to convey the land or interest or release the right
for twenty-eight days after the date of the requirement;
(vii) Where land or any interest therein is vested in a trustee whether by way of
mortgage or otherwise, and it appears to the court to be expedient;
the court may make an order (in this Act called a vesting order) vesting the land or
interest therein in any such person in any such manner and for any such estate or interest

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as the court may direct, or releasing or disposing of the contingent right to such person
as the court may direct:
Provided that—
(a) Where the order is consequential on the appointment of a trustee the land or
interest therein shall be vested for such estate as the court may direct in the
persons who on the appointment are the trustees; and
(b) Where the order relates to a trustee entitled or formerly entitled jointly with
another person, and such trustee is under disability or out of the jurisdiction of
the High Court or cannot be found, or being a corporation has been dissolved,
the land interest or right shall be vested in such other person who remains
entitled, either alone or with any other person the court may appoint.
45 Orders as to contingent rights of unborn persons.
Where any interest in land 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 that interest on any trust, the court may make an order
releasing the land or interest therein 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 land.
46 Vesting order in place of conveyance by infant mortagee.
Where any person entitled to or possessed of any interest in land, or entitled to a
contingent right in land, by way of security for money, is an infant, the court may make
an order vesting or releasing or disposing of the interest in the land or the right in like
manner as in the case of a trustee under disability.
47 Vesting order consequential on order for sale or mortgage of land.
Where any court gives a judgment or makes an order directing the sale or mortgage of
any land, every person who is entitled to or possessed of any interest in the land, or
entitled to a contingent right therein, and is a party to the action or proceeding in which
the judgment or order is given or made or is otherwise bound by the judgment or order,
shall be deemed to be so entitled or possessed, as the case may be, as a trustee for the
purposes of this Act, and the court may, if it thinks expedient, make an order vesting the
land or any part thereof for such estate or interest as that court thinks fit in the purchaser
or mortgagee or in any other person:
Provided that, in the case of a legal mortgage, the estate to be vested in the mortgagee
shall be a term of years absolute.
48 Vesting order consequential on judgment for specific performance, &c.
Where a judgment is given for the specific performance of a contract concerning any
interest in land, or for sale or exchange of any interest in land, or generally where any
judgment is given for the conveyance of any interest in land either in cases arising out
of the doctrine of election or otherwise, the court may declare—
(a) that any of the parties to the action are trustees of any interest in the land or any
part thereof within the meaning of this Act; or

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(b) that the interests of unborn persons who might claim under any party to
the action, or under the will or voluntary settlement of any deceased person
who was during his lifetime a party to the contract or transaction concerning
which the judgment is given, are the interests of persons who, on coming into
existence, would be trustees within the meaning of this Act;
and thereupon the court may make a vesting order relating to the rights of those persons,
born and unborn, as if they had been trustees.
49 Effect of vesting order.
A vesting order under any of the foregoing provisions shall in the case of a vesting order
consequential on the appointment of a trustee, have the same effect—
(a) as if the persons who before the appointment were the trustees, if any, had duly
executed all proper conveyances of the land for such estate or interest as the
court directs; or
(b) if there is no such person, or no such person of full capacity, as if such
person had existed and been of full capacity and had duly executed all proper
conveyances of the land for such estate or interest as the court directs;
and shall in every other case have the same effect as if the trustee or other person or
description or class of persons to whose rights or supposed rights the said provisions
respectively relate had been an ascertained and existing person of full capacity, and had
executed a conveyance or release to the effect intended by the order.
50 Power to appoint person to convey.
In all cases where a vesting order can be made under any of the foregoing provisions, the
court may, if it is more convenient, appoint a person to convey the land or any interest
therein or release the contingent right, and a conveyance or release by that person in
conformity with the order shall have the same effect as an order under the appropriate
provision.
51 Vesting orders as to stock and things in action.
(1) In any of the following cases, namely:—
(i) Where the court appoints or has appointed a trustee, or where a trustee has been
appointed out of court under any statutory or express power;
(ii) Where a trustee entitled, whether by way of mortgage or otherwise, alone or
jointly with another person to stock or to a thing in action—
(a) is under disability; or
(b) is out of the jurisdiction of the High Court; or
(c) cannot be found, or, being a corporation, has been dissolved; or
(d) neglects or refuses to transfer stock or receive the dividends or income thereof,
or to sue for or recover a thing in action, according to the direction of the person
absolutely entitled thereto for twenty-eight days next after a request in writing
has been made to him by the person so entitled; or
(e) neglects or refuses to transfer stock or receive the dividends or income thereof,
or to sue for or recover a thing in action for twenty-eight days next after an
order of the court for that purpose has been served on him;
(iii) Where it is uncertain whether a trustee entitled alone or jointly with
another person to stock or to a thing in action is alive or dead;

