TRUSTEE ACT 1925 - NOTES

TRUSTEE ACT 1925 - NOTES

Dictionary

(see s 2)

Note 1     The Legislation Act

contains definitions and other provisions relevant to this Act.

Note 2     For example, the Legislation Act

, dict, pt 1, defines the following terms:

              •     ACT

              •     affidavit

              •     appoint

              •     asset

              •     child

              •     instrument (see s 14)

              •     interest

              •     land

              •     lawyer

              •     month

              •     person

              •     power

              •     proceeding

              •     property

              •     public trustee and guardian

              •     registrar-general

              •     sign

              •     territory lease

              •     will

              •     year.

"administrator" includes anyone to whom administration of the estate of a dead person is granted, and includes the public trustee and guardian acting under the Administration and Probate Act 1929

, part 6.

"contingent right", in relation to land, includes—

        (a)     a contingent or executory interest or a possibility coupled with an interest, whether or not the object of the gift or limitation of the interest or possibility is known; and

        (b)     a right of entry, whether immediate or future and vested or contingent.

"conveyance", in relation to a person, includes the execution or doing by the person of everything necessary to convey, assign, appoint, surrender, or otherwise transfer or dispose of, property.

"executor" means the executor to whom probate has been granted, and includes an executor by right of representation.

government securities include government stocks, funds, bonds, debentures and Treasury bills.

"instrument" includes a deed, a will, an agreement for settlement and a law of the Territory, the Commonwealth or a State.

"legal representative" includes executor and administrator.

"mortgage—"

        (a)     for land under the Land Titles Act 1925

—see that Act, dictionary; and

        (b)     for other property—includes any estate or interest regarded in equity as only a security for money.

"mortgagee—"

        (a)     for land under the Land Titles Act 1925

—see that Act, dictionary; and

        (b)     for other property—includes a person taking title to the mortgage under the original mortgagee.

"mortgagor—"

        (a)     for land under the Land Titles Act 1925

—see that Act, dictionary; and

        (b)     for other property—includes any of the following:

              (i)     a person taking title to the equity of redemption under the original mortgagor;

              (ii)     a person entitled to redeem a mortgage, according to his or her interest in the mortgaged property.

"payment into court", for part 4—see section 94F.

"person with a legal disability "means—

        (a)     a child; or

        (b)     a person with a mental disability.

"person with a mental disability "means—

        (a)     in relation to a proceeding—a person (other than a child) who is not legally competent to be a party to the proceeding; and

        (b)     in relation to the doing of something—a person (other than a child) who is not legally competent to do the thing;

and includes such a person even if a guardian or manager has not been appointed for the person under the Guardianship and Management of Property Act 1991

.

"possessed" includes—

        (a)     a vested estate less than a life estate, legal or equitable, in possession or expectancy, in property; and

        (b)     the receipt of income from such an estate.

"purchaser" includes—

        (a)     a lessee or mortgagee; and

        (b)     anyone who acquires an interest in property for valuable consideration.

"right" includes estate and interest.

"securities" includes stocks, funds and shares.

"stock" includes—

        (a)     paid-up shares; and

        (b)     in relation to a vesting order—a fund, annuity or security (including a share or interest in such a fund, annuity or security) transferable in books kept by a corporation or by instrument of transfer (including a transfer subject to other requirements).

"transfer", of stock, includes the execution of a deed or power of attorney, and anything else done by the transferor, to give title to the transferee.

"trust"—see section 4 (Meaning of trust).

"trustee"—

        (a)     includes a legal representative, the public trustee and guardian and a trustee company; and

        (b)     for part 4 (Payment into court)—see section 94F.

"trustee company," means a trustee company under the Trustee Companies Act 1947

.

"trust instrument" means the instrument (if any) creating the trust.

"vesting order" means an order under section 71.

Endnotes

1     About the endnotes

Amending and modifying laws are annotated in the legislation history and the amendment history. Current modifications are not included in the republished law but are set out in the endnotes.

Not all editorial amendments made under the Legislation Act 2001

, part 11.3 are annotated in the amendment history. Full details of any amendments can be obtained from the Parliamentary Counsel's Office.

Uncommenced amending laws are not included in the republished law. The details of these laws are underlined in the legislation history. Uncommenced expiries are underlined in the legislation history and amendment history.

If all the provisions of the law have been renumbered, a table of renumbered provisions gives details of previous and current numbering.

The endnotes also include a table of earlier republications.

2     Abbreviation key