Prospective
(1)The court may, on the application of one or more of the trustees or of any person with an interest in the trust property, grant an order authorising the trustees to make payments from the trust property on the basis that an event specified in the application—
(a)has, or has not, occurred, or
(b)will, or will not, occur.
(2)An order under subsection (1) may be granted on such conditions as the court thinks fit to impose.
(3)Should it be found that the basis on which the order was granted was untrue, a trustee who has acted in accordance with the order incurs no personal liability unless, in connection with the making of the application—
(a)some relevant fact was concealed from the court—
(i)by the trustee, or
(ii)by some other person and the trustee knew, or ought to have known, of the concealment, or
(b)there were fraudulent actings—
(i)on the part of the trustee, or
(ii)on the part of some other person and the trustee knew, or ought to have known, of those actings and that they were fraudulent.
(4)This section is without prejudice to any right of a beneficiary to recover trust property from a person to whom, by virtue of the order, a payment has been made or from any successor of such a person.
(5)This section applies irrespective of when the trust was created.
Commencement Information
I1S. 72 not in force at Royal Assent, see s. 88(3)
(1)A beneficiary absolutely entitled to heritable or incorporeal moveable property, title to which has been taken in the name of a trustee who has died or become incapable without having executed a conveyance (or as the case may be an assignation) of the property, may apply to the court for authority to complete title to the property in the beneficiary’s own name.
(2)The court may, on any such application, grant warrant for completing title to the property.
(3)Any such warrant is effectual as a conveyance (or as the case may be as an assignation) of the property in favour of the beneficiary.
(4)Reference in subsections (1) and (3) to a beneficiary includes reference to any person deriving right from a beneficiary.
(5)This section applies irrespective of when the trust was created.
Commencement Information
I2S. 73 not in force at Royal Assent, see s. 88(3)
(1)This section applies where—
(a)a trustee has died or become incapable vested in corporeal moveable property to which a beneficiary is absolutely entitled, but
(b)delivery of the property to, or possession of the property by, the beneficiary is required for the property to vest in the beneficiary.
(2)The court may, on the application of the beneficiary, grant warrant for the property to vest in the beneficiary.
(3)Any such warrant is effectual to vest the property in the beneficiary, as at the date of the warrant, as if the beneficiary had taken delivery or possession of the property on that date.
(4)Reference in subsections (1) to (3) to a beneficiary includes reference to any person deriving right from a beneficiary.
(5)This section applies irrespective of when the trust was created.
Commencement Information
I3S. 74 not in force at Royal Assent, see s. 88(3)
(1)The court may, on the application of one or more of the trustees, order the accountant of court to superintend the trustees’ administration of the trust insofar as that administration relates to—
(a)the investment of trust property, and
(b)the distribution of trust property among creditors and beneficiaries.
(2)If the order (to be known as a “superintendence order”) is granted, the accountant of court—
(a)must, annually, examine and audit the trustees’ accounts, and
(b)may report to the court, and obtain the court’s directions, on any question which may arise with regard to the administration superintended.
(3)This section applies irrespective of when the trust was created.
Commencement Information
I4S. 75 not in force at Royal Assent, see s. 88(3)