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(iv) Where stock is standing in the name of a deceased person whose
personal representative is under disability;
(v) Where stock or a thing in action is vested in a trustee whether by way
of mortgage or otherwise and it appears to the court to be expedient;
the court may make an order vesting the right to transfer or call for a transfer of stock,
or to receive the dividends or income thereof, or to sue for or recover the thing in action,
in any such person as the court may appoint:
Provided that—
(a) Where the order is consequential on the appointment of a trustee, the right shall
be vested in the persons who, on the appointment, are the trustees; and
(b) Where the person whose right is dealt with by the order was entitled jointly with
another person, the right shall be vested in that last-mentioned person either
alone or jointly with any other person whom the court may appoint.
(2) In all cases where a vesting order can be made under this section, the court may, if it is
more convenient, appoint some proper person to make or join in making the transfer:
Provided that the person appointed to make or join in making a transfer of stock shall
be some proper officer of the bank, or the company or society whose stock is to be
transferred.
(3) The person in whom the right to transfer or call for the transfer of any stock is vested
by an order of the court under this Act, may transfer the stock to himself or any other
person, according to the order, and the Bank of England and all other companies shall
obey every order under this section according to its tenor.
(4) After notice in writing of an order under this section it shall not be lawful for the Bank
of England or any other company to transfer any stock to which the order relates or to
pay any dividends thereon except in accordance with the order.
(5) The court may make declarations and give directions concerning the manner in which
the right to transfer any stock or thing in action vested under the provisions of this Act
is to be exercised.
(6) The provisions of this Act as to vesting orders shall apply to shares in ships registered
under the [F50 Merchant Shipping Act 1995 ] as if they were stock.
Annotations:
Amendments (Textual)
F50 Words in s. 51(6) substituted (1.1.1996) by 1995 c. 21 , ss. 314(2) , 316(2) , Sch. 13 para.13 (with s.
312(1) )
52 Vesting orders of charity property.
The powers conferred by this Act as to vesting orders may be exercised for vesting any
interest in land, stock, or thing in action in any trustee of a charity or society over which
the court would have jurisdiction upon action duly instituted, whether the appointment
of the trustee was made by instrument under a power or by the court under its general
or statutory jurisdiction.

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53 Vesting orders in relation to infant’s beneficial interests.
Where an infant 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, or benefit
of the infant, 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 and recover such thing in action, upon such terms as the
court may think fit.
[F51 54 Jurisdiction in regard to mental patients.
(1) Subject to the provisions of this section, the authority having jurisdiction under [F52 Part
VII of the Mental Health Act 1983 ], shall not have power to make any order, or give
any direction or authority, in relation to a patient who is a trustee if the High Court has
power under this Act to make an order to the like effect.
(2) Where a patient is a trustee and a receiver appointed by the said authority is acting
for him or an application for the appointment of a receiver has been made but
not determined, then, except as respects a trust which is subject to an order for
administration made by the High Court, the said authority shall have concurrent
jurisdiction with the High Court in relation to—
(a) mortgaged property of which the patient has become a trustee merely by reason
of the mortgage having been paid off;
(b) matters consequent on the making of provision by the said authority for the
exercise of a power of appointing trustees or retiring from a trust;
(c) matters consequent on the making of provision by the said authority for the
carrying out of any contract entered into by the patient;
(d) property to some interest in which the patient is beneficially entitled but which,
or some interest in which, is held by the patient under an express, implied or
constructive trust.
The Lord Chancellor may make rules with respect to the exercise of the jurisdiction
referred to in this subsection.
(3) In this section “ patient ” means a patient as defined by [F53 section 94 of the Mental Health
Act 1983 ], or a person as to whom powers are [F53 exercisable under section 98 of that
Act and have been exercised under that section or section 104 of the Mental Health Act
1959 ] of that Act. ] Annotations:
Amendments (Textual)
F51 S. 54 substituted by Mental Health Act 1959 (c. 72) , Sch. 7 Pt. I
F52 Words substituted by Mental Health Act 1983 (c. 20, SIF 85) , s. 148 , Sch. 4 para. 4 (c)(i)
F53 Words substituted by Mental Health Act 1983 (c. 20, SIF 85) , s. 148 , Sch. 4 para. 4 (c)(ii)
55 Orders made upon certain allegations to be conclusive evidence.
Where a vesting order is made as to any land under this Act or under [F54 Part VII of the
Mental Health Act 1983 ], as amended by any subsequent enactment, or under any Act

