Trusts of land

Trusts of land

Trusts of Land and Appointment of Trustees Act 1996

The Trusts of Land and Appointment of Trustees Act 1996 (TOLATA 1996) came into force on 1 January 1997. Under it the:

•
trust for sale is replaced by the trust of land
•
doctrine of conversion is abolished
•
trustees and the beneficiaries are given additional powers and rights in relation to the trust property
•
court is given enhanced powers to make orders in relation to the trust
•
beneficiaries are given powers to remove and appoint new trustees

See Practice Note: Trusts of Land and Appointment of Trustees Act 1996.

Trusts of land—preliminary issues

Under the provisions of TOLATA 1996, s 14 the court is able to make orders:

•
relating to the exercise by the trustees of any of their functions including an order relieving them of any obligation to obtain the consent of or consult with any person in connection with the exercise of any of their functions, or
•
declaring the nature or extent of a person's interest in property subject to the trust

While TOLATA

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

TAKE A FREE TRIAL

Latest Private Client News

Private Client weekly highlights—21 November 2024

This week’s edition of Private Client highlights includes: (1) Wigglesworth v Beetson, in which the claimant failed in an action for estoppel and adverse possession; (2) the Hansard Society to host a briefing on parliamentary process for Assisted Dying Bill; (3) Khan v Khan, which considered family property and constructive trusts; (4) analysis of the Autumn Budget announcement to bring unused pension funds and death benefits within the scope of IHT; (5) Palmer v Sans, which found that there was no transaction at an undervalue where property was already held on trust for the transferee; (6) KA v FA (The Secretary of State for the Home Department intervening), where the court recognised an overseas adoption notwithstanding failure of common law test; and (7) Kireeva v Bedzhamov, in which the Supreme Court has confirmed the application of the immovables rule to English property.

HoL committee issues call for evidence on Property (Digital Assets etc) Bill

A Special Public Bill Committee established by the House of Lords has issued a call for evidence on the Property (Digital Assets etc) Bill. The deadline for submissions is Friday 20 December 2024.

Privy Council rules BVI company shares are not immovable property (Al Thani v Al Thani)

Private Client analysis: In a decision which will come as a relief to private individuals who own shares in BVI companies, the Privy Council has decided that section 245 of the BVI’s Business Companies Act 2004 does not have the effect of re-categorising shares as immovable property for the purposes of succession. Written by Kyle Bonnell, pupil at XXIV Old Buildings.

Supreme Court confirms application of immovables rule to English property

The Supreme Court has unanimously dismissed Ms Kireeva’s (Russian bankruptcy trustee’s) appeal to overturn the Court of Appeal’s’ decision regarding matters arising out of the bankruptcy of Mr Bedzhamov. Peter Declercq and Patrick Elliot, partners at DCQ Legal (who acted for Ms Kireeva), discuss the implications of the judgment.