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2177.   Vesting of trust property in new or continuing trustees

Revised Laws of Saint Lucia (2021)

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2177.   Vesting of trust property in new or continuing trustees

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    (1)   Where by a deed a new trustee is appointed to perform any trust, then—

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      (a)     if the deed contains a declaration by the appointor to the effect that any interest in any land subject to the trust, or in any chattel so subject, or the right to recover or receive any debt or other thing in action so subject, shall vest in the persons who by virtue of the deed become or are the trustees for performing the trust, the deed shall operate, without any conveyance or assignment, to vest in those persons, as owners with right of survivorship between them and for the purposes of the trust, the interest or right to which the declaration relates ; and

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      (b)     if the deed is made after the commencement of this Part and does not contain such a declaration, the deed shall, subject to any express provision to the contrary therein contained, operate as if it had contained such a declaration by the appointor extending to all the interests and rights with respect to which a declaration could have been made.

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    (2)   Where by a deed a retiring trustee is discharged under the statutory power without a new trustee being appointed, then—

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      (a)     if the deed contains such a declaration as aforesaid by the retiring and continuing trustees, and by the other person, if any, empowered to appoint trustees, the deed shall, without any conveyance or assignment, operate to vest in the continuing trustees alone, as owners with right of survivorship between them, and for the purposes of the trust, the interest or right to which the declaration relates; and

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      (b)     if the deed is made after the commencement of this Part and does not contain such a declaration, the deed shall, subject to any express provision to the contrary therein contained, operate as if it had contained such a declaration by such persons as aforesaid extending to all the interests and rights with respect to which a declaration could have been made.

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    (3)   An express vesting declaration, whether made before or after the commencement of this Part, shall, notwithstanding that the interest or right to be vested is not expressly referred to, and provided that the other statutory requirements were or are complied with, operate and be deemed always to have operated (but without prejudice to any express provision to the contrary contained in the deed of appointment or discharge) to vest in the persons respectively referred to in paragraphs (1) and (2) of this article, as the case may require, such interests and rights as are capable of being and ought to be vested in those persons.

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    (4)   This article does not extend—

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      (a)     to land held under a lease which contains any covenant, condition or agreement against assignment or disposing of the land without licence or consent, unless, prior to the execution of the deed containing expressly or impliedly the vesting declaration, the requisite licence or consent has been obtained, or unless, by virtue of any enactment or rule of law, the vesting declaration, express or implied, would not operate as a breach of covenant or give rise to a forfeiture;

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      (b)     to any share, stock, annuity or property which is only transferable in books kept by a company or other body, or in manner directed by or under an Act of Parliament.

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    In this paragraph “lease” includes an under-lease and an agreement for a lease or under-lease.

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    (5)   For purposes of registration of the deed in any registry, the person or persons making the declaration, expressly or impliedly, shall be deemed the conveying party or parties, and the conveyance shall be deemed to be made by him or her or them under a power conferred by this Part.

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