Prepare for your exams
Get points
Guidelines and tips
Sell on Docsity
Docsity AI

Prepare for your exams

Study with the several resources on Docsity

Earn points to download

Earn points by helping other students or get them with a premium plan

Guidelines and tips

Sell on Docsity

Docsity AI

Log in Sign up

Prepare for your exams

Study with the several resources on Docsity

Find documents

Prepare for your exams with the study notes shared by other students like you on Docsity

Search for your university

Find the specific documents for your university's exams

Docsity AINEW

Summarize your documents, ask them questions, convert them into quizzes and concept maps

Explore questions

Clear up your doubts by reading the answers to questions asked by your fellow students

Earn points to download

Earn points by helping other students or get them with a premium plan

Share documents

20 Points

For each uploaded document

Answer questions

5 Points

For each given answer (max 1 per day)

All the ways to get free points

Get points immediately

Choose a premium plan with all the points you need

Study Opportunities

Choose your next study program

Get in touch with the best universities in the world. Search through thousands of universities and official partners

Community

Ask the community

Ask the community for help and clear up your study doubts

Free resources

Our save-the-student-ebooks!

Download our free guides on studying techniques, anxiety management strategies, and thesis advice from Docsity tutors

Trustee Act 1925, Section 31., Lecture notes of Art

Art

31. Power to apply income for maintenance and to accumulate surplus income during a minority. (1) Where any property is held by trustees in trust for any ...

Typology: Lecture notes

2021/2022

Uploaded on 09/27/2022

merielynd 🇬🇧

4.7

(9)

218 documents

1 / 4

This page cannot be seen from the preview

Don't miss anything!

Changes to legislation: There are currently no known outstanding effects

for the Trustee Act 1925, Section 31. (See end of Document for details)

Trustee Act 1925

1925 CHAPTER 19 15 and 16 Geo 5

PART II

GENERAL POWERS OF TRUSTEES AND PERSONAL REPRESENTATIVES

Maintenance, Advancement and Protective Trusts

31 Power to apply income for maintenance and to accumulate surplus income

during a minority.

(1) Where any property is held by trustees in trust for any person for any interest

whatsoever, whether vested or contingent, then, subject to any prior interests or

charges affecting that property—

(i) during the infancy of any such person, if his interest so long continues, the

trustees may, at their sole discretion, pay to his parent or guardian, if any,

or otherwise apply for or towards his maintenance, education, or benefit, the

whole or such part, if any, of the income of that property [F1as the trustees may

think fit,] whether or not there is—

(a) any other fund applicable to the same purpose;or

(b) any person bound by law to provide for his maintenance or education;

and

(ii) if such person on attaining the age of [F2eighteen years] has not a vested

interest in such income, the trustees shall thenceforth pay the income of that

property and of any accretion thereto under subsection (2) of this section to

him, until he either attains a vested interest therein or dies, or until failure of

his interest:

F3...

(2) During the infancy of any such person, if his interest so long continues, the trustees

shall accumulate all the residue of that income [F4by investing it, and any profits from

so investing it] from time to time in authorised investments, and shall hold those

accumulations as follows:—

Partial preview of the text

Download Trustee Act 1925, Section 31. and more Lecture notes Art in PDF only on Docsity!

Changes to legislation: There are currently no known outstanding effects for the Trustee Act 1925, Section 31. (See end of Document for details)

Trustee Act 1925

1925 CHAPTER 19 15 and 16 Geo 5

PART II

GENERAL POWERS OF TRUSTEES AND PERSONAL REPRESENTATIVES

Maintenance, Advancement and Protective Trusts

31 Power to apply income for maintenance and to accumulate surplus income

during a minority.