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relating to lunacy in Northern Ireland, founded on an allegation of any of the following
matters namely—
(a) the personal incapacity of a trustee or mortgagee; or
(b) that a trustee or mortgagee or the personal representative of or other person
deriving title under a trustee or mortgagee is out of the jurisdiction of the High
Court or cannot be found, or being a corporation has been dissolved; or
(c) that it is uncertain which of two or more trustees, or which of two or more
persons interested in a mortgage, was the survivor; or
(d) that it is uncertain whether the last trustee or the personal representative of or
other person deriving title under a trustee or mortgagee, or the last surviving
person interested in a mortgage is living or dead; or
(e) that any trustee or mortgagee has died intestate without leaving a person
beneficially interested under the intestacy or has died and it is not known who
is his personal representative or the person interested;
the fact that the order has been so made shall be conclusive evidence of the matter so
alleged in any court upon any question as to the validity of the order; but this section
does not prevent the court from directing a reconveyance or surrender or the payment
of costs occasioned by any such order if improperly obtained.
Annotations:
Amendments (Textual)
F54 Words substituted (with saving) by Mental Health Act 1983 (c. 20, SIF 85) , s. 148 , Sch. 4 para. 4 (d)
56 Application of vesting order to property out of England.
The powers of the court to make vesting orders under this Act shall extend to all property
in any part of His Majesty’s dominions except Scotland.
Jurisdiction to make other Orders
57 Power of court to authorise dealings with trust property.
(1) Where in the management or administration of any property vested in trustees, any sale,
lease, mortgage, surrender, release, or other disposition, or any purchase, investment,
acquisition, expenditure or other transaction, is in the opinion of the court expedient,
but the same cannot be effected by reason of the absence of any power for that purpose
vested in the trustees by the trust instrument, if any, or by law, the court may by order
confer upon the trustees, either generally or in any particular instance, the necessary
power for the purpose, on such terms, and subject to such provisions and conditions,
if any, as the court may think fit and may direct in what manner any money authorised
to be expended, and the costs of any transaction, are to be paid or borne as between
capital and income.
(2) The court may, from time to time, rescind or vary any order made under this section,
or may make any new or further order.
(3) An application to the court under this section may be made by the trustees, or by any
of them, or by any person beneficially interested under the trust.

30 Trustee Act 1925 (c. 19) Part IV – Powers of the Court Document Generated: 2011-04-02
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(4) This section does not apply to trustees of a settlement for the purposes of the M13 Settled
Land Act, 1925.
Annotations:
Modifications etc. (not altering text)
C20 S. 57 extended by Settled Land and Trustee Acts (Courts General Powers) Act 1943 (c. 25) , s. 1 ; saved
by Variation of Trusts Act 1958 (c. 53) , s. 1(6)
Marginal Citations
M13 1925 c. 18 .
58 Persons entitled to apply for orders.
(1) An order under this Act for the appointment of a new trustee or concerning any interest
in land, stock, or thing in action subject to a trust, may be made on the application of
any person beneficially interested in the land, stock, or thing in action, whether under
disability or not, or on the application of any person duly appointed trustee thereof.
(2) An order under this Act concerning any interest in land, stock, or thing in action subject
to a mortgage may be made on the application of any person beneficially interested in
the equity of redemption, whether under disability or not, or of any person interested
in the money secured by the mortgage.
59 Power to give judgment in absence of a trustee.
Where in any action the court is satisfied that diligent search has been made for any
person who, in the character of trustee, is made a defendant in any action, to serve
him with a process of the court, and that he cannot be found, the court may hear and
determine the action and give judgment therein against that person in his character of
a trustee as if he had been duly served, or had entered an appearance in the action, and
had also appeared by his counsel and solicitor at the hearing, but without prejudice to
any interest he may have in the matters in question in the action in any other character.
Annotations:
Modifications etc. (not altering text)
C21 S. 59 amended (1.1.1992) by S.I. 1991/2684 , arts. 1 , 2(1) , 4, Sch. 1
60 Power to charge costs on trust estate.
The court may order the costs and expenses of and incident to any application for an
order appointing a new trustee, or for a vesting order, or of and incident to any such
order, or any conveyance or transfer in pursuance thereof, to be raised and paid out of
the property in respect whereof the same is made, or out of the income thereof, or to be
borne and paid in such manner and by such persons as to the court may seem just.

