New South Wales Consolidated Acts

TRUSTEE ACT 1925

- As at 28 September 2020
- Act 14 of 1925

TABLE OF PROVISIONS

           Long Title

   PART 1A - PRELIMINARY

   1.      Name of Act and commencement
   2.      (Repealed)
   3.      Repeals
   4.      Notes

   PART 1 - INTERPRETATION

   5.      Definitions

   PART 2 - TRUSTEES

           Division 1 - Appointment, retirement, disclaimer, and ceasing to be executor

   6.      New trustee
   7.      Additional trustee
   8.      Retirement
   9.      Vesting
   10.     Renunciation of probate
   11.     Ceasing to be executor
   12.     Registration
   13.     Protection of purchasers

           Division 2 - Powers and duties

   14.     Powers of investment
   14A.    Duties of trustee in respect of power of investment
   14B.    Law and equity preserved
   14C.    Matters to which trustee is to have regard when exercising power of investment
   14D.    Powers of trustee in relation to securities
   14DA.   Power to purchase dwelling-house as residence for beneficiary
   14DB.   Guidelines for trustees
   14E.    Advisory committee
   14F.    Investment in securities under Reserve Bank RITS system
           15, 16. (Repealed)
   17.     Accepting a short title
   18.     Ratio of loan to value
   19.     Loss on mortgages
   20.     Release of part of the security
   21.     Arrangement with company
   21A.    Building societies and credit unions--transfers of engagements and amalgamations
   22.     New shares in a company
   23.     Calls on shares
   24.     Accrued interest on debentures or stock sold or purchased
   25.     Continued holding
   26.     Powers incident to sale
   27.     Duration of trust or power to sell
   27A.    (Repealed)
   27B.    Postponement of sale
   27C.    Purchaser under a trust for sale
   28.     Deferred payment on sale of land
   29.     Sale or purchase under Conveyancing Act 1919
   30.     Depreciatory conditions
   31.     Sale of part of land
   32.     Sale exchange and partition
   32A.    Power to purchase equity of redemption in lieu of foreclosure
   33.     Sale after right of redemption barred
   34.     Release of equity of redemption in discharge of mortgage debt
   35.     Surrender of onerous lease
   36.     Leasing
   37.     Renewal of renewable leasehold
   38.     Raising money
   39.     Protection of purchasers or mortgagees
   39A.    Application of income by trustee-mortgagee in possession
   39B.    Validation of certain payments by trustee-mortgagee in possession
   40.     Powers
   41.     Insurance
   42.     Application of insurance money
   42A.    Maintenance for adult beneficiaries
   43.     Maintenance for infant beneficiaries and accumulation--instruments that came into operation on or after 1 March 1926
   43A.    Maintenance for infant beneficiaries and accumulation--instruments that came into operation before 1 March 1926
   44.     Advancement
   45.     Protective trusts
   45A.    Equitable life tenant--conditions on entry into possession
   46.     Appropriation
   47.     Payment to the NSW Trustee or a trustee company
   48.     Receipts
   49.     Compounding
   50.     Deposit for safe custody
   51.     Audit
   52.     Valuation
   53.     Employment of agents
   54.     Banks, building societies and credit unions
   54A.    Banker may recognise certain signatures and endorsements
   55.     Foreign property
   56.     Undivided interests
   57.     Two or more trustees
   58.     Powers of attorney
   59.     Implied indemnity
   60.     Distribution after notice
   61.     Distribution where estate comprises leaseholds, and in certain other cases
   61A.    Personal liability of legal representative or trustee
   62.     Notice
   63.     Advice

           Division 3 - Delegation

   64.     Execution of trust
   65.     Consent to exercise of trust or power
   66.     Persons dealing with delegate
   67.     Power of attorney
   68.     Registration

           Division 4 - Statute of limitations

   69.     (Repealed)

   PART 3 - POWERS OF THE COURT

           Division 1 - New trustees and vesting orders

   70.     New trustees
   71.     Vesting orders
   72.     Contingent rights of unborn persons
   73.     (Repealed)
   74.     Minor or insane mortgagee
   75.     Deceased mortgagee
   76.     Sale or mortgage of land
   77.     Specific performance, and other matters
   78.     Effect of vesting order
   79.     Appointment of person to convey
   80.     Trustees of charities

           Division 2 - Dealings and improvements

   81.     Advantageous dealings
   82.     Improvements and repairs
   82A.    Improvement and repairs without the approval of the Court
   83.     (Repealed)
   84.     Sale of minor's property

           Division 3 - Relief and indemnity

   85.     Excusable breaches of trust
   86.     Indemnity for breach of trust

           Division 3A - Power of Court to vary trusts

   86A.    Court order to approve arrangement
   86B.    Court order to benefit person subject to application
   86C.    Court may direct notice of application to certain persons

           Division 4 - Miscellaneous powers

   87.     Division of chattels
   88.     Order in absence of a trustee
   89.     Proceedings under Mental Health Act 1958
   90.     Court may take into account investment strategy in action for breach of trust
   90A.    Power of Court to set off gains and losses arising from investment

           Division 5 - Applications and orders

   91.     Defendants
   92.     Persons entitled to apply
   93.     Costs
   94.     (Repealed)

   PART 4 - PAYMENT INTO COURT

   95.     Trustees
   96.     Person liable to minor or person of unsound mind
   97.     Life assurance companies
   98.     Money or securities
   99.     Trustee

   PART 5 - MISCELLANEOUS PROVISIONS

   100.    Escheat
   100A.   Limitation of liability of beneficiaries in respect of trustees
   101.    Property vested in the NSW Trustee
   102.    Account by fiduciary
   103.    Indemnity
   104.    Rules of Court
   104A.   Regulations
           105, 106. (Repealed)
   107.    Savings and transitional provisions
           SCHEDULE 1
           SCHEDULE 2