TRUSTEE ACT (NORTHERN IRELAND) 1958 - SECT 67 Interpretation.

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TRUSTEE ACT (NORTHERN IRELAND) 1958 - SECT 67

Interpretation.

67. In this Act

"authorised investments" mean investments authorised by the instrument, if
any, creating the trust for the investment of money subject to the trust, or
by law;

"banker" includes banking corporation;

"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" as applied to any person include the execution by
that person of every necessary or suitable assurance (including an assent) for
conveying, assigning, appointing, surrendering, or otherwise transferring or
disposing of land 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;

"income" includes rents and profits;

"instrument" includes an Act of the Parliament of Northern Ireland or of the
Parliament of the United Kingdom;

"land" includes an estate in any corporeal or incorporeal hereditaments;

"mortgage" includes a charge, created under section forty of the
Local Registration of Title (Ireland) Act, 1891, for the payment of a
principal sum and "mortgagee" includes a registered owner of such a charge,
and "mortgage" and "mortgagee" relate to every estate and interest regarded in
equity as merely a security for money, and every person deriving title under
the original mortgagee;

Definition rep. by 1978 c.23 s.122(1) sch.5 Pt.II

"personal representative" means the executor, original or by representation,
or administrator for the time being of a deceased person;

"possession" includes receipt of rents and profits or the right to receive the
same, if any; and "possessed" applies to receipt of income of and to any
vested estate less than a life estate or interest in possession or in
expectancy in any land;

"property" includes real and personal property, and any estate, share 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;

"rights" include estates and interests;

"sale" includes an exchange;

"securities" include stocks, funds, and shares and "securities payable to
bearer" include securities transferable by delivery or by delivery and
endorsement;

"stock" includes fully paid up shares, and so far as relates to vesting orders
made by the court under this Act, includes 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;

"tenant for life", "settled land", "settlement" and "trustees of the
settlement" have the same meanings as in the Settled Land Act, 1882;

"transfer" in relation to stock or securities, includes the performance and
execution of every deed, power of attorney, act, and thing on the part of the
transferor to effect and complete the title in the transferee;

"trust" does not include the duties incident to an estate or interest conveyed
by way of mortgage, but with this exception the expressions "trust" and
"trustee" extend to implied and constructive trusts, and to cases where the
trustee has a beneficial interest in the trust property, and to the duties
incident to the office of a personal representative, and "trustee", includes a
personal representative, and "new trustee" includes an additional trustee;

"trust corporation" has the same meaning as in [Article 9 of the
Administration of Estates (Northern Ireland) Order 1979];

"trust for sale" in relation to land means an immediate trust for sale,
whether or not exercisable at the request or with the consent of any person,
and with or without power at discretion to postpone the sale;

"trust funds" include any funds in the hands of a trustee, whether at the time
in a state of investment or not.

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Northern Irish Legislation

TRUSTEE ACT (NORTHERN IRELAND) 1958 - SECT 67