Q&As

There must be at least two acting trustees to give a valid receipt for the sale proceeds of trust owned land. Where there is only one trustee, common practice is to appoint a second trustee on panel 11 of Form TR1 specifically for the purpose of giving valid receipt for the purchase monies. Provided it is clear on the face of the instrument of appointment that the trustee is being appointed specifically for that purpose, does their appointment cease on completion of the sale or does the appointed trustee have ongoing fiduciary obligations after the sale in relation to trust assets?

read titleRead full title

Produced in partnership with Leigh Sagar of New Square Chambers
Published on: 13 October 2023
imgtext

The existence of only one trustee can be attributed to either (a) the death of the other trustee, (b) the removal of the other trustee, or (c) the initial appointment of only one trustee. If the protection of a purchaser under section 27 of the Law of Property Act 1925 is to be invoked by the payment of capital money to two or more trustee, in all of these cases, an additional trustee must be appointed.

In

Leigh Sagar
Leigh Sagar

Barrister, New Square Chambers

Practice:
(a)  trusts and estates and commercial advice and litigation
(b)  the administration of digital information, created and used by deceased persons and persons who lack capacity in relation to their property and affairs and related litigation
(c)   the administration and taxation of bitcoin and other cryptoassets and tokens, including DeFi protocols and NFT assets, and related litigation
 
He is a member of the Society of Trust and Estate Practitioners (STEP) and the Association of Contentious Trust and Probate Specialists (ACTAPS).
 
Books:
Editor of Williams Mortimer & Sunnucks, writing on the administration of digital information, due to be published in August.
The Digital Estate, describing the administration of digital assets, including cryptoassets, with Jack Borroughs, published in November 2022.

Read moreRead more
Powered by Lexis+®
Jurisdiction(s):
United Kingdom
Related legal acts:

Popular documents

Constructive trusts

Constructive trustsThis Practice Note covers constructive trusts, which represent one of the three types of trust that do not require to be declared or evidenced in writing—the others being resulting trusts and implied trusts, although it is doubtful whether there is any form of implied trust which

Is a deed of appointment always required when appointing capital out of a discretionary trust?

Is a deed of appointment always required when appointing capital out of a discretionary trust?Generally, a deed of appointment is not always necessary when appointing capital out of a discretionary trust. Needless to say that is not the end of the matter. Appointment of capital from a discretionary

There must be at least two acting trustees to give a valid receipt for the sale proceeds of trust owned

There must be at least two acting trustees to give a valid receipt for the sale proceeds of trust owned land. Where there is only one trustee, common practice is to appoint a second trustee on panel 11 of Form TR1 specifically for the purpose of giving valid receipt for the purchase monies. Provided

What is the difference between an appeal and a review?

What is the difference between an appeal and a review?What is an appeal?An appeal in insolvency proceedings is no different to an appeal in normal litigation. An appeal will be allowed only if the appeal court is satisfied that the decision of the lower court was 'wrong' or 'unjust because of a