Vesting of property in trustees-trusts laws, Financial Accounting

VESTING OF PROPERTY IN TRUSTEES

The settlor must transfer the property to the original trustees in the proper legal manner. Similar transfers must be made on a change of trustee; but if a new trustee is appointed by deed, this operates to vest property automatically, except for:
 
1. Land conveyed by way of mortgage to secure trust moneys lent;
2. Leasehold land held under a covenant not to assign without consent (unless consent is obtained);
3. Registered stocks and shares, which must be transferred in the proper manner S.41.
 
The court has power to make vesting orders in appropriate circumstances.

Posted Date: 12/13/2012 6:25:17 AM | Location : United States







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