Trusts Act 2019
Sections and provisions with full text and the judgments that cite each one.
Section 54 — Procedure when trustee decides to give no information
54 Procedure when trustee decides to give no information (1) This section applies in relation to a trust if, as a result of 1 or more of the following circumstances or events, no beneficiary has any…
Section 55 — Beneficiary may be required to pay cost of giving information
55 Beneficiary may be required to pay cost of giving information (1) A trustee may require the beneficiary to whom trust information is given under section 52 or in accordance with the terms of the…
Section 56 — General powers of trustee
56 General powers of trustee A trustee has the following general powers: (a) all the powers necessary to manage the trust property including, in relation to the trust property, all the powers of an…
Section 57 — Status of provisions on specific powers of trustee
57 Status of provisions on specific powers of trustee Sections 58 to 79 set out specific powers of a trustee and the way in which those powers may be exercised, but they are not an exhaustive source…
Section 58 — Trustee has power to invest
58 Trustee has power to invest A trustee may invest trust property in any property. Compare: 1956 No 61 s 13A
Section 59 — Matters which trustee may consider in exercising power to invest
59 Matters which trustee may consider in exercising power to invest (1) A trustee exercising any power to invest may have regard to the following matters, so far as they are appropriate to the…
Section 60 — Power to determine whether return on investment is income or capital
60 Power to determine whether return on investment is income or capital For the purposes of distribution, and of preparing and completing a financial statement for a trust, a trustee may determine…
Section 61 — Apportionment of receipts and outgoings between income and capital
61 Apportionment of receipts and outgoings between income and capital (1) A trustee’s powers under subsection (2) may be exercised only— (a) if the exercise of the power is fair and reasonable in all…
Section 62 — Trustee’s power to pay or apply income for child beneficiary’s welfare
62 Trustee’s power to pay or apply income for child beneficiary’s welfare (1) A trustee may pay or apply some or all of the income on the interest of the beneficiary in respect of whom this section…
Section 63 — Trustee’s powers with respect to income of child beneficiary
63 Trustee’s powers with respect to income of child beneficiary (1) While a beneficiary is a child, a trustee may use the income on the beneficiary’s interest in 1 or more of the following ways: (a)…
Section 64 — Trustee’s power to pay or apply capital for beneficiary’s welfare
64 Trustee’s power to pay or apply capital for beneficiary’s welfare (1) A trustee may pay or apply some or all of a beneficiary’s interest in the capital money or other capital assets of the trust…
Section 65 — Trustee may impose conditions on payment for beneficiary’s welfare
65 Trustee may impose conditions on payment for beneficiary’s welfare (1) A trustee exercising a power to pay or apply an amount of income or capital for the welfare of a beneficiary may impose 1 or…
Section 66 — Trustee not liable for certain losses in relation to amounts paid or applied for beneficiary’s welfare
66 Trustee not liable for certain losses in relation to amounts paid or applied for beneficiary’s welfare A trustee is not liable for any loss that may be incurred in relation to an amount that is…
Section 67 — Trustee’s power to appoint others to exercise or perform certain powers or functions
67 Trustee’s power to appoint others to exercise or perform certain powers or functions (1) A trustee may— (a) appoint a person to exercise or perform, on behalf of the trustee, specified powers or…
Section 68 — Trustee’s duties to keep appointments under review and to fulfil general duty of care
68 Trustee’s duties to keep appointments under review and to fulfil general duty of care (1) If a trustee exercises a power under section 67(1) or any comparable power in the terms of the trust, the…
Section 69 — Trustee’s liability for acts of appointee limited
69 Trustee’s liability for acts of appointee limited A trustee is not liable in a proceeding brought by or on behalf of a beneficiary for any act or default of an appointee of the trustee unless the…
Section 70 — Trustee’s power to delegate powers and functions in specified circumstances
70 Trustee’s power to delegate powers and functions in specified circumstances (1) Despite sections 67 and 68 , a trustee may, by power of attorney, delegate all or any of the trustee’s powers and…
Section 71 — Notice of delegation of trustee’s powers and functions
71 Notice of delegation of trustee’s powers and functions (1) Not later than 5 working days after a delegation under section 70 commences, the delegating trustee (or, if the trustee is incapable, the…
Section 72 — Trustee’s liability for acts of delegate limited
72 Trustee’s liability for acts of delegate limited The trustee is not liable in a proceeding brought by or on behalf of a beneficiary for any act or default of a delegate appointed under section 70…
Section 73 — Application to Public Trust to consent to become delegate
73 Application to Public Trust to consent to become delegate (1) This section applies in relation to a trust where— (a) a trustee is, for any of the reasons listed in section 70(2) , unable to…
Section 74 — Role and appointment of special trust advisers
74 Role and appointment of special trust advisers (1) A special trust adviser— (a) may advise the trustee on any matter relating to the trust; but (b) is not a trustee of the trust and does not have…
Section 75 — Reliance on special trust adviser’s advice
75 Reliance on special trust adviser’s advice (1) If there is a special trust adviser, a trustee— (a) may consult the special trust adviser on any matter relating to the trust; and (b) is not…
Section 76 — Remuneration of special trust advisers
76 Remuneration of special trust advisers (1) If remuneration is payable to a trustee, remuneration may also be paid to a special trust adviser. (2) The amount of remuneration for a special trust…
Section 77 — Application of insurance money for loss or damage of trust property
77 Application of insurance money for loss or damage of trust property (1) This section applies if— (a) a trustee or a beneficiary receives or is entitled to receive money under an insurance contract…
Section 78 — Trustee’s power to adjust interests in trust property of portfolio investment entity
78 Trustee’s power to adjust interests in trust property of portfolio investment entity (1) This section applies where any trust property is employed in an activity that the trustee is empowered or…
