Indian Trusts Act,1882

Act No : 2

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Section : Conversion of perishable property

16. Conversion of perishable property.-Where the trust is createdfor the benefit of several persons in succession, and the trust-property is of a wasting nature or a future or reversionary interest,the trustee is bound, unless an intention to the contrary may beinferred from the instrument of trust, to convert the propertyof a in to property permanent and immediately profitable character. Illustrations (a) A bequeaths to B all his property in trust for C during hislife, and on his death for D, and on D's death for E. A's propertyconsists of three leasehold houses, and there is nothing in A's willto show that he intended the houses to be enjoyed in specie. B shouldsell the houses, and invest the proceeds in accordance with section20. (b) A bequeaths to B his three leasehold houses in Calcutta andall the furniture therein in trust for C during his life, and on hisdeath for D, and on D's death for E. Here an intention that the housesand furniture should be enjoyed in specie appears clearly, and Bshould not sell them.

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