(1) Where any property is held by trustees in trust for any person for any interest

whatsoever, whether vested or contingent, then, subject to any prior interests or

charges affecting that property—

(i) during the infancy of any such person, if his interest so long continues, the

trustees may, at their sole discretion, pay to his parent or guardian, if any,

or otherwise apply for or towards his maintenance, education, or benefit, the

whole or such part, if any, of the income of that property [F1 as the trustees may

think fit, ] whether or not there is—

(a) any other fund applicable to the same purpose;or

(b) any person bound by law to provide for his maintenance or education;

and

(ii) if such person on attaining the age of [F2 eighteen years ] has not a vested

interest in such income, the trustees shall thenceforth pay the income of that

property and of any accretion thereto under subsection (2) of this section to

him, until he either attains a vested interest therein or dies, or until failure of

his interest:

F ...

(2) During the infancy of any such person, if his interest so long continues, the trustees

shall accumulate all the residue of that income [F4 by investing it, and any profits from

so investing it ] from time to time in authorised investments, and shall hold those

accumulations as follows:—

Part II – General Powers of Trustees and Personal Representatives Document Generated: 2022-03- Changes to legislation: There are currently no known outstanding effects for the Trustee Act 1925, Section 31. (See end of Document for details)

(i) If any such person—

(a) attains the age of [F2 eighteen years ] , or marries under that age [F5 or

forms a civil partnership under that age ] , and his interest in such

income during his infancy or [F6^ , or until his marriage or his formation

of a civil partnership, ] is a vested interest or;

(b) on attaining the age of [F2 eighteen years ] or on marriage [F7 , or

formation of a civil partnership, ] under that age becomes entitled to

the property from which such income arose in fee simple, absolute or

determinable, or absolutely, or for an entailed interest;

the trustees shall hold the accumulations in trust for such person absolutely,

but without prejudice to any provision with respect thereto contained in any

settlement by him made under any statutory powers during his infancy, and

so that the receipt of such person after marriage [F8 or formation of a civil

partnership ] , and though still an infant shall be a good discharge, and

(ii) In any other case the trustees shall, notwithstanding that such person had a

vested interest in such income, hold the accumulations as an accretion to the

capital of the property from which such accumulations arose, and as one fund

with such capital for all purposes, and so that, if such property is settled land,

such accumulations shall be held upon the same trusts as if the same were

capital money arising therefrom;

but the trustees may, at any time during the infancy of such person if his interest so

long continues, apply those accumulations, or any part thereof, as if they were income

arising in the then current year.

(3) This section applies in the case of a contingent interest only if the limitation or trust

carries the intermediate income of the property, but it applies to a future or contingent

legacy by the parent of, or a person standing in loco parentis to, the legatee, if and for

such period as, under the general law, the legacy carries interest for the maintenance

of the legatee, and in any such case as last aforesaid the rate of interest shall (if the

income available is sufficient, and subject to any rules of court to the contrary) be five

pounds per centum per annum.

(4) This section applies to a vested annuity in like manner as if the annuity were the income

of property held by trustees in trust to pay the income thereof to the annuitant for the

same period for which the annuity is payable, save that in any case accumulations

made during the infancy of the annuitant shall be held in trust for the annuitant or his

personal representatives absolutely.

(5) This section does not apply where the instrument, if any, under which the interest

arises came into operation before the commencement of this Act.

Textual Amendments

F1 Words in s. 31(1)(i) substituted (1.10.2014) by Inheritance and Trustees' Powers Act 2014 (c. 16), ss. 8(a) , 12(2) (with s. 10(1)(4)(5)); S.I. 2014/2039, art. 2 F2 Word substituted by Family Law Reform Act 1969 (c. 46), s. 1(3), Sch. 1 Pt. I F3 Words in s. 31(1) omitted (1.10.2014) by virtue of Inheritance and Trustees' Powers Act 2014 (c. 16), ss. 8(b) , 12(2) (with s. 10(1)(4)(5)); S.I. 2014/2039, art. 2 F4 Words in s. 31(2) substituted (1.2.2001) by 2000 c. 29, s. 40(1), Sch. 2 Pt. II para. 25 (with s. 35); S.I. 2001/49, art. 2 F5 Words in s. 31(2)(i)(a) inserted (5.12.2005) by Civil Partnership Act 2004 (c. 33), s. 263(10)(b), Sch. 27 para. 5(2)(a) ; S.I. 2005/3175, art. 2(2); S.I. 2005/3175, art. 2(2)

Document Generated: 2022-03-

Trustee Act 1925, Section 31., Lecture notes of Art

Related documents

Partial preview of the text

Download Trustee Act 1925, Section 31. and more Lecture notes Art in PDF only on Docsity!

