Section 2Part 1 — Trusts Act
Definitions
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In this Act — “ authorised investments ” means investments authorised by the instrument, if any, creating the trust for the investment of money subject to the trust, or by law; “ commencement date ” means the 18th February, 1967; “ 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 other transferring or disposing of land whereof that person is seised or possessed, or wherein that person is entitled to a contingent right, either for that pe rson’s whole estate or for any less estate, together with the performance of all formalities required by law for the validity of the conveyance; “ Court ” means the Grand Court of the Cayman Islands; “ exempted trust ” means a trust registered as an exempted t rust under Part VI; “ hereditaments ” mean s real property which, under an intestacy, devolves on the next of kin; “ income ” includes rents and profits; “ land ” includes land of any tenure, houses and other buildings, mines and minerals, and other corporeal hereditaments; also a rent and other incorporeal hereditaments, and an easement, right, privilege or benefit in, over, or derived from land, and also an undivided share in land; “ mines and minerals ”, in the definition of “ land ”, includes any strata or seam of minerals or substances in or under any land and powers of working and winning the same; “ mortgage ” and “ mortgagee ” include a charge or chargee by way of mortgage and relate to every estate and interest regarded in equity as merely a security for money, and every person deriving title under the original mortgagee; “ new trustee ” includes an additional trustee; “ pay ” and “ payment ”, as applied in relation to stocks and securities and in connection with the expression “ into court ”, include the deposit or transf er of the same in or into court; “ personal representative ” means the executor or administrator for the time being of a deceased person; “ possessed ” applies to receipt of income of and to any vested estate less than a life interest in possession or in expectancy in any land; “ possession ” includes receipt of rents and profits or the right to receive the same, if any; “ property ” includes real and personal property, and any estate, share and interest in any property, real or personal, and any debt, thing in action and other right or interest, whether in possession or not; “ rights ” include estates and interests; “ sale ” includes an exchange; “ securities ” include s stocks, funds and shares and, so far as relates to payments into court, has the same meaning as in the enactments relating to funds in court; “ 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; “ transfer ”, in relation to stock or securitie s, 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 conveyed by way of mortgag e, but with this exception the expressions “ trust ” and “ trustee ” extend to implied and constructive trusts, 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; “ trustee ” where the context admits, includes a personal representative; “ trust corporation ” means a body corporate licensed to conduct trust business, with or without restriction, under the Banks and Trust Companies Act (2021 Revision) or registered under that Act as a controlled subsidiary or a private trust company; “ trust for sale ”, in relation to land, means an immediate binding 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; “ trustees for sale ” mean the persons (including a personal representative) holding land on trust for sale; and “trust litigation” means litigation invoking the inherent jurisdiction of the Court in relation to the administration of trusts. PART II - Appointment and Discharge of Trustees