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TRUSTEE ACT 1850
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CHAPTER LX.
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An Act to consolidate and amend the Laws relating to the Conveyance and Transfer of Real and Personal Property vested in Mortgagees and Trustees.[1]
[5th August 1850.]
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[Preamble.]
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[S. 1 rep. 38 & 39 Vict. c. 66. (S.L.R.)]
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Interpretation of terms.
3 & 4 Will. 4. c. 74.
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2. [Recital.] The several words herein-after named are herein used and applied in the manner following respectively; (that is to say,)
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The word “lands” shall extend to and include manors, messuages, tenements, and hereditaments, corporeal and incorporeal, of every tenure or description, whatever may be the estate or interest therein:
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The word “stock” shall mean any fund, annuity, or security, transferable in books kept by any company or society established or to be established, or transferable by deed alone, or by deed accompanied by other formalities, and any share or interest therein:
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The word “seised” shall be applicable to any vested estate for life or of a greater description, and shall extend to estates at law and in equity, in possession or in futurity, in any lands:
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The word “possessed” shall be applicable to any vested estate less than a life estate, at law or in equity, in possession or in expectancy, in any lands:
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The words “contingent right” as applied to lands, shall mean a contingent or executory interest, a possibility coupled with an interest, whether the object of the gift or limitation of such interest or possibility be or be not ascertained, also a right of entry, whether immediate or future, and whether vested or contingent:
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The words “convey” and “conveyance,” applied to any person, shall mean the execution by such person of every necessary or suitable assurance for conveying or disposing to another lands whereof such person is seised or entitled to a contingent right, either for the whole estate of the person conveying or disposing, or for any less estate, together with the performance of all formalities required by law to the validity of such conveyance, including the acts to be performed by married women and tenants in tail in accordance with the provisions of the Fines and Recoveries Act, 1833 . . .
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The words “assign” and “assignment” shall mean the execution and performance by a person of every necessary or suitable deed or act for assigning, surrendering, or otherwise transferring lands of which such person is possessed, either for the whole estate of the person so possessed, or for any less estate:
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The word “transfer” shall mean the execution and performance of every deed and act by which a person entitled to stock can transfer such stock from himself to another:
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The words “Lord Chancellor” shall mean as well the Lord Chancellor of . . . Ireland as any Keeper or Lords Commissioners of the Great Seal of Ireland for the time being:
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The word “trust” shall not mean the duties incident to an estate conveyed by way of mortgage; but, with this exception, the words “trust” and “trustee” shall extend to and include implied and constructive trusts, and shall extend to and include cases where the trustee has some beneficial estate or interest in the subject of the trust, and shall extend to and include the duties incident to the office of personal representative of a deceased person:
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The word “lunatic” shall mean any person who shall have been found to be a lunatic upon a commission of inquiry in the nature of a writ de lunatico inquirendo:
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The expression “person of unsound mind” shall mean any person, not an infant, who, not having been found to be a lunatic, shall be incapable, from infirmity of mind, to manage his own affairs:
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. . . . . . . . .
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The word “mortgage” shall be applicable to every estate, interest, or property, in lands or personal estate, which would in a court of equity be deemed merely a security for money:
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The word “person” used and referred to in the masculine gender shall include a female as well as a male, and shall include a body corporate:
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And generally, unless the contrary shall appear from the context, every word importing the singular number only shall extend to several persons or things, and every word importing the plural number shall apply to one person or thing, and every word importing the masculine gender only shall extend to a female.
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Lord Chancellor may by order convey estates of lunatic trustees and mortgagees in lands.
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3. When any lunatic or person of unsound mind shall be seised or possessed of any lands upon any trust or by way of mortgage, it shall be lawful for the Lord Chancellor, intrusted by virtue of the Queen’s sign manual with the care of the persons and estates of lunatics, to make an order that such lands be vested in such person or persons, in such manner, and for such estate, as he shall direct; and the order shall have the same effect as if the trustee or mortgagee had been sane, and had duly executed a conveyance or assignment of the lands in the same manner for the same estate.
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Lord Chancellor may by order release or convey contingent rights of lunatic trustees and mortgagees in lands.
