trust for sale

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A trust in which the trustees have an obligation to sell the property and hold the proceeds of sale in trust for the beneficiaries. Such a trust used to be imposed by statute in situations in which land is owned by two or more persons jointly or as tenants in common. Since 1997, all such trusts, including those already in existence in 1997, have become trusts of land. Under the Administration of Estates Act 1925, an intestate's estate is held by his administrators on trust for sale. If his property includes land, this will now be a trust of land. Trusts for sale may be expressly created, but if the property of the trust includes land, it will be a trust of land, and a power to postpone sale will be implied.

Subjects: Law.

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