Trusts of Land and Appointment of Trustees Act 1996 Flashcards
What to state?
Under s.36 LPA 1925, co-ownership of a property gives rise to a trust of land, and this is governed by Trusts of Land and Appointment of Trustees Act 1996
s.6(1) TLATA
a trustee has all the powers of an absolute owner
s.6(2) TLATA
trustees can dispose of the legal estate in a particular way, by transferring it to a beneficiary who is full age and capacity and absolutely entitled to the land and thus to end the trust.
s.6(3) TLATA
Gives Ts power to buy land in E&W for the wide purposes set out in s.8 Trustee Act 2000
s.6(3) and s.8(2) TLATA
Turstees can only buy a legal estate in land and not equitable interest
s.6(5) TLATA
Ts must have regard to the rights of the beneficiaries
s.6(6) TLATA
Ts must not exercise their powers under s.6 in contravention of any rule of law/equity
s.11 TLATA
when selling trust land, the trustees must consult beneficiaries who are of full age and have an interest in possession. Ultimately the decision lies with the trustee but they must try and comply with majority wishes. Could sell against wishes of the beneficiaries.
s.8 TLATA
Allows settlors of an express private trust to place restrictions on the powers of trustees under s.6 (eg. must obtain consent before selling land)
s.12 TLATA
A beneficiary has a right to occupy trust land if:
He is the beneficiary entitled to an interest in possession
The purposes of the trust include making land avaialable for the B to occupy
Land is held by the trustees so as to be available for them to occupy
s.13 TLATA
where beneficiaries do occupy, trustees can attach conditions to that occupation. E.g. s.13(5)(a) - the Bs pay outgoings on the property
s.14 TLATA
Ts and Bs can apply to the court for a decision where there is a dispute over land.
The court cannot make an order to appoint or remove trustees (s.14(3))
s.15 TLATA
Sets out the factors the court must consider when making an order under s.14:
1(a): Intentions of the settlor
1(b): Purposes of the trust
1(c): Welfare of any minor who occupies or may occupy
1(d): Interests of secured creditors of B
s.10 TLATA
Where a trust deed requires Ts to obtain consents before exercising any function, purchasers meed only check that 2 consents have been obtained. Where one of the people whose consent is needed is under 18, purchasers do not need to check that this has been obtained (10(2)).
s.13 TLATA
where beneficiaries do occupy, trustees can attach conditions to that occupation. E.g. s.13(5)(a) - the Bs pay outgoings on the property
