International Trusts Order, 2000 · As enacted · Part III
20. Power to raise money by sale, mortgage or otherwise
Official textFrom Attorney General's Chambers, unchanged
Where trustees are authorised by the trust instrument or by law to pay or apply capital money subject to the trust for any purpose or in any manner, they shall have power to raise the money required by sale, conversion, calling in, or mortgage or charge of all or any part of the trust property for the time being in possession.
trust
"trust" means an international trust except where the context otherwise requires;
The power to mortgage or charge conferred by subsection (1} shall be exercisable for the purpose of borrowing money in order to invest it unless this is expressly, generally, implicitly or specifically negated by the trust instrument.
mortgage
"mortgage" includes every kind of security for money charged on any kind of property and includes an agreement to mortgage; and
Terms defined in s 2
mortgage
Defined · s 2"mortgage" includes every kind of security for money charged on any kind of property and includes an agreement to mortgage; and
possession
Defined · s 2"possession" includes receipt of rents and profits or the right to receive the same, if any;
property
Defined · s 2"property" includes - {a} money, goods, chases in action, land and every descriptions of property1 whether movable or immovable; and (b} obligations, easements and every description of estate, interest and profit, present or future, vested or contingent, arising out of, or incident to, any property as defined in paragraph {a}; 1141 17th. JULY, 2000
trust
Defined · s 2"trust" means an international trust except where the context otherwise requires;
trust instrument
Defined · s 2"trust instrument" means the written testamentary or other instrument if any by which, or on the terms of which, the trust is created (including any subsequent instruments affecting the terms or administration of the trust) or where the trust was not created by, or on the terms of, any written instrument refers to any trust instrument evidencing an oral declaration creating the trust. Application and restrictions.
Part IV
Protections and Indemnities of Trustees
Part VI
Part VII
Powers of the Court
Part VIII
Authorised Purpose Trusts
Part IX
Part X
Additional Provisions
Part XI