Trustee Act 1850

JurisdictionUK Non-devolved
Citation1850 c. 60
Anno Regni VICTORI, Britanniarum Regin, Decimo Tertio & Decimo Quarto. An Act to consolidate and amend the Laws relating to the Conveyance and Transfer of Real and Personal Property vested in Mortgagees and Trustees.

(13 & 14 Vict.) C A P. LX.

[5th August 1850]

'WHEREAS an Act was passed in the First Year of the Reign of His late Majesty KingWilliam the Fourth, intituled : And whereas an Act was passed in the Fifth Year of the Reign of His late Majesty KingWilliam the Fourth, intituled : And whereas an Act was passed in the Second Year of the Reign of Her present Majesty, intituled : And whereas it is expedient that the Provisions of the said Acts should be consolidated and enlarged:' Be it therefore enacted by the Queen's most Excellent Majesty, by and with the Advice and Consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the Authority of the same, That all Proceedings under the said Acts or any of them commenced before the passing of this Act may be proceeded with under the said recited Acts, or according to the Provisions of this Act, as shall be thought expedient, and, subject as aforesaid, that the said recited Acts shall be and the same are hereby repealed: Provided always, that the several Acts repealed by the said recited Acts shall not be revived, and that such Repeal shall only be on and after this Act coming into operation.

S-II Interpretation of Terms.

II Interpretation of Terms.

II. 'And whereas it is expedient to define the Meaning in which certain Words are hereafter used;' it is declared, That the several Words herein-after named are herein used and applied in the Manner following respectively; (that is to say,)

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:

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:

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:

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:

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:

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 an Act passed in the Fourth Year of the Reign of His late Majesty KingWilliam the Fourth, intituled , and including also Surrenders and other Acts which a Tenant of Customary or Copyhold Lands can himself perform preparatory to or in aid of a complete Assurance of such Customary or Copyhold Lands:

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:

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:

The Words ‘Lord Chancellor’ shall mean as well the Lord Chancellor ofGreat Britain as any Lord Keeper or Lords Commissioners of the Great Seal for the Time being:

The Words ‘Lord Chancellor ofIreland’ 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:

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:

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:

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:

The Word ‘Devisee’ shall, in addition to its ordinary Signification, mean the Heir of a Devisee and the Devisee of an Heir, and generally any Person claiming an Interest in the Lands of a deceased Person, not as Heir of such deceased Person, but by a Title dependent solely upon the Operation of the Laws concerning Devise and Descent:

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:

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:

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.

S-III Lord Chancellor may convey Estates of Lunatic Trustees and Mortgagees;

III Lord Chancellor may convey Estates of Lunatic Trustees and Mortgagees;

III. And be it enacted, That 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.

S-IV may convey contingent Rights.

IV may convey contingent Rights.

IV. And be it enacted, That 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.

S-V Lord Chancellor may transfer Stock of Lunatic Trustees and Mortgagees.

V Lord Chancellor may transfer Stock of Lunatic Trustees and Mortgagees.

V. And be it enacted, That 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.

S-VI Power to transfer Stock of deceased Person.

VI Power to transfer Stock of deceased Person.

VI. And be it enacted, That 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.

S-VII Court of Chancery may convey Estates of infant Trustees and Mortgagees.

VII Court of Chancery may convey Estates of infant Trustees and Mortgagees.

VII. And be it enacted, That where any Infant shall be seised or possessed of any Lands upon any Trust or by way of Mortgage, it shall be lawful for the Court of Chancery to make an Order vesting such Lands in such Person or Persons in such Manner...

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