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trust for sale

Last modified: Thu Feb 23 16:37:38 2006

A piece of equitable sleight-of-hand that allows the Settlor of a trust to dispose of land in such a way as to avoid creating a SettledLandActSettlement. Since SLA settlements were the default method by which SuccessiveInterests in land were managed, and these settlements were unwieldy and expensive to manage, some means had to be found to avoid their creation. The way this was done was by the settlor conveying the land to the trustees `on trust to sell and convert into money', but with a power to postpone the sale indefinitely. There is no practical or logical benefit to the use of a trust for sale - it exists solely to defeat an inconvenient piece of legislation. One obvious problem with the trust for sale is that it imposes a duty to sell, and only a power to postpone sale. If it is not worded exactly like this, it will not have the desired effect. What this means is that where there are several trustees, all must continue to agree to postpone sale. If any trustee wishes to sell, the land must be sold. TOLATA has removed the need to create trusts for sale, and generally simplified the management of trusts of land.

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