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Trusts Act 2019

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

118: Requirement to assist in transfer of trust property

You could also call this:

"Help with transferring trust property when needed"

Illustration for Trusts Act 2019

When trust property is being transferred, you must do everything necessary to help with the transfer. This includes notifying, registering, or recording the change. You are a trustee who has retired or been removed, a continuing trustee of the trust, or a new trustee of the trust.

If a former trustee cannot perform their duties or refuses to act, the current trustees may complete any formal requirements necessary for the transfer on their behalf.

You lose the capacity to perform the functions of a trustee if you are subject to an order appointing a manager under section 31 of the Protection of Personal and Property Rights Act 1988, or if a trustee corporation is managing your property under section 32 or 33 of that Act.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM7383036.

Topics:
Money and consumer rights > Banking and loans
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117: Requirements to notify, register, or record divesting and vesting of trust property, or

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

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119: Protection in relation to notifying, registering, or recording transfer of trust property, or

"Protection for honestly telling someone about or registering a change in trust property"

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

118Requirement to assist in transfer of trust property

  1. The following persons must do all things necessary to assist in any transfer and any required notification, registration, or recording of the divesting and vesting of the trust property:

  2. a trustee who has retired or been removed:
    1. a continuing trustee of the trust:
      1. a new trustee of the trust.

        1. The persons who become and are the trustees may complete any formal requirements necessary for the divesting and vesting of trust property on behalf of a former trustee who loses the capacity to perform the functions of a trustee or who fails or refuses to act under subsection (1).

        2. For the purposes of subsection (2), and without limiting that subsection, a person loses the capacity to perform the functions of a trustee if the person—

        3. is subject to an order appointing a manager under section 31 of the Protection of Personal and Property Rights Act 1988; or
          1. has a trustee corporation managing the person’s property under section 32 or 33 of that Act.