By TLATA 1996, s 8(2), the trustees’ powers may be made subject to the consent of the beneficiaries (or other persons), if so stated by the settlor/testator in the instrument creating the trust. A purchaser of the land need only be concerned that the consents of any two of them have been obtained (TLATA 1996, s 10(1)). However, the trustees will be in breach of trust if they fail to obtain all consents required. Where the trust instrument requires the trustees to obtain the consent of a minor in the exercise of their powers, then the trustees must obtain the consent from those who have parental responsibility for that minor or from a guardian of the minor ([ statute ]).
Answer
TLATA 1996, s 10(3)
Question
By TLATA 1996, s 8(2), the trustees’ powers may be made subject to the consent of the beneficiaries (or other persons), if so stated by the settlor/testator in the instrument creating the trust. A purchaser of the land need only be concerned that the consents of any two of them have been obtained (TLATA 1996, s 10(1)). However, the trustees will be in breach of trust if they fail to obtain all consents required. Where the trust instrument requires the trustees to obtain the consent of a minor in the exercise of their powers, then the trustees must obtain the consent from those who have parental responsibility for that minor or from a guardian of the minor ([ statute ]).
Answer
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Question
By TLATA 1996, s 8(2), the trustees’ powers may be made subject to the consent of the beneficiaries (or other persons), if so stated by the settlor/testator in the instrument creating the trust. A purchaser of the land need only be concerned that the consents of any two of them have been obtained (TLATA 1996, s 10(1)). However, the trustees will be in breach of trust if they fail to obtain all consents required. Where the trust instrument requires the trustees to obtain the consent of a minor in the exercise of their powers, then the trustees must obtain the consent from those who have parental responsibility for that minor or from a guardian of the minor ([ statute ]).
Answer
TLATA 1996, s 10(3)
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