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61 Power to relieve trustee from personal liability.
If it appears to the court that a trustee, whether appointed by the court or otherwise, is
or may be personally liable for any breach of trust, whether the transaction alleged to be
a breach of trust occurred before or after the commencement of this Act, but has acted
honestly and reasonably, and ought fairly to be excused for the breach of trust and for
omitting to obtain the directions of the court in the matter in which he committed such
breach, then the court may relieve him either wholly or partly from personal liability
for the same.
62 Power to make beneficiary indemnify for breach of trust.
(1) Where a trustee commits a breach of trust at the instigation or request or with the consent
in writing of a beneficiary, the court may, if it thinks fit, . . . F55 , make such order as to
the court seems just, for impounding all or any part of the interest of the beneficiary in
the trust estate by way of indemnity to the trustee or persons claiming through him.
(2) This section applies to breaches of trust committed as well before as after the
commencement of this Act.
Annotations:
Amendments (Textual)
F55 Words repealed by Married Women (Restraint upon Anticipation) Act 1949 (c. 78) , s. 1 , Sch. 2
Payment into Court
63 Payment into court by trustees.
(1) Trustees, or the majority of trustees, having in their hands or under their control money
or securities belonging to a trust, may pay the same into court; . . . F56
(2) The receipt or certificate of the proper officer shall be a sufficient discharge to trustees
for the money or securities so paid into court.
(3) Where money or securities are vested in any persons as trustees, and the majority are
desirous of paying the same into court, but the concurrence of the other or others cannot
be obtained, the court may order the payment into court to be made by the majority
without the concurrence of the other or others.
(4) Where any such money or securities are deposited with any banker, broker, or other
depositary, the court may order payment or delivery of the money or securities to the
majority of the trustees for the purpose of payment into court.
(5) Every transfer payment and delivery made in pursuance of any such order shall be valid
and take effect as if the same had been made on the authority or by the act of all the
persons entitled to the money and securities so transferred, paid, or delivered.
Annotations:
Amendments (Textual)
F56 Words repealed by Administration of Justice Act 1965 (c. 2) , Sch. 3

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Modifications etc. (not altering text)
C22 S. 63 applied by London Passenger Transport Act 1933 (c. 14) , s. 98(4)(b) and Housing Act 1985 (c. 68,
SIF 61) , ss. 272(5) , 288(5) , 307
[F57 63A Jurisdiction of County Court.
(1) The county court has jurisdiction under the following provisions where the amount or
value of the trust estate or fund to be dealt with in the court does not exceed the county
court limit—
section 41;
section 42;
section 51;
section 57;
section 60;
section 61;
section 62.
(2) The county court has jurisdiction under the following provisions where the land or the
interest or contingent right in land which is to be dealt with in the court forms part of a
trust estate which does not exceed in amount or value the county court limit—
section 44;
section 45;
section 46.
(3) The county court has jurisdiction—
(a) under sections 47 and 48 of this Act, where the judgment is given or order is
made by the court;
(b) under sections 50 and 56, where a vesting order can be made by the court;
(c) under section 53, where the amount or value of the property to be dealt with in
the court does not exceed the county court limit; and
(d) under section 63 (including power to receive payment of money or securities
into court) where the money or securities to be paid into court do not exceed
in amount or value the county court limit.
(4) Any reference to the court in section 59 of this Act includes a reference to the county
court.
(5) In this section, in its application to any enactment, “the county court limit”means the
amount for the time being specified by an Order in Council under section 145 of the
County Courts Act 1984 as the county court limit for the purposes of that enactment
(or, where no such Order in Council has been made, the corresponding limit specified
by Order in Council under section 192 of the County Courts Act 1959). ] Annotations:
Amendments (Textual)
F57 S. 63A inserted by County Courts Act 1984 (c. 28, SIF 34) , s. 148(1) , Sch. 2 Pt. I para. 1
Modifications etc. (not altering text)
C23 S. 63A modified by County Courts Act 1984 (c. 28, SIF 34) , s. 24(2) (b)