Section 79 — Trustee’s liability limited where notice given to distribute trust property without regard to unknown claims
79 Trustee’s liability limited where notice given to distribute trust property without regard to unknown claims (1) A trustee is not liable in a proceeding brought by or on behalf of a person in…
Section 80 — Protection of purchasers and mortgagees dealing with trustees
80 Protection of purchasers and mortgagees dealing with trustees (1) This section applies if a trustee purports to exercise a power (whether statutory, under the terms of a trust, or otherwise) to…
Section 81 — Trustee’s liability for expenses and liabilities incurred, and trustee’s right to indemnity
81 Trustee’s liability for expenses and liabilities incurred, and trustee’s right to indemnity (1) A trustee is personally liable for an expense or a liability incurred by the trustee when acting as…
Section 82 — Indemnification of trustee with agreement of beneficiaries where indemnity impaired
82 Indemnification of trustee with agreement of beneficiaries where indemnity impaired (1) A trustee may be indemnified from the trust property for a breach of trust if all of the beneficiaries who…
Section 83 — Power of court to approve indemnification
83 Power of court to approve indemnification (1) The court may, on behalf of any of the beneficiaries described in subsection (2) who has an interest in the property of a trust, approve the…
Section 84 — Power of court to waive requirement of consent to indemnification
84 Power of court to waive requirement of consent to indemnification (1) The court may waive the requirement that a beneficiary consent to the indemnification of a trustee for a breach of trust under…
Section 85 — Ranking of trust property
85 Ranking of trust property (1) For the purposes of section 81(1) (and despite section 81(2)), the terms of the trust may rank the order in which the trust property must be applied to reimburse the…
Section 86 — Creditor’s limited claim to trust property through trustee’s indemnity
86 Creditor’s limited claim to trust property through trustee’s indemnity (1) This section applies if a trustee incurs an expense or a liability to a creditor and the trustee— (a) has a right to be…
Section 87 — Trustee’s lien on insurance money for premiums
87 Trustee’s lien on insurance money for premiums (1) This section applies if a trustee pays any premiums in respect of any insurance contract for trust property for which the trustee has not…
Section 88 — Trustee’s indemnity for rent, covenant, or agreement under lease
88 Trustee’s indemnity for rent, covenant, or agreement under lease (1) This section applies if a trustee is, for any reason, liable in relation to— (a) any rent, covenant, or agreement reserved by…
Section 89 — Protection of trustee in handing over personal property to life tenant
89 Protection of trustee in handing over personal property to life tenant (1) If personal property is given by will to a person (including a child) for a life interest or another limited interest,…
Section 90 — Protection of trustee in handing over personal property to child
90 Protection of trustee in handing over personal property to child (1) A trustee may deliver to a child, or the child’s parent or guardian, any tangible personal property that is absolutely vested…
Section 91 — Protection relating to notice when person trustee of more than 1 trust
91 Protection relating to notice when person trustee of more than 1 trust (1) This section applies to a trustee acting for more than 1 trust. (2) The trustee is not, unless the trustee is acting in…
Section 92 — Who may remove trustee and appoint replacement
92 Who may remove trustee and appoint replacement (1) The following persons have the power to remove a trustee in writing under section 103 : (a) the person nominated in the terms of the trust as…
Section 93 — Person with power to remove or appoint trustee may apply to court for directions
93 Person with power to remove or appoint trustee may apply to court for directions (1) A person with the power to remove or to appoint trustees may apply to the court for directions on the exercise…
Section 94 — Duty to exercise power to remove or appoint trustee honestly and for proper purpose
94 Duty to exercise power to remove or appoint trustee honestly and for proper purpose A person with the power to remove or to appoint trustees must exercise any power of removal or appointment— (a)…
Section 95 — Application to review exercise of power to remove or to appoint trustee
95 Application to review exercise of power to remove or to appoint trustee (1) A beneficiary may apply to the court for the review of the exercise, by a person with the power to remove or to appoint…
Section 96 — Who may be appointed as trustee
96 Who may be appointed as trustee (1) Any person may be appointed as a trustee of a trust, unless the person is disqualified. (2) The following persons are disqualified from being appointed as a…
Section 97 — Statutory trustee may be sole trustee
97 Statutory trustee may be sole trustee (1) A statutory trustee may be appointed and may lawfully act as the sole trustee of any trust, even if the terms of the trust provide for or require the…
Section 98 — How trustee is appointed
98 How trustee is appointed A trustee may be appointed— (a) by the settlor on the creation of the trust; or (b) by the person or persons nominated for the purpose of appointing new trustees in the…
Section 99 — How trustee accepts or rejects appointment
99 How trustee accepts or rejects appointment (1) An appointment of a trustee does not take effect until the appointee accepts the appointment. (2) The acceptance of an appointment may be given…
Section 100 — Acts of trustee not invalidated by defect in appointment
100 Acts of trustee not invalidated by defect in appointment The act of a trustee is not invalid by reason only of any defect in the appointment of the trustee.
Section 101 — How trustee retires
101 How trustee retires A trustee who expresses in writing a wish to retire may be discharged in writing— (a) by a person with the power to remove trustees; or (b) if there is no person authorised…
Section 102 — Devolution of powers on death of trustee
102 Devolution of powers on death of trustee (1) If a power or function is vested in or imposed on 2 or more trustees jointly and 1 or more of those trustees dies, the surviving trustees (if any) may…
Section 103 — How trustee is removed
103 How trustee is removed (1) A person with the power to remove a trustee,— (a) under section 92(1) (a) , may act to remove a trustee in accordance with either— (i) a power in the terms of the…