TRUSTEE ACT 1936 - SECT 4
TRUSTEE ACT 1936 - SECT 4
(1) In this Act
(except in Part 5), unless the context otherwise requires—
"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;
"convey" and "conveyance" applied to any person include the execution by that
person of every necessary or suitable transfer or assurance for conveying,
assigning, appointing, surrendering, or otherwise transferring, or disposing
of land to which he is entitled or of which 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 or acts
required by law under the Real Property Act 1886 or otherwise for the
validity or completion of the conveyance, including any acts to be performed
by married women and tenants in tail for perfect conveyance and assurance
under the Acts for, the time being in force in that behalf;
"equity of redemption" includes—
(a) the
right to redeem property which has been conveyed or assigned by way of
mortgage:
(b) the
estate of the owner of any property which is subject to any legal or equitable
mortgage, charge or encumbrance (including a mortgage or encumbrance under the
Real Property Act 1886 ) created otherwise than by conveyance or
assignment of the property;
"instrument" includes Act of Parliament;
"land" includes incorporeal as well as corporeal hereditaments, and any estate
or interest therein, and also an undivided share of land;
"lunatic" means any person who has been found to be a lunatic upon inquiry by
the Supreme Court, or upon a commission or inquiry issuing out of the
Supreme Court in the nature of a writ of de lunatico inquirendo ;
"mortgage" and "mortgagee" include every estate and interest regarded in
equity as merely a security for money, and every person deriving title under
the original mortgagee;
"pay" and "payment", as applied in relation to stocks and securities, and in
connection with the expression "into court , include the deposit or transfer
of the same in or into court;
"person of unsound mind" means any person, not an infant who, not having been
found to be a lunatic, is incapable from infirmity of mind of managing his own
affairs;
"possessed" includes being in receipt of income of or having any vested estate
less than a life estate, legal or equitable, in possession or in expectancy,
in, any land;
"property" includes real and personal property, and any estate 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;
"representative" means an executor or administrator, and includes the Public
Trustee in cases where the Supreme Court has authorised him to administer the
estate of a deceased person;
"securities" includes debentures, bonds, stock, funds, shares, promissory
notes and documents of any kind evidencing indebtedness;
"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;
"Supreme Court" includes a judge of the Supreme Court;
"transfer", in relation to stock, 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;
"trust" does not include the duties incident to an estate conveyed by way of
mortgage, or to the estate or interest of a mortgagee under the
Real Property Act 1886 but with these exceptions the expressions
"trust" and "trustee" include implied and constructive trusts, and cases where
the trustee has a beneficial interest in the trust property, and the duties
incident to the office of representative of a deceased
person, and the expression "trustee" includes a representative of a deceased
person;
"trustee company" means a trustee company within the meaning of the
Trustee Companies Act 1988 .
(2) Notwithstanding
the Real Property Act 1886 this Act applies to land which is subject to
that Act, but only to the extent necessary for carrying out the purposes of
this Act.
(3) Where an
unincorporated body is named in an instrument establishing a trust, the
persons for the time being comprising the body will be taken to have been
individually named in the instrument.
(4)
Subsection (3) applies for the purposes of this Act but not for the
purposes of interpreting the trust instrument.