Trustee Act 1925

1925 CHAPTER 19 15 and 16 Geo 5

PART II

GENERAL POWERS OF TRUSTEES AND PERSONAL REPRESENTATIVES

Maintenance, Advancement and Protective Trusts

31 Power to apply income for maintenance and to accumulate surplus income

during a minority.

(1) Where any property is held by trustees in trust for any person for any interest

whatsoever, whether vested or contingent, then, subject to any prior interests or

charges affecting that property—

(i) during the infancy of any such person, if his interest so long continues, the

trustees may, at their sole discretion, pay to his parent or guardian, if any,

or otherwise apply for or towards his maintenance, education, or benefit, the

whole or such part, if any, of the income of that property [F1 as the trustees may

think fit, ] whether or not there is—

(a) any other fund applicable to the same purpose;or

(b) any person bound by law to provide for his maintenance or education;

and

(ii) if such person on attaining the age of [F2 eighteen years ] has not a vested

interest in such income, the trustees shall thenceforth pay the income of that

property and of any accretion thereto under subsection (2) of this section to

him, until he either attains a vested interest therein or dies, or until failure of

his interest:

F ...

(2) During the infancy of any such person, if his interest so long continues, the trustees

shall accumulate all the residue of that income [F4 by investing it, and any profits from

so investing it ] from time to time in authorised investments, and shall hold those

accumulations as follows:—

(i) If any such person—

(a) attains the age of [F2 eighteen years ] , or marries under that age [F5 or

forms a civil partnership under that age ] , and his interest in such

income during his infancy or [F6^ , or until his marriage or his formation

of a civil partnership, ] is a vested interest or;

(b) on attaining the age of [F2 eighteen years ] or on marriage [F7 , or

formation of a civil partnership, ] under that age becomes entitled to

the property from which such income arose in fee simple, absolute or

determinable, or absolutely, or for an entailed interest;

the trustees shall hold the accumulations in trust for such person absolutely,

but without prejudice to any provision with respect thereto contained in any

settlement by him made under any statutory powers during his infancy, and

so that the receipt of such person after marriage [F8 or formation of a civil

partnership ] , and though still an infant shall be a good discharge, and

(ii) In any other case the trustees shall, notwithstanding that such person had a

vested interest in such income, hold the accumulations as an accretion to the

capital of the property from which such accumulations arose, and as one fund

with such capital for all purposes, and so that, if such property is settled land,

such accumulations shall be held upon the same trusts as if the same were

capital money arising therefrom;

but the trustees may, at any time during the infancy of such person if his interest so

long continues, apply those accumulations, or any part thereof, as if they were income

arising in the then current year.

(3) This section applies in the case of a contingent interest only if the limitation or trust

carries the intermediate income of the property, but it applies to a future or contingent

legacy by the parent of, or a person standing in loco parentis to, the legatee, if and for

such period as, under the general law, the legacy carries interest for the maintenance

of the legatee, and in any such case as last aforesaid the rate of interest shall (if the

income available is sufficient, and subject to any rules of court to the contrary) be five

pounds per centum per annum.

(4) This section applies to a vested annuity in like manner as if the annuity were the income

of property held by trustees in trust to pay the income thereof to the annuitant for the

same period for which the annuity is payable, save that in any case accumulations

made during the infancy of the annuitant shall be held in trust for the annuitant or his

personal representatives absolutely.

(5) This section does not apply where the instrument, if any, under which the interest

arises came into operation before the commencement of this Act.

Textual Amendments

Changes to legislation:

There are currently no known outstanding effects for the Trustee Act 1925, Section 31.