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4. When any lunatic or person of unsound mind shall be entitled to any contingent right in any lands upon any trust or by way of mortgage, it shall be lawful for the Lord Chancellor, intrusted as aforesaid, to make an order wholly releasing such lands from such contingent right, or disposing of the same to such person or persons as the said Lord Chancellor shall direct; and the order shall have the same effect as if the trustee or mortgagee had been sane, and had duly executed a deed so releasing or disposing of the contingent right.
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Lord Chancellor may make orders as to rights to transfer stock or sue for choses in action of lunatic trustees and mortgagees.
2. (1906) 1 Ch. 730: 5 L.J. Ch. 421.
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5. When any lunatic or person of unsound mind shall be solely entitled to any stock or to any chose in action upon any trust or by way of mortgage, it shall be lawful for the Lord Chancellor, intrusted as aforesaid, to make an order vesting in any person or persons the right to transfer such stock, or to receive the dividends or income thereof, or to sue for and recover such chose in action, or any interest in respect thereof; and when any person or persons shall be entitled jointly with any lunatic or person of unsound mind to any stock or chose in action upon any trust or by way of mortgage, it shall be lawful for the said Lord Chancellor to make an order vesting the right to transfer such stock, or to receive the dividends or income thereof, or to sue for and recover such chose in action, or any interest in respect thereof, either in such person or persons so jointly entitled as aforesaid, or in such last-mentioned person or persons together with any other person or persons the said Lord Chancellor may appoint.
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Power to vest right to transfer stock, &c. of deceased person, where personal representative is a lunatic.
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6. When any stock shall be standing in the name of any deceased person whose personal representative is a lunatic or person of unsound mind, or when any chose in action shall be vested in any lunatic or person of unsound mind as the personal representative of a deceased person, it shall be lawful for the Lord Chancellor, intrusted as aforesaid, to make an order vesting the right to transfer such stock, or to receive the dividends or income thereof, or to sue for and recover such chose in action, or any interest in respect thereof, in any person or persons he may appoint.
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[Ss. 7–19 rep. 56 & 57 Vict. c. 53. s. 51.]
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Power to appoint a person to convey or assign lands, or release contingent rights.
or to make an order on secretary of Bank of England, &c., to transfer stock.
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20. In every case where the Lord Chancellor, intrusted as aforesaid, . . . shall, under the provisions of this Act, be enabled to make an order having the effect of a conveyance or assignment of any lands, or having the effect of a release or disposition of the contingent right of any person or persons, . . . it shall also be lawful for the Lord Chancellor, intrusted as aforesaid, . . . should it be deemed more convenient, to make an order appointing a person to convey or assign such lands, or release or dispose of such contingent right; and the conveyance or assignment, or release or disposition, of the person so appointed shall, when in conformity with the terms of the order by which he is appointed, have the same effect in conveying or assigning the lands, or releasing or disposing of the contingent right, as an order of the Lord Chancellor, intrusted as aforesaid, . . . would in the particular case have had under the provisions of this Act; and in every case where the Lord Chancellor, intrusted as aforesaid, . . . shall, under the provisions of this Act, be enabled to make an order vesting in any person or persons the right to transfer any stock transferable in the books of the Bank of England, or of any other company or society established or to be established, it shall also be lawful for the Lord Chancellor, intrusted as aforesaid, . . . if it be deemed more convenient, to make an order directing the secretary, deputy secretary, or accountant general for the time being of the Bank of England, or any officer of such other company or society, at once to transfer or join in transferring the stock to the person or persons to be named in the order; and this Act shall be a full and complete indemnity and discharge to the Bank of England, and all other companies or societies, and their officers and servants, for all acts done or permitted to be clone pursuant thereto.
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[Ss. 21–25 rep. 56 & 57 Vict. c. 53.s. 51.]
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Effect of an order vesting the legal right to transfer stock.
