Trusts Act 2025
sec.122Effect of conversion of land or personal property under statutory power
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sec.122 Effect of conversion of land or personal property under statutory power
This section applies if, as a result of an exercise of power under this Act— land is converted into personal property; or personal property is converted into land. The personal property or land must be held— if, before conversion, the personal property or land was subject to a trust—on a trust corresponding, as nearly as the law and circumstances permit, with the trust affecting the personal property or land before conversion; or if, before conversion, the personal property or land was not subject to a trust—subject to the limitations, conditions, powers or directions corresponding, as nearly as the law and circumstances permit, with those affecting the personal property or land before conversion. (sec.122-ssec.1) This section applies if, as a result of an exercise of power under this Act— land is converted into personal property; or personal property is converted into land. (sec.122-ssec.2) The personal property or land must be held— if, before conversion, the personal property or land was subject to a trust—on a trust corresponding, as nearly as the law and circumstances permit, with the trust affecting the personal property or land before conversion; or if, before conversion, the personal property or land was not subject to a trust—subject to the limitations, conditions, powers or directions corresponding, as nearly as the law and circumstances permit, with those affecting the personal property or land before conversion.
- (a) land is converted into personal property; or
- (b) personal property is converted into land.
- (a) if, before conversion, the personal property or land was subject to a trust—on a trust corresponding, as nearly as the law and circumstances permit, with the trust affecting the personal property or land before conversion; or
- (b) if, before conversion, the personal property or land was not subject to a trust—subject to the limitations, conditions, powers or directions corresponding, as nearly as the law and circumstances permit, with those affecting the personal property or land before conversion.