TRUSTEE

A trustee has no right to borrow money on the security of a mortgage or trust property. In other words, if you are a trustee, and you are managing buildings or property, the general rule is that even though you have legal estate, you cannot mortgage trust property. This is because it is not actually your own; it is for the beneficiaries. Equity will not allow a trustee to unduly subject the trust property to financial risk to the detriment of the beneficiaries.

Credit - tmsproperty.co.za 

EXCEPTIONS TO THE RULE

1.If the trust instrument expressly states so that you are allowed to use their property as security, you can do so.

2.If a statute gives a trustee power to do that, of course, he can do so.

To be continued with PERSONS OF UNSOUND MIND

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