Section 53
Trustee may not buy beneficiary’s interest without permission.
About this Act
An Act to define and amend the law relating to Private Trusts and Trustees.
No trustee, and no
person who has recently ceased to be a trustee, may, without the permission of a principal Civil Court of
original jurisdiction, buy or become mortgagee or lessee of the trust-property or any part thereof; and
such permission shall not be given unless the proposed purchase, mortgage or lease is manifestly for the
advantage of the beneficiary.
Trustee for purchase.-- And no trustee whose duty it is to buy or to obtain a mortgage or lease of particular property for the beneficiary may buy it, or any part the reof, or obtain a mortgage or lease of it, or any part thereof, for himself.
Trustee for purchase.-- And no trustee whose duty it is to buy or to obtain a mortgage or lease of particular property for the beneficiary may buy it, or any part the reof, or obtain a mortgage or lease of it, or any part thereof, for himself.