In this Act—
“authorised investments” mean investments authorised by the instrument, if any, creating the trust for the investment of money subject to the trust, or by law;
[F1“bank” means—
an institution authorised under the Banking Act 1987 or a municipal bank within the meaning of that Act;
a European deposit-taker (within the meaning of Article 82(3) of the Banking Coordination (Second Council Directive) Regulations 1992);
the National Savings Bank;]
“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 otherwise transferring or disposing of land whereof he is seised or possessed, or wherein he is entitled to a contingent right, either for his whole estate or for any less estate, together with the performance of all formalities required by law for the validity of the conveyance;
“income” includes rents and profits;
“instrument” includes an Act of the Parliament of Northern Ireland or of the Parliament of the United Kingdom;
“land” includes an estate in any corporeal or incorporeal hereditaments;
“mortgage” includes a charge, created under section fortyF2 of the Local Registration of Title (Ireland) Act, 1891 [1891 c.66] , for the payment of a principal sum and “mortgagee” includes a registered owner of such a charge, and “mortgage” and “mortgagee” relate to every estate and interest regarded in equity as merely a security for money, and every person deriving title under the original mortgagee;
Definition rep. by 1978 c. 23
“personal representative” means the executor, original or by representation, or administrator for the time being of a deceased person;
“possession” includes receipt of rents and profits or the right to receive the same, if any; and “possessed” applies to receipt of income of and to any vested estate less than a life estate or interest in possession or in expectancy in any land;
“property” includes real and personal property, and any estate, share and interest in any property, real or personal, and any debt, and any thing in action, and any other right or interest, whether in possession or not;
“rights” include estates and interests;
“sale” includes an exchange;
“securities” include stocks, funds, and shares and “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;
“tenant for life”, “settled land” , “settlement” and “trustees of the settlement” have the same meanings as in the Settled Land Act, 1882 [1882 c.38] ;
“transfer” in relation to stock or securities, 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 or interest conveyed by way of mortgage, but with this exception the expressions “trust” and “trustee” extend to implied and constructive trusts, and 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, and “trustee” , includes a personal representative, and “new trustee” includes an additional trustee;
“trust corporation” has the same meaning as in [F3 Article 9 of the Administration of Estates (Northern Ireland) Order 1979];
“trust for sale” in relation to land means an immediate 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;
“trust funds” include any funds in the hands of a trustee, whether at the time in a state of investment or not.