Law

Trusts (Scotland) Act 1921

United Kingdom · statute

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In force since 2024-06-26, as the publisher states.

Copy read on 2026-11-09. The page it was read from

Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.

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Contents: 45 provisions
  1. Title and 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. SCHEDULE A Form of Minute of Resignation
  44. SCHEDULE B Form of Deed of Assumption
  45. SCHEDULE C

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45 provisions

35 Application of Act.

Save as in this Act expressly otherwise provided— (1) This Act shall apply to trusts which have come into operation before as well as to trusts coming into operation after the passing of this Act. (2) Nothing in this Act contained shall be held to extend the liability of trustees.

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36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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SCHEDULE A Form of Minute of Resignation

Section 19. I, A.B., do hereby resign the office of trustee under the trust disposition and settlement (or other deed) granted by C.D. dated the day of .* (If the trustee was assumed add, and to which office of trustee I was assumed by deed of assumption granted by E.F. and G.H., dated day of .*) Testing clause+ * If recorded specify register and date of recording. +Note—In the case of a traditional document, subscription of it by the granter will be sufficient for the document to be formally valid, but witnessing of it may be necessary or desirable for other purposes (see the Requirements of Writing (Scotland) Act 1995) , which also makes provision as regards the authentication of an electronic document .

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SCHEDULE B Form of Deed of Assumption

Section 21. I, A.B.(or we A.B. and C.D.), the accepting and surviving (or remaining) trustee (or trustees, or a majority and quorum of the accepting and surviving trustees), acting under a trust disposition and settlement (or other deed) granted by E.F., dated the day of (if recorded, specify register and date of recording), do hereby assume G.H. (or G.H. and I.K.) as a trustee (or trustees) under the said trust disposition and settlement (or other deed); and I (or we) dispone and convey to myself (or ourselves) and the said G.H. (or G.H. and I.K.) as trustees under the said trust disposition and settlement (or other deed), and the survivors or survivor, and the heir of the last survivor, the majority, while more than two are acting, being a quorum (or otherwise in accordance with the terms of the trust deed), all and sundry the whole trust estate and effects, heritable and moveable, real and personal, of every description and wherever situated, at present belonging to me (or us) or under my (or our) control as trustee (or surviving trustees, or otherwise as the case may be), under the said trust disposition and settlement (or other deed), together with the whole vouchers, titles, and instructions thereof. (Then may follow, if wished, special conveyances of heritable or personal property, with the usual clauses of a conveyance applicable to such property, and as the case may require.)Testing clause+ +Note—In the case of a traditional document, subscription of it by the granter or granters will be sufficient for the document to be formally valid, but witnessing of it may be necessary or desirable for other purposes (see the Requirements of Writing (Scotland) Act 1995), which also makes provision as regards the authentication of an electronic document.

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SCHEDULE C

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