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26. Where any order shall have been made under any of the provisions of this Act vesting the right to any stock in any person or persons appointed by the Lord Chancellor, intrusted as aforesaid, . . . such legal right shall vest accordingly, and thereupon the person or persons so appointed are hereby authorized and empowered to execute all deeds and powers of attorney, and to perform all acts relating to the transfer of such stock into his or their own name or names or otherwise, or relating to the receipt of the dividends thereof, to the extent and in conformity with the terms of such order; and the Bank of England, and all companies and associations whatever, and all persons, shall be equally bound and compellable to comply with the requisitions of such person or persons so appointed as aforesaid, to the extent and in conformity with the terms of such order, as the said Bank of England, or such companies, associations, or persons, would have been bound and compellable to comply with the requisitions of the person in whose place such appointment shall have been made, and shall be equally indemnified in complying with the requisition of such person or persons so appointed as they would have been indemnified in complying with the requisition of the person in whose place such appointment shall have been made; and after notice in writing of any such order of the Lord Chancellor, intrusted as aforesaid, . . . concerning any stock shall have been given, it shall not be lawful for the Bank of England, or any company or association whatever, or any person, having received such notice, to act upon the requisition of the person in whose place an appointment shall have been made in any matter whatever relating to the transfer of such stock, or the payment of the dividends or produce thereof.
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Effect of an order vesting legal right to sue for a chose in action.
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27. Where any order shall have been made under the provisions of this Act, either by the Lord Chancellor, intrusted as aforesaid, . . . vesting the legal right to sue for or recover any chose in action or any interest in respect thereof in any person or persons, such legal right shall vest accordingly, and thereupon it shall be lawful for the person or persons so appointed to carry on, commence, and prosecute, in his or their own name or names, any action, suit, or other proceeding, at law or in equity, for the recovery of such chose in action, in the same manner in all respects as the person in whose place an apppointment shall have been made could have sued for or recovered such chose in action.
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[S. 28 rep. 57 & 58 Vict. c. 56. (S.L.R.) S. 29 rep. 56 & 57 Vict. c. 53. s. 51.]
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Court to declare what parties are trustees of lands comprised in any suit, and as to the interests of persons unborn.
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30. Where any decree shall be made by any court of equity for the specific performance of a contract concerning any lands, or for the partition or exchange of any lands, or generally when any decree shall be made for the conveyance or assignment of any lands, either in cases arising out of the doctrine of election or otherwise, it shall be lawful for the said court to declare that any of the parties to the said suit wherein such decree is made are trustees of such lands or any part thereof within the meaning of this Act, or to declare concerning the interests of unborn persons who might claim under any party to the said suit, or under the will or voluntary settlement of any person deceased who was during his lifetime a party to the contract or transactions concerning which such decree is made, that such interests of unborn persons are the interests of persons who, upon coming into existence, would be trustees within the meaning of this Act, and thereupon it shall be lawful for the Lord Chancellor, intrusted as aforesaid, . . . to make such order or orders as to the estates, rights, and interests of such persons, born or unborn, as . . . the said Lord Chancellor might under the provisions of this Act make concerning the estates, rights, and interests of trustees, . . .
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Power to make directions how the right to any stock, &c. vested under this Act is to be exercised.
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31. It shall be lawful for the Lord Chancellor, intrusted as aforesaid, . . . to make declarations and give directions concerning the manner in which the right to any stock or chose in action vested under the provisions of this Act shall be exercised; and thereupon the person or persons in whom such right shall be vested shall be compellable to obey such directions and declarations, by the same process as that by which other orders under this Act are enforced.
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[Ss. 32–36 rep. 56 & 57 Vict. c. 53. s. 51.]
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Who may apply for orders under this Act.
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37. An order, under any of the herein-before contained provisions, . . . concerning any lands, stock, or chose in action subject to a trust, may be made upon the application of any person beneficially interested in such lands, stock, or chose in action, whether under disability or not, or upon the application of any person duly appointed as a trustee thereof; and an order, under any of the provisions herein-before contained, concerning any lands, stock, or chose 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 monies secured by such mortgage.
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[Ss. 38, 39 rep. 38 & 39 Vict. c. 66. (S.L.R.)]
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Power to present petition in the first instance.
