Trusts (Scotland) Act 1921

1. Introductory Text

2. 1. Citation.

3. 2. Definitions.

4. 3. What trusts shall be held to include.

5. 4. General powers of trustees.

6. 4A. Exercise of power of investment: duties of trustee

7. 4B. Exercise of power of investment: power to appoint nominees

8. 4C. Declaration of power to delegate investment management functions

9. 5. Powers which may be granted to trustees by the court.

10. 6. Method of sale by trustees.

11. 7. Deeds granted by trustees.

12. 8. Conveyances to non-existing or unidentifiable persons.

13. 9. Liferents of personal estate beyond certain limits prohibited.

14. 10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

15. 11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16. 12. Investment on charges under Improvement of Land Acts, &c.

17. 13. Power to invest notwithstanding drainage charges.

18. 14. Powers of investment in trust deeds not to be restricted.

19. 15. Trustees not to hold certificates or bonds payable to bearer.

20. 16. The court may authorise the advance of part of the capital of a trust fund.

21. 17. Trustees may apply to court for superintendence order as to investment and distribution of estate.

22. 18. Discharge of trustees resigning and heirs of trustees dying during the subsistence of the trust.

23. 19. Form of resignation of trustees.

24. 20. Effect of resignation.

25. 21. Appointment of new or additional trustees by deed of assumption.

26. 22. Appointment of new trustees by the court.

27. 23. Court may remove trustees in certain cases.

28. 24. Completion of title by the beneficiary of a lapsed trust.

29. 24A. Interpretation of sections 22–24.

30. 25. Completion of title of judicial factors.

31. 26. Powers of court under this Act to be exercised by Lord Ordinary.

32. 27. Court may pass Acts of Sederunt.

33. 28. Resignation of trustee who is also executor to infer resignation as executor.

34. 29. Extent of liability of trustee.

35. 29A. Errors in distribution: circumstances in which trustee not personally liable

36. 30. Trustee not to be chargeable with breach of trust for lending money on security of any property on certain conditions.

37. 31. Power of court to make orders in case of breach of trust.

38. 32. Court may relieve trustee from personal liability.

39. 33. Investment ceasing to be an authorised investment.

40. 34. Expenses of applications under this Act.

41. 35. Application of Act.

42. 36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

43. SCHEDULES

    1. SCHEDULE A

       Form of Minute of Resignation

       1. I, A.B., do hereby resign the office of trustee under...

       2. * If recorded specify register and date of recording.

       3. +Note— In the case of a traditional document, subscription of...

    2. SCHEDULE B

       Form of Deed of Assumption

       1. I, A.B.(or we A.B. and C.D.), the accepting and surviving...

       2. +Note— In the case of a traditional document, subscription of...

    3. SCHEDULE C