Trusts of Land - Statutes

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  • Created by: Edward
  • Created on: 01-03-16 09:27
TOLATA 1996, s 1(1)(a)
A trust of land is any trust of prop which consists of or includes land
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TOLATA 1996, s 3
The beneficiaries under the trust of land hold an interest in the land (albeit equitable) and NOT in money proceeds
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TOLATA 1996, s 6(1)
Legal title will be vested in the trustees and it is they who will have all the powers of an ab owner for the purpose of exercising their functions as trustees
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TOLATA 1996, s 8
The powers of the trustees may be excluded, modified or made subject to the consent by the beneficiaries, but only if this is provided in the trust instrunment or order of court
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TOLATA 1996, s 6
Trustees have ability to sell, mortgage, or lease the prop and purchase land
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TOLATA 1996, s 7
Trustees have power to physically partition the trust prop between the beneficiaries so that each beneficiary can own a separate part
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TOLATA 1996, s 13
Trustees have power to exclude a beneficiary from occ of prop, where there are 2 or more beneficiaries
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TOLATA 1996, s 14
Trustees have power to apply to court if there is a dispute between the trustee and the beneficiaries
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TOLATA 1996, s 9
Trustees have power to delegate powers to a beneficiary
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TOLATA 1996, s 6(5)
In exercising their powers, the trustees shall have regard to the rights and interests of the beneficiaries
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TOLATA 1996, s 12
Beneficiaries have right to occupy land
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TOLATA 1996, s 19
Where all the beneficiaries are of full age and act unanimously, the beneficiary has the right to appoint and remove trustees
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TOLATA 1996, s 11
Trustees have right to be consulted about exercise of the trustees’ functions
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TOLATA 1996, s 14
Beneficiaries have right to apply for a court order in times of dispute between trustees and beneficiary
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TOLATA 1996, s 12(2)
The trustees may NOT unreasonably exclude any beneficiary’s entitkement to occ land or restrict any such entitlement to an unreasonable extent
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TOLATA 1996, s 13(7)
An occupying beneficiary can be excluded only with his consent or by an order of the court
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TOLATA 1996, s 13(4)
Trustees must act reasonably re restrictions under s 13
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TOLATA 1996, s 15(2)
Views of beneficiaries entitled to occ must be taken into account re application for court order re restrictions
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TOLATA 1996, s 15(3)
The court must take into account the circums and wishes of the beneficiaries of full age and capacity
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TOLATA 1996, s 13(3)
Trustees can attach conditions to a beneficiary’s right to occupy
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TOLATA 1996, s 10
Need for consent before exercising a power of sale
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TOLATA 1996, s 14
Court can make an order for sale
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TOLATA 1996, s 15(1)(a)
The intentions of the creators of the trust
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TOLATA 1996, s 15(1)(b)
The purposes for which the prop subject to the trust is held
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TOLATA 1996, s 15(1)(c)
The welfare of any minor who occupies or might reasonably be expected to occupy the land
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TOLATA 1996, s 15(1)(d)
The interests of any secured creditor of any beneficiary
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TOLATA 1996, s 15(2)
The circum’s and wishes of any adult beneficiary who is entitled to an interest in possession
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Insolvency Act 1986, s 335A(3)
If an applicn for sale is made more than 1 year after bankruptcy, the court must award sale unless the circums are exceptional
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TOLATA 1996, s 15(4)
TOLATA 1996 does not apply where trustee is in bankruptcy
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Insolvency Act 1986, s 335A(2)
The bankruptcy court is obliged to make an order which is ‘just and reasonable’ having regard to the interests of the creditor, the conduct and financial resources of the bankrupt’s spouse, the needs of any children and all other circums
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Other cards in this set

Card 2

Front

The beneficiaries under the trust of land hold an interest in the land (albeit equitable) and NOT in money proceeds

Back

TOLATA 1996, s 3

Card 3

Front

Legal title will be vested in the trustees and it is they who will have all the powers of an ab owner for the purpose of exercising their functions as trustees

Back

Preview of the back of card 3

Card 4

Front

The powers of the trustees may be excluded, modified or made subject to the consent by the beneficiaries, but only if this is provided in the trust instrunment or order of court

Back

Preview of the back of card 4

Card 5

Front

Trustees have ability to sell, mortgage, or lease the prop and purchase land

Back

Preview of the back of card 5
View more cards

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