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Trusts Act 2019

Appointment and discharge of trustees - Divesting and vesting of trust property

117: Requirements to notify, register, or record divesting and vesting of trust property

You could also call this:

"Telling others about changes to trust property: following the rules to transfer ownership"

Illustration for Trusts Act 2019

When trust property is being divested and vested, you must follow the rules of another Act if it says you have to notify, register, or record this. You have to do what the other Act says, and the divesting and vesting do not happen until you have done this. The people who become the new trustees have the right to get the trust property transferred to them when the document about the change is signed.

If you want to prove that the new trustees have this right, you can use a copy of the document and a statutory declaration from a trustee saying it was signed properly. But if the document is a court order, you just need a copy of the order to prove this. This is how you show that the new trustees have the right to get the trust property.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM7383035.

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116: Divesting and vesting of trust property on change of trustees, or

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Part 5Appointment and discharge of trustees
Divesting and vesting of trust property

117Requirements to notify, register, or record divesting and vesting of trust property

  1. If, or to the extent that, the divesting and vesting of trust property must be notified, registered, or recorded under the requirements of another Act,—

  2. the divesting and vesting are subject to the requirements and do not take effect until the requirements are satisfied; and
    1. the execution of the document of appointment, removal, or discharge vests in the persons who become and are the trustees a right to call for the transfer of the trust property; and
      1. a copy of that document or those documents and a statutory declaration by a continuing or new trustee of the trust that each relevant document was validly executed are sufficient proof of a right claimed under paragraph (b).

        1. Subsection (1)(c) does not apply where the document is a court order, and a copy of the order is sufficient proof of a right claimed under subsection (1)(b).