Revised Laws of Saint Lucia (2021)

7.   Vesting of interest in trust corporations

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   (1)   Where any interest in any estate is vested in a syndic on behalf of any corporation acting as the personal representative of a deceased person and such corporation becomes a trust corporation, such interest shall, except as otherwise provided in subsection (2), be considered to vest in such corporation on the day on which it becomes a trust corporation.

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   (2)   Subsection (1) shall not apply to any securities registered in the name of the syndic or to any land or to any encumbrances upon land registered under the provisions of the Civil Code in the name of the syndic.

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   (3)   Where any securities are registered in the name of, or any land or encumbrances thereon are registered under the provisions of the Civil Code in the name of, a syndic on behalf of a corporation acting as the personal representative of a deceased person and such corporation becomes a trust corporation, such syndic shall do all such acts as may be necessary to transfer such securities, land or encumbrances thereon, as the case may be, to such trust corporation or to such person as such trust corporation may direct.

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   (4)   Where by virtue of the provisions of subsection (1) any interest in any estate is deemed to vest in any trust corporation, or under the provisions of subsection (3) any securities, land or encumbrances upon land are transferred to any trust corporation, such trust corporation shall indemnify the syndic in whom such interest, securities, land or encumbrances upon land, as the case may be, were vested immediately before they were deemed to vest or were transferred by the syndic to such trust corporation.