Section 54 of the Indian Trust Act, 1882 – Co-trustees may not lend to one of themselves

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Section 54: Co-trustees may not lend to one of themselves

A trustee or co-trustee whose duty it is to invest trust-money on mortgage or personal security must not invest it on a mortgage by, or on the personal security of, himself or one of his co -trustees.

Source: official text of The Indian Trust Act, 1882 as published on India Code (PDF). All sections of the Indian Trust Act, 1882.

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