Plain language law

New Zealand law explained for everyone

Trusts Act 2019

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

120: Departing trustee must be given certain documents

You could also call this:

"When you leave a trust, you get documents to prove you're no longer in charge."

Illustration for Trusts Act 2019

When you stop being a trustee, the other trustees must give you some documents. These documents show that you are no longer in charge of the trust property. They must include any documents that transferred the property and registered the change.

The other trustees must give you these documents as soon as all the necessary steps are finished. This includes transferring the property, and notifying, registering, or recording the transfer, as explained in section 117. You should get the documents after everything is complete.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM7383039.

Topics:
Money and consumer rights > Banking and loans
Previous

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"

Next

121: Termination of trust by unanimous consent of beneficiaries, or

"Ending a trust when all beneficiaries agree"

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

120Departing trustee must be given certain documents

  1. A continuing or new trustee must give to a trustee who retires or is removed (the departing trustee) a copy of any documents that demonstrate that the departing trustee has been divested of trust property, including any document of transfer and registration.

  2. The documents must be given as soon as any requirements relating to the transfer, or notification, registration, or recording of the transfer, of trust property referred to in section 117 are complete.