What is a statutory trustee?

What is a statutory trustee?

What does a Statutory Trustee do? A Statutory Trustee’s primary role is to realise the disputed property and distribute the sale proceeds to the respective owners.

How do you appoint a trustee?

There are various ways in which trustees can be appointed, including nomination by existing trustees, election by a charity’s members, or by virtue of another office which they hold (‘ex officio’ trustees). It is important that a prospective trustee understands the duties and responsibilities they will be taking on.

What is purpose of appointing trustee?

A trustee may be appointed for a wide variety of purposes, such as in the case of bankruptcy, for a charity, or a trust fund. Trustees are trusted to make decisions in the beneficiary’s best interests and have a fiduciary responsibility to the trust beneficiaries.

What is a statutory trustee sale?

A creditor applies to court to appoint a statutory trustee over real property. Once appointed, the statutory trustee secures and sells the property and distributes the proceeds in a manner ordered by the court. Typically mortgagees are paid first and then the creditor that made the application.

What is a non statutory trust?

A non-statutory trust is generally referred to as a common law trust. Such trusts are imbued by the legislature with certain “financial advantages” (e.g. exempting certain property from State taxation of one form or another). However, such trusts are 100% within the regulatory control of the State.

What is a statutory trust Australia?

A Statutory Trust Account allows you to securely hold funds on behalf of your clients. Statutory Trust Accounts are required for legal practitioners, real estate agents, auctioneers, conveyancers, settlement agencies and other businesses to adhere to relevant state legislation.

Who can appoint a new trustee?

The Trustee Act 1925 (Section 36) provides that the right to appoint new trustees will rest with the persons ‘nominated for the purposes of appointing new trustees’ in the trust deed or, if there is no such person capable, the ‘surviving or continuing trustees, or the personal representatives of the last surviving or …

When does a court appoint a statutory trustee?

Statutory Trustees. A Statutory Trustee is a person or persons appointed by the Court for the purpose of selling real property (houses, land, buildings, etc.). The appointment of a Statutory Trustee generally occurs as a result of a dispute between one or more co-owners of the property where the parties cannot agree whether…

Do you need a deed to appoint a trustee?

Where the trust assets include real property, a deed is required. The statutory power to appoint a new trustee is vested in the person or persons nominated in the deed or will, for the purpose of appointing trustees, if any.

Who is vested with the power to appoint a trustee?

The statutory power to appoint a new trustee is vested in the person or persons nominated in the deed or will, for the purpose of appointing trustees, if any.

Can a Continuing Trustee appoint a new trustee?

If the trustee does not specify who has the power to appoint, the surviving or continuing trustees or the personal representative or the last surviving or continuing trustee has the power to appoint the replacement trustee. This power is limited to replacing existing trustees.

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