Professional Documents
Culture Documents
7. Lend of trust property (sec 54) (should not lend to one of himself on mortgage or
personal
security)
8. Court may control discretionary power of trustee
Vocation of the office of Trustee: Sec 70
1. By his death
2. By his discharge from his office which arises:
By extinction of the trust
Completion of his duties
By such means as may be described by the instrument
By appointment of new trustee under this act
By consent of beneficiary, or by more beneficiary if, competent to contract
By court to which a petition for his discharge is presented under this
ACT.sec 71.72
Extinction of Trust: sec 77
conditions when the trust is extinguished;
1. Purpose completely fulfilled
2. Purpose become unlawful
3. Fulfillment become impossible
4. When trust being revocable, is expressly revoked\
Revocation of Trust:
1. Trust created by will may be revoked at the pleasure of the author of the trust
2. A trust may be revoke:
When all the beneficiaries are competent to contract
Trust declared by non-testamentary instrument or by words of mouth in
exercise of power of revocation expressly reserved to the auther of trust.
Trust is for payment of debts of the author, and has not been
communicated to the creditors at the pleasure of the auther of trust.
Appointment of New Trustee: sec 73
In the following situations;
1. Appointment on death of trustee
Trustee dies
Appointed disclaim
More than 6 months absents from country
Leave country for staying abroad
Declared insolvent
Trustee refuses or becomes unfit or incapable to act
Accepts inconsistent trust
2. Appointment by court (when it is impracticable to appoint new trustee under
section 73)