Trustee Act 1925 (c. 19)Part V – General ProvisionsDocument Generated: 2011-04-02
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PART V
GENERAL PROVISIONS
64 Application of Act to Settled Land Act Trustees.
(1) All the powers and provisions contained in this Act with reference to the appointment of
new trustees, and the discharge and retirement of trustees, apply to and include trustees
for the purposes of the M14 Settled Land Act, 1925, and trustees for the purpose of the
management of land during a minority, whether such trustees are appointed by the court
or by the settlement, or under provisions contained in any instrument.
(2) Where, either before or after the commencement of this Act, trustees of a settlement
have been appointed by the court for the purposes of the Settled Land Acts, 1882 to
1890, or of the Settled Land Act, 1925, then, after the commencement of this Act—
(a) the person or persons nominated for the purpose of appointing new trustees
by the instrument, if any, creating the settlement, though no trustees for the
purposes of the said Acts were thereby appointed; or
(b) if there is no such person, or no such person able and willing to act, the surviving
or continuing trustees or trustee for the time being for the purposes of the said
Acts, or the personal representatives of the last surviving or continuing trustee
for those purposes,
shall have the powers conferred by this Act to appoint new or additional trustees of the
settlement for the purposes of the said Acts.
(3) Appointments of new trustees for the purposes of the said Acts made or expressed to
be made before the commencement of this Act by the trustees or trustee or personal
representatives referred to in paragraph ( b) of the last preceding subsection or by the
persons referred to in paragraph ( a) of that subsection are, without prejudice to any
order of the court made before such commencement, hereby confirmed.
Annotations:
Marginal Citations
M14 1925 c. 18 .
65 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F58
Annotations:
Amendments (Textual)
F58 S. 65 repealed by Criminal Law Act 1967 (c. 58) , Sch. 3 Pt. I
66 Indemnity to banks, &c.
This Act, and every order purporting to be made under this Act, shall be a complete
indemnity to the Bank of England, and to all persons for any acts done pursuant thereto,
and it shall not be necessary for the Bank or for any person to inquire concerning the
propriety of the order, or whether the court by which the order was made had jurisdiction
to make it.

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67 Jurisdiction of the “court.”
(1) In this Act “the court” means the High Court, . . . F59 , or the county court, where those
courts respectively have jurisdiction.
(2) The procedure under this Act in, . . . county courts shall be in accordance with the Acts
and rules regulating the procedure of those courts.
Annotations:
Amendments (Textual)
F59 Words repealed by Courts Act 1971 (c. 23) , Sch. 11 Pt. II
68 Definitions.
In this Act, unless the context otherwise requires, the following expressions have the
meanings hereby assigned to them respectively, that is to say:—
(1) “Authorised investments” mean investments authorised by the instrument, if any,
creating the trust for the investment of money subject to the trust, or by law;
(2) “Contingent right” as applied to land includes a contingent or executory interest, a
possibility coupled with an interest, whether the object of the gift or limitation of the
interest, or possibility is or is not ascertained, also a right of entry, whether immediate
or future, and whether vested or contingent;
(3) “Convey” and “conveyance” as applied to any person include the execution by that
person of every necessary or suitable assurance (including an assent) for conveying,
assigning, appointing, surrendering, or otherwise transferring or disposing of land
whereof he is seised or possessed, or wherein he is entitled to a contingent right,
either for his whole estate or for any less estate, together with the performance of
all formalities required by law for the validity of the conveyance; “sale” includes an
exchange;
(4) “Gazette” means the London Gazette;
(5) “Instrument” includes Act of Parliament;
(6) “Land” includes land of any tenure, and mines and minerals, whether or not severed
from the surface, buildings or parts of buildings, whether the division is horizontal,
vertical or made in any other way, and other corporeal hereditaments; also a manor,
an advowson, and a rent and other incorporeal hereditaments, and an easement, right,
privilege, or benefit in, over, or derived from land F60 . . .; and in this definition “mines
and minerals” include any strata or seam of minerals or substances in or under any
land, and powers of working and getting the same . . .; and “hereditaments” mean real
property which under an intestacy occurring before the commencement of this Act
might have devolved on an heir;
(7) “Mortgage” and “mortgagee” include a charge or chargee by way of legal mortgage,
and relate to every estate and interest regarded in equity as merely a security for money,
and every person deriving title under the original mortgagee;
(8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F61

