Trustees and Mortgagees Act (No. 10 of 1877).

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LEX-FAOC070496

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This Act defines powers and limits actions of trustees and other persons appointed in a will, deed or other instrument of settlement or mortgagees to lawfully dispose of land under their control pursuant to rights conferred upon them as trustees or mortgagees.The Act grants powers, subject to conditions a set forth in this Act, to trustees to sell or exchange land indicated in a will, deed or other instrument of settlement. Proceeds of sale shall be laid out in the manner indicated in the will, but if no indication as to the proceed is given in the will, the trustee shall invest the proceeds in other real property rights. The Act also defines powers of persons appointed by will to be persons who have to grant consent to transactions and of tenants for life.

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