Lawgist38Power to sell under special conditions
The trustee making any such sale may insert such reasonable stipulations either as to title or evidence of title, or otherwise, in any conditions of sale or contract for sale, as he thinks fit; and may also buy-in the property or any part thereof at any sale by auction, and rescind or vary any contract for sale, and re-sell the property so bought in, or as to which the contract is so rescinded, without being responsible to the beneficiary for any loss occasioned thereby.
Time allowed for selling trust-property.-- Where a trustee is directed to sell trust-property or to invest trust-money in the purchase of property, he may exercise a reasonable discretion as to the time of effecting the sale or purchase.
Illustrations
(a) A bequeaths property to B, directing him to sell it with all convenient speed and pay the proceeds to C. This does not render an immediate sale imperative.
(b) A bequeaths property to B, directing him to sell it at such time and in such manner as he shall think fit and invest the proceeds for the benefit of C. This does not authorise B, as between him and C, to postpone the sale to an indefinite period.
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- 1 Short title
- 2 Repeal of enactments
- 3 Interpretation-clause
- 4 Lawful purpose
- 5 Trust of immoveable property
- 6 Creation of trust
- 7 Who may create trusts
- 8 Subject of trust
- 9 Who may be beneficiary
- 10 Who may be trustee
- 11 Trustee to execute trust
- 12 Trustee to inform himself of state of trust-property
- 13 Trustee to protect title to trust-property
- 14 Trustee not to set up title adverse to beneficiary
- 15 Care required from trustee
- 16 Conversion of perishable property
- 17 Trustee to be impartial
- 18 Trustee to prevent waste
- 19 Accounts and information
- 20 Investment of trust-money
- 20A Power to purchase redeemable stock at a premium
- 21 Mortgage of land pledged to Government under Act 26 of 1871
- 22 Sale by trustee directed to sell within specified time
- 23 Liability for breach of trust
- 24 No set-off allowed to trustee
- 25 Non-liability for predecessor’s default
- 26 Non-liability for co-trustee’s default
- 27 Several liability of co-trustees
- 28 Non-liability of trustee paying without notice of transfer by beneficiary
- 29 Liability of trustee where beneficiary’s interest is forfeited to the Government
- 30 Indemnity of trustees
- 31 Right to title-deed
- 32 Right to reimbursement of expenses
- 33 Right to indemnity from gainer by breach of trust
- 34 Right to apply to Court for opinion in management of trust -property
- 35 Right to settlement of accounts
- 36 General authority of trustee
- 37 Power to sell in lots, and either by public auction or private contract
- 38 Power to sell under special conditions
- 39 Power to convey
- 40 Power to vary investments
- 41 Power to apply property of minors, etc., for their maintenance, etc
- 42 Power to give receipts
- 43 Power to compound, etc
- 44 Power to several trustees of whom one disclaims or dies
- 45 Suspension of trustee’s powers by decree
- 46 Trustee cannot renounce after acceptance
- 47 Trustee cannot delegate
- 48 Co-trustees cannot act singly
- 49 Control of discretionary power
- 50 Trustee may not charge for services
- 51 Trustee may not use trust-property for his own profit
- 52 Trustee for sale or his agent may not buy
- 53 Trustee may not buy beneficiary’s interest without permission
- 54 Co-trustees may not lend to one of themselves
- 55 Rights to rents and profits
- 56 Right to specific execution
- 57 Right to inspect and take copies of instrument of trust, accounts, etc
- 58 Right to transfer beneficial interest
- 59 Right to sue for execution of trust
- 60 Right to proper trustees
- 61 Right to compel to any act of duty
- 62 Wrongful purchase by trustee
- 63 Following trust-property into the hands of third persons; into that into which it has been converted
- 64 Saving of rights of certain transferees
- 65 Acquisition by trustee of trust-property wrongfully converted
- 66 Right in case of blended property
- 67 Wrongful employment by partner-trustee of trust property for partnership purposes
- 68 Liability of beneficiary joining in breach of trust
- 69 Rights and liabilities of beneficiary’s transferee
- 70 Office how vacated
- 71 Discharge of trustee
- 72 Petition to be discharged from trust
- 73 Appointment of new trustees on death, etc
- 74 Appointment by Court
- 75 Vesting of trust-property in new trustees
- 76 Survival of trust
- 77 Trust how extinguished
- 78 Revocation of trust
- 79 Revocation not to defeat what trustees have duly done
- 80 Where obligation in nature of trust is created
- 81 [Repealed.]
- 82 [Repealed.]
- 83 Trust incapable of execution or executed without exhausting trust -property
- 84 Transfer for illegal purpose
- 85 Bequest for illegal purpose
- 86 Transfer pursuant to rescindable contract
- 87 Debtor becoming creditor’s representative
- 88 Advantage gained by fiduciary
- 89 Advantage gained by exercise of undue influence
- 90 Advantage gained by qualified owner
- 91 Property acquired with notice of existing contrac
- 92 Purchase by person contracting to buy property to be held on trust
- 93 Advantage secretly gained by one of several compounding creditors
- 94 Repealed
- 95 Obligor’s duties, liabilities and disabilities
- 96 Saving of rights of bona fide purchasers
