Trusts of Land and Appointment of Trustees Act 1996

Rezumat

TOLATA reformed the law relating to trusts of land in England and Wales. It replaced the old dual system of strict settlements (Settled Land Act 1925) and trusts for sale with a single 'trust of land'. All trusts affecting land are now trusts of land, giving trustees the powers of an absolute owner. The Act sets out the duties of trustees, the rights of beneficiaries (including a right to occupy trust land), and the factors the court must consider when making orders under s.14–15. It is central to property disputes between cohabitants.

Puncte cheie

• Creates a single form of trust of land replacing strict settlements and trusts for sale (s.1)
• Trustees have all the powers of an absolute owner (s.6)
• Beneficiaries with an interest in possession have a right to occupy trust land (s.12)
• Trustees must consult beneficiaries of full age and beneficially entitled when exercising functions (s.11)
• Court may make orders relating to the exercise of trustees' functions on application by any interested person (s.14)
• Section 15 sets out factors the court must consider: the intentions of the person creating the trust, the purposes for which the property is held, the welfare of minors, and the interests of secured creditors

Părți și secțiuni

Istoricul amendamentelor