Vidhi Codex

The Jammu and Kashmir Trusts Act, 1977

The Jammu and Kashmir Trusts Act, 1977

Civil197784 of 85 sections available4 chapters

This Act sets out the law of private trusts in Jammu and Kashmir. It covers how a trust is created, what can be held in trust, and who can be a beneficiary or trustee. It sets out the duties of trustees, including managing the trust property carefully and impartially, preventing waste and keeping accounts, and also covers the rights of beneficiaries.

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Chapter 1 Chapter 1 →

  1. 1Short title, extent and commencement
  2. 3It shall come into force in the 1st day of Baisakh, 1978.

Chapter 2 Chapter 2 →

  1. 4Lawful purpose
  2. 5Where a trust is created for two purposes, of which one is lawful and the other unlawful, and the two purposes cannot be separated, the whole trust is void.
  3. 6Creation of trust
  4. 8Subject of trust
  5. 9It must not be merely beneficial interest under a subsisting trust.
  6. 10A proposed beneficiary may renounce his interest under the trust by disclaimer addressed to the trustee, or by setting up, with notice of the trust, a claim inconsistent therewith.
  7. 11A disclaimer by one of two or more co-trustees vests the trust-property in the other or others, and makes him or them sole trustee or trustees from the date of the creation of the trust.
  8. 12Nothing in this section shall be deemed to require a trustee to obey any direction when to do so would be impracticable, illegal or manifestly injurious to beneficiaries.
  9. 13Trustee to protect title to trust-property
  10. 14Trustee not to set up title adverse to beneficiary
  11. 15Care required from trustee
  12. 17Trustee to be impartial
  13. 18Where the trustee has a discretionary power, not be deemed to authorise the Court to control the good faith of such discretion.
  14. 19Accounts and information
  15. 20Investment of trust-money
  16. 21Investments made before commencement
  17. 22Sale by trustee directed to sell within specified time
  18. 23Liability for breach of trust
  19. 24No set-off allowed to trustee
  20. 25Non-liability for predecessor's default
  21. 26Non-liability for co-trustee's default
  22. 27Several liability of co-trustees
  23. 28When any person is liable to pay to the trust-property the amount of any loss or deficiency, and such amount is paid by the trustee, the trustee is not liable for the property so paid or given.
  24. 29Liability of trustee where beneficiary's interest is forfeited to Government
  25. 31Right to reimbursement of expenses
  26. 32Right to indemnity
  27. 33Right to reimbursement of expenses
  28. 34Right to settlement of accounts
  29. 35General authority of trustee
  30. 36Power to sell in lots, and either by public auction or private contract
  31. 37Time allowed for selling trust-property
  32. 38In such suit, the burden of proving that the postponement was necessary lies on B.
  33. 39Power to vary investments
  34. 40Power to give receipts
  35. 41Power to several trustees of whom at least one is competent to contract
  36. 42Suspension of trustee's powers by decree
  37. 44Trustee cannot renounce after acceptance
  38. 46Trustee cannot renounce after acceptance.
  39. 47Control of discretionary power
  40. 48Trustee may not charge for services
  41. 49Trustee may not use trust-property for his own profit
  42. 50Trustee for sale or his agent may not buy
  43. 51Trustee may not buy beneficiary's interest without permission
  44. 52And 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 thereof, for himself.
  45. 53Rights to rents and profits
  46. 54Right to specific execution
  47. 55C may direct B to hand over the property in its original character.
  48. 56Right to transfer beneficial interest
  49. 57Right to sue for execution of trust
  50. 58Right to proper trustees
  51. 59B may institute a suit to have A removed and a new trustee appointed.
  52. 60B may sue on behalf of himself and all in interest for an injunction to restrain A from making the sale.
  53. 61Following trust-property into the hands of third persons
  54. 62B is entitled to a charge on the land for the amount of the trust money so mis-employed.
  55. 63Acquisition by trustee of trust-property wrongfully converted
  56. 64Right in case of blended property
  57. 65Wrongful employment by partner-trustee
  58. 66Liability of beneficiary joining in breach of trust
  59. 67Nothing in this section applies to such beneficiary during his disability.
  60. 68Office how vacated
  61. 69Discharge of trustee
  62. 71Appointment by Court
  63. 72The provisions of this section, relating to the case of a person nominated trustee in a will, be applicable.
  64. 74Trust how extinguished
  65. 75Revocation of trust
  66. 76Revocation not to defeat what has been duly done

Chapter 3 Chapter 3 →

  1. 77Where obligation in nature of trust is created
  2. 78Where it does not appear that transferor intended to dispose of beneficial interest
  3. 79Transfer to one for consideration paid by another

Chapter 4 Chapter 4 →

  1. 80Trust incapable of execution or executed without exhausting trust-property
  2. 81Transfer for illegal purpose
  3. 83Property acquired with notice of existing trust
  4. 86Advantage gained by fiduciary
  5. 88Property acquired with notice of existing trust
  6. 91Where a person acquired property with notice of an existing trust, the former must hold the property for the benefit of the latter to the extent necessary to give effect to the trust.
  7. 92Advantage secretly gained by one of several compounding creditors
  8. 93Constructive trusts in cases not expressly provided for
  9. 94Constructive trusts in cases not

Some statutory text is still being prepared for this language version.

PDF: pending for this language.