| 释义 |
trust of land
Any trust of property that consists of or includes land. These trusts were introduced by the Trusts of Land and Appointment of Trustees Act 1996 (TOLATA). Since 1997, where land is owned by more than one person or by a number of persons in succession, a trust of land will be imposed. In this respect the trust of land replaces both statutory trusts for sale and Settled Land Act settlements (see settled land). Land in co-ownership must be held by trustees of land, of which there must be not more than four individuals, or a trust corporation. Often, the trustees and the beneficiaries are the same people; for example, a husband and wife who own their home jointly will usually be both trustees and beneficiaries of the trust of land. The point of imposing such a trust is to allow overreaching to take place on a sale or other disposition of the property. The trustees of land have all the powers of a beneficial (outright) owner, but have duties to consult the beneficiaries and manage the land for their benefit. The beneficiaries have the right to occupy the land if it is suitable for that purpose. See also joint tenancy; tenancy in common. |