Trustees Act 1967 · 2020 Revised Edition · Part 2 · Investments
9. Loans and investments by trustees not chargeable as breaches of trust
Feedback & supportA trustee lending money on the security of any property on which the trustee can properly lend is not chargeable with breach of trust by reason only of the proportion borne by the amount of the loan to the value of the property at the time when the loan was made, if it appears to the court that —
property
“property” includes movable and immovable property, and any estate, share and interest in any property, movable or immovable, and any debt, and any thing in action, and any other right or interest, whether in possession or not;
in making the loan the trustee was acting upon proper advice obtained in accordance with section 6; and
the amount of the loan does not exceed two‑thirds of the value of the property as stated in the report made by the person giving proper advice in accordance with section 6.
This section applies to transfers of existing securities as well as to new securities and to investments made before, on or after 26 June 1992.
securities
“securities” includes debentures, stocks, funds and shares; and so far as relates to payments into court has the same meaning as in the written laws relating to funds in court;