Powers of Trustees, Mortgagees, etc. Act 1860



The Powers of Trustees, Mortgagees, etc. Act 1860 (23 & 24 Vict. c. 145), sometimes referred to as the Lord Cranworth's Act 1860, was an Act of the Parliament of the United Kingdom.

The Act sought to formalise and regularise various provisions commonly included by chancery lawyers of the day in mortgages, wills and other settlements.

It is the first statute in English law to refer to receivers. It was sponsored by the Lord Chancellor, Lord Cranworth. Section 11 of the Act implied a term into each mortgage instrument for the appointment of a receiver or the exercise of a power of sale as an alternative to foreclosure.

Most of its provisions were repealed by the Conveyancing Act 1881. Parts I and IV (being so much of the Act as was not repealed by the Conveyancing and Law of Property Act 1881) were repealed by section 64(1) of, and the Schedule to, the Settled Land Act 1882 (45 & 46 Vict. c. 38), with savings in section 64(2).