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(9) “Personal representative” means the executor, original or by representation, or
administrator for the time being of a deceased person;
(10) “Possession” includes receipt of rents and profits or the right to receive the same, if any;
“income” includes rents and profits; and “possessed” applies to receipt of income of and
to any vested estate less than a life interest in possession or in expectancy in any land;
(11) “Property” includes real and personal property, and any estate share and interest in any
property, real or personal, and any debt, and any thing in action, and any other right or
interest, whether in possession or not;
(12) “Rights” include estates and interests;
(13) “Securities” include stocks, funds, and shares; . . . F62 and “securities payable to bearer”
include securities transferable by delivery or by delivery and endorsement;
(14) “Stock” includes fully paid up shares, and so far as relates to vesting orders made by the
court under this Act, includes any fund, annuity, or security transferable in books kept
by any company or society, or by instrument of transfer either alone or accompanied by
other formalities, and any share or interest therein;
(15) “Tenant for life.” “statutory owner,” “settled land,” “settlement,”
“trust instrument,” “trustees of the settlement” . . . F63 “term of years absolute”
and “vesting instrument” have the same meanings as in the M15 Settled Land Act, 1925,
and “entailed interest” has the same meaning as in the M16 Law of Property Act, 1925;
(16) “Transfer” in relation to stock or securities, includes the performance and execution of
every deed, power of attorney, act, and thing on the part of the transferor to effect and
complete the title in the transferee;
(17) “Trust” does not include the duties incident to an estate conveyed by way of mortgage,
but with this exception the expressions “trust” and “trustee” extend to implied and
constructive trusts, and to cases where the trustee has a beneficial interest in the
trust property, and to the duties incident to the office of a personal representative,
and “trustee” where the context admits, includes a personal representative, and “new
trustee” includes an additional trustee;
(18) “Trust corporation” means the Public Trustee or a corporation either appointed by the
court in any particular case to be a trustee, or entitled by rules made under subsection (3)
of section four of the M17 Public Trustee Act, 1906, to act as custodian trustee;
(19) “Trust for sale” in relation to land means an immediate F64 . . . trust for sale, whether or
not exercisable at the request or with the consent of any person . . .; . . .;
(20) “United Kingdom” means Great Britain and Northern Ireland.
[F65 (2) Any reference in this Act to paying money or securities into court shall be construed as
referring to paying the money or transferring or depositing the securities into or in the
Supreme Court or into or in any other court that has jurisdiction, and any reference in
this Act to payment of money or securities into court shall be construed—
(a) with reference to an order of the High Court, as referring to payment of the
money or transfer or deposit of the securities into or in the Supreme Court; and
(b) with reference to an order of any other court, as referring to payment of the
money or transfer or deposit of the securities into or in that court. ]

