132Trusts

132 Trusts

(1)  The Recorder shall not record particulars of any trust in the Register.

(2)  A dealing may state that a person named in the dealing is a trustee –

(a) for the purpose of expressing the consideration;

(b) [Section 132 Subsection (2) amended by No. 23 of 2021, s. 96, Applied:01 Jan 2022] for the purpose of providing that the person named assumes liability only to the extent of an estate or interest of which the person is a trustee; and

(c) where the person named is a trustee pursuant to an Act or Commonwealth Act (other than an Act applicable to trustees generally) –

but shall not disclose particulars of a trust.

(3)  [Section 132 Subsection (3) amended by No. 23 of 2021, s. 96, Applied:01 Jan 2022] The Recorder, in the Recorder’s discretion, may in a folio of the Register or certificate of title describe a registered proprietor as a trustee where –

(a) [Section 132 Subsection (3) amended by No. 23 of 2021, s. 96, Applied:01 Jan 2022] the proprietor was so described in the dealing by which the proprietor became registered as a proprietor; or

(b) in the Recorder's opinion it is convenient for the administration of this Act that the proprietor should be so described.

(4)  The describing of a person as a trustee in a dealing or in a folio of the Register or certificate of title does not affect the operation of section 41 .

(5)  [Section 132 Subsection (5) substituted by No. 23 of 2021, s. 96, Applied:01 Jan 2022] A registered proprietor of an estate or interest who is a trustee of the estate or interest shall hold the estate or interest in trust for the persons and purposes to which it is applicable by virtue of the instrument creating the trust, but for the purpose of a dealing with the estate or interest the registered proprietor shall be deemed to be the absolute proprietor of the estate or interest.