Trustee Act 1898 (Tas)

Trustee Act 1898

An Act to consolidate enactments and amend the law relating to trustees [Royal Assent 29 October 1898]

Be it enacted by His Excellency the Governor of Tasmania, by and with the advice and consent of the Legislative Council and House of Assembly, in Parliament assembled, as follows:

PART I - Preliminary

1. Short title This Act may be cited as the Trustee Act 1898 .

2. Commencement This Act shall come into operation on 1st November 1898.

3. . . . . . . . .

4. Interpretation In this Act, unless the contrary intention appears – company includes any banking or mercantile or trading corporation, however created, and any company registered, incorporated, or constituted under or pursuant to any Act; contingent right, as applied to land, includes a contingent or executory interest, a possibility coupled with an interest, whether the object of the gift or limitation of the interest, or possibility, is or is not ascertained, also a right of entry, whether immediate or future, and whether vested or contingent; convey and conveyance, applied to any person, include the execution by that person of every necessary or suitable assurance for conveying, assigning, appointing, surrendering, or otherwise transferring or disposing of any property whereof he is seised or possessed, or wherein he is entitled to a contingent right, either for his whole estate or for any less estate, together with the performance of all formalities required by law for the validity of the conveyance; the Court means the Supreme Court or a judge; devisee includes the heir of a devisee and the devisee of an heir, and any person who may claim right by devolution of title of a similar description; financial institution means any authorised deposit-taking institution, or the manager of any authorised deposit-taking institution, authorised under this Act to receive fixed deposits from trustees; instrument includes Act; land includes incorporeal as well as corporeal hereditaments, and any interest therein, and also an undivided share of land; mortgage and mortgagee include and relate to every estate and interest regarded by law or in equity as merely a security for money, and every person deriving title under the original mortgagee; pay and payment, as applied in relation to stocks and securities, and in connection with the expression "into Court", include the deposit or transfer of the same in or into Court; possessed applies to receipt of income of, and to any vested estate less than, a life estate, legal or equitable, in possession or in expectancy, in any land; property includes real and personal property, and any estate and interest in any property, real or personal, and any debt and any thing in action, and any other right or interest, whether in possession or not, excluding only stock and choses in action in the construction and interpretation of section 33 ; representative includes – (a) the devisee or devisees, or the executor or executors, administrator or administrators, or the curator of the intestate estate of any person; (b) the heir of any person who died intestate before 1874; rights includes estate and interests; securities means – (a) debentures, stocks, shares, bonds, or notes issued or proposed to be issued; (b) any right or option in respect of any such debentures, stocks, shares, bonds, or notes; or (c) interests in a registered scheme within the meaning of the Corporations Act – and in particular, without limiting the generality of the foregoing, includes – (d) bills of exchange; (e) promissory notes; (f) certificates of deposit issued by an authorised deposit-taking institution; and (g) any money or securities for money paid into or deposited in Court to the credit of any cause, matter, or account; shares means shares in the capital of a body corporate; spouse, in relation to a person, includes the person who is in a significant relationship, within the meaning of the Relationships Act 2003 , with that person; stock includes fully paid-up shares, and, so far as relates to vesting orders made by the Court under this Act, includes debentures, shares in companies, and any fund, annuity, or security transferable in books kept by any company or society, or by instrument of transfer, either alone or accompanied by other formalities, and any share or interest therein; transfer, in relation to stock, includes the performance and execution of every deed, power of attorney, act, and thing on the part of the transferror to effect and complete the title in the transferee; trust does not include the duties incident to an estate conveyed by way of mortgage, but, with this exception, trust includes implied and constructive trusts, and cases where the trustee has a beneficial interest in the trust property and the duties incident to the office of representative of a deceased person; trustee includes – (a) any person seised or possessed of or entitled to any property subject to any trust as aforesaid; (b) any person who has also a beneficial interest in the trust property; (c) (d) any company, corporation, firm, or association authorized by law to act as trustee, executor, or administrator of the estate of any deceased person; (e) any representative in any way possessed of or entitled to any property subject to any trust express or implied; (f) any trustee whose trust arises by construction or implication of law, but does not include a mortgagee; and (g) joint trustees, executors, or administrators, where more than one person is acting in any of the said capacities; trustee company means a trustee company within the meaning of the Trustee Companies Act 1953 ; valuer means a person who is qualified to practise as a land valuer under section 4 of the Land Valuers Act 2001 .