36 Trustee Act 1925 (c. 19) Part V – General Provisions Document Generated: 2011-04-02
Status: This version of this Act contains provisions that no longer have effect. Changes 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 teamappear in the content and are referenced with annotations. (See end of Document for details)
Annotations:
Amendments (Textual)
F60 Words in s. 68(6) repealed (1.1.1997) by 1996 c. 47 , s. 25(2) , Sch.4 (with ss. 24(2) , 25(4) ); S.I.
1996/2974 , art.2
F61 S. 68 para, (8) repealed by Administration of Justice Act 1965 (c. 2) , Sch. 1
F62 Words repealed by Administration of Justice Act 1965 (c. 2) , Sch. 1
F63 Words repealed by Mental Health Act 1959 (c. 72) , Sch. 8 Pt. I
F64 Words and definition of "trustees for sale" in s. 68(19) repealed (1.1.1997) by 1996 c. 47 , s. 25(2) , Sch.4
(with ss. 24(2) , 25(4) ); S.I. 1996/2974 , art.2
F65 S. 68(2) added by Administration of Justice Act 1965 (c. 2) , Sch. 1
Modifications etc. (not altering text)
C24 S. 68 para (18) extended by Law of Property (Amendment) Act 1926 (c. 11) , s. 3 , S. J. 1952/862 (1952
II, p. 2322) and Clergy Pensions Measure 1961 (No. 3) , s. 31
C25 Definition "trust corporation" in s. 68(18) extended ( retrospectively ) by Charities Act 1960 (c. 58) ,
s. 21A(b) (which was inserted ( retrospectively ) by Charities Act 1992 (c. 41) , s. 14(1)(2) and S.I.
1992/1900 , art. 2(1) , Sch. 1 ) and the said s. 14 falls with the partial repeal (1.8.1993) of that 1960 Act by
1993 c. 10 , s. 98(2) , Sch. 7 ; extended ( retrospectively ) by 1993 c. 10 , ss. 35(1)(b)(2) , 99(1)
Marginal Citations
M15 1925 c. 18 .
M16 1925 c. 20 .
M17 1906 c. 25 .
69 Application of Act.
(1) This Act, except where otherwise expressly provided, applies to trusts including, so far
as this Act applies thereto, executorships and administratorships constituted or created
either before or after the commencement of this Act.
(2) The powers conferred by this Act on trustees are in addition to the powers conferred
by the instrument, if any, creating the trust, but those powers, unless otherwise stated,
apply if and so far only as a contrary intention is not expressed in the instrument, if any,
creating the trust, and have effect subject to the terms of that instrument.
(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F66
Annotations:
Amendments (Textual)
F66 S. 69(3) ,Sch. 1 repealed by Statute Law (Repeals) Act 1978 (c. 45) , s. 1 , Sch. 1 Pt. XVII
70 Enactments repealed.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F67 without prejudice to the provisions of section
thirty-eight of the M18 Interpretation Act, 1889:
(a) Nothing in this repeal shall affect any vesting order or appointment made
or other thing done under any enactment so repealed, and any order or
appointment so made may be revoked or varied in like manner as if it had been
made under this Act;

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(b) References in any document to any enactment repealed by this Act shall be
construed as references to this Act or to the corresponding enactment in this
Act.
Annotations:
Amendments (Textual)
F67 Words repealed by Statute Law Revision Act 1950 (14 Geo. 6 c. 6)
Marginal Citations
M18 1889 c. 63 .
71 †Short title, commencement, extent.
(1) This Act may be cited as the Trustees Act, 1925.
(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F68
(3) This Act, except where otherwise expressly provided, extends to England and Wales
only.
(4) The provisions of this Act bind the Crown.
Annotations:
Amendments (Textual)
F68 S. 71(2) , Sch. 2 repealed by Statute Law Revision Act 1950 (14 Geo. 6 c. 6)
Modifications etc. (not altering text)
C26 A dagger appended to a marginal note means that it is no longer accurate

38 Trustee Act 1925 (c. 19)FIRST SCHEDULE – Document Generated: 2011-04-02
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F69 FIRST SCHEDULE
Annotations:
Amendments (Textual)
F69 S. 69(3) ,Sch. 1 repealed by Statute Law (Repeals) Act 1978 (c. 45) , s. 1 , Sch. 1 Pt. XVII
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F70 SECOND SCHEDULE
Annotations:
Amendments (Textual)
F70 S. 71(2) , Sch. 2 repealed by Statute Law Revision Act 1950 (14 Geo. 6 c. 6)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Trustee Act 1925 (c. 19)Document Generated: 2011-04-02 39 Status:
This version of this Act contains provisions that no longer have effect.
Changes 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 and effects yet to be applied to the whole Act, associated Parts and
Chapters:
– S.I. 2005/3175 commences (2004 c. 33)
– S.I. 2006/1014 commences (2005 c. 4)
– S.I. 2007/1897 commences (2005 c. 9)
– S.I. 2009/1604 commences (2005 c. 4)
– Act added by 2005 c. 9
– Act extended by 2007 c. 29
– Act extended by 1985 c. 61 Sch. 5 para. 10A (as inserted) by 2007 c. 29
– Act repealed by 2005 c. 9
– Act substituted by 2005 c. 4
– Act substituted by 2005 c. 9
– Act text amended by 2004 c. 33
– Act text amended by 2005 c. 4
– Act text amended by 2005 c. 9
– Act text amended by S.I. 2004/1662