When assets and liabilities are transferred to a Trust, they become the property of the Trust. You need to know that this is part of the process of transferring specified assets and liabilities to the Trust. The rule about vesting assets and liabilities in the Trust is found in section 707R of the Local Government Act 1974, which was repealed on 1 October 1998 by the Local Government Amendment Act 1998, as stated in section 14(1)(e).