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statutory trust


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1 Until 1997, a trust created by statute when land was held by trustees on trust pending its sale (see trust for sale). Any income from the land prior to its sale and the proceeds of sale itself was held in trust by the trustees. Since 1997, statutory trusts have been replaced by trusts of land governed by the Trusts of Land and Appointment of Trustees Act 1996.

2 A trust that arises on an intestacy where the issue of the deceased are entitled to the whole or part of the estate. The terms of such trusts are set out in section 47 of the Administration of Estates Act 1925, which provides for a child's share to be held in trust until the age of 18 on a * per stirpes basis.

Subjects: Law.


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