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40. Any person or persons entitled in manner aforesaid to apply for an order . . . from the Lord Chancellor, intrusted as aforesaid, may, should he so think fit, present a petition in the first instance . . . to the Lord Chancellor, intrusted as aforesaid, for such order as he may deem himself entitled to, and may give evidence by affidavit or otherwise in support of such petition before . . . the Lord Chancellor, intrusted as aforesaid, and may serve such person or persons with notice of such petition as he may deem entitled to service thereof.
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What may be done upon petition.
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41. Upon the hearing of any such . . . petition it shall be lawful . . . for the said Lord Chancellor, should it be deemed necessary, to direct a reference to one of the masters in ordinary of the Court of Chancery to inquire into any facts which require such an investigation, or it shall be lawful . . . for the said Lord Chancellor, to direct such . . . petition to stand over, to enable the petitioner or petitioners to adduce evidence or further evidence . . . before the said Lord Chancellor, or to enable notice or any further notice of such . . . petition to be served upon any person or persons.
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Lord Chancellor may dismiss petition with or without costs, or make an order thereon.
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42. Upon the hearing of any such . . . petition, whether any . . . report from a master shall have been obtained or not, it shall be lawful for . . . the Lord Chancellor, intrusted as aforesaid, to dismiss such . . . petition, with or without costs, or to make an order thereupon in conformity with the provisions of this Act.
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[Ss. 43, 44 rep. 57 & 58 Vict. c. 56. (S.L.R.)]
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Powers of this Act may be exercised for purpose of vesting lands, &c. in trustees of charities.
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45. It shall be lawful for the Lord Chancellor, intrusted as aforesaid, . . . to exercise the powers herein conferred for the purpose of vesting any lands, stock, or chose in action in the trustee or trustees of any charity or society over which charity or society the Court of Chancery would have jurisdiction upon suit duly instituted, whether such trustee or trustees shall have been duly appointed by any power contained in any deed or instrument, or by the decree of the said Court of Chancery, or by order made upon a petition to the said court under any statute authorizing the said court to make an order to that effect in a summary way upon petition.
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[Ss. 46–49 rep. 56 & 57 Vict. c. 53. s. 51. S. 50 rep. 38 & 39 Vict. c. 66. (S.L.R.)]
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Costs.
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51. The Lord Chancellor, intrusted as aforesaid, . . . may order the costs and expences of and relating to the petitions, orders, directions, conveyances, assignments, and transfers to be made in pursuance of this Act, or any of them, to be paid and raised out of or from the lands or personal estate, or the rents or produce thereof, in respect of which the same respectively shall be made, or in such manner as the said Lord Chancellor . . . shall think proper.
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On petition concerning any person of unsound mind, Lord Chancellor may direct a commission to issue.
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52. Upon any petition being presented under this Act to the Lord Chancellor, intrusted as aforesaid, concerning a person of unsound mind, it shall be lawful for the said Lord Chancellor should he so think fit, to direct that a commission in the nature of a writ de lunatico inquirendo shall issue concerning such person, and to postpone making any order upon such petition until a return shall have been made to such commission.
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Order may be postponed until the rights are declared in a suit.
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53. Upon any petition under this Act being presented to the Lord Chancellor, intrusted as aforesaid, . . . it shall be lawful for the said Lord Chancellor . . . to postpone making any order upon such petition until the right of the petitioner or petitioners shall have been declared in a suit duly instituted for that purpose.
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[Ss. 54, 55 rep. 56 & 57 Vict. c. 53. s. 51. S. 56 rep. 57 & 58 Vict. c. 56. (S.L.R.)]
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Powers to extend to lands and personal estate in Ireland.
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57. The powers and authorities given by this Act to the Lord Chancellor, . . . intrusted as aforesaid, shall and may be exercised . . . with respect to all lands and personal estate in Ireland.
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Short title.
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58. In citing this Act in other Acts of Parliament, and in legal instruments and in legal proceedings, it shall be sufficient to use the expression “The Trustee Act, 1850.”
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[Ss. 59, 60 rep. 38 & 39 Vict. c. 66sS.L.R.)]
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[1 Short title, “The Trustee Act, 1850.” See s. 58.] |
