Settled Land Act trustees

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Two or more individuals or a trust corporation (such as a bank) who are trustees of settled land. Their primary function is to receive capital money arising on a sale or other disposition of the land by the immediate beneficiary and to hold it in trust for those entitled under the settlement. Their consent is also necessary before the immediate beneficiary can validly exercise certain of his statutory powers; for example, to sell the principal mansion house or timber cut from the land if the settlement so requires or to vary rights (such as easements) over other land that benefit the settled land.

The trustees were generally appointed by the trust instrument but must be named in the vesting deed. If no trustees were appointed, the Settled Land Act 1925 provides that they will be either (1) trustees having a power of sale of other land comprised in the settlement and held on similar trusts; (2) trustees having a future power of sale of the settled land; (3) persons appointed by the beneficiaries if they are of full age and entitled to dispose of the whole settled estate; or (4) the settlor's personal representatives, when the settlement is effected by will. Trustees can also be appointed by the court.

Subjects: Law.

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