5.2.1 Trustees in Land - Introduction
Welcome to the fifth topic in this module guide – Trustees in Land! In essence, a trustee chiefly holds property for beneficiaries of a trust and is obligated to carry out their duties as confined within the law. Additionally, trustees have powers that can be exercised which may be included in the trust deeds or contained within statute.
A trustee in land (also sometimes referred to as a ‘trustee of land’, the expressions are interchangeable) can be appointed by beneficiaries under the Trustees of Land and Appointment of Trustees Act 1996. Beneficiaries also have the power to remove trustees. When a trust nominates individuals as trustees, in land, the maximum number of trustees is limited to four. The court can also appoint trustees under the Trustee Act 1925.
Trustees in land have numerous powers but these cannot be exercised indiscriminately. In the event that a trustee breaches their duties as a trustee in land, the consequences when the land is unregistered would be different from the repercussions when the land is registered.
Below are some goals and objectives for you to refer to after learning this section.
Goals for this section:
- To understand how trustees in land can be appointed.
- To identify the powers of trustees in land and how these powers can be exercised.
Objectives for this section:
- To be able to understand the consequences that flow from a breach of trust of land, and how this varies whether that land is registered or unregistered.
- To be able to appreciate the general principles and rules pertaining to trustees in bankruptcy.
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