sec.34Vesting of trust property

sec.34 Vesting of trust property

On the appointment of the new trustee, or the removal or discharge of the trustee, under the instrument of change, the instrument of change— divests the trust property from the pre-change trustees; and without any conveyance, transfer or assignment, vests the trust property in— the post-change trustee; or if there is more than 1 post-change trustee—the post-change trustees, as joint tenants. However, to the extent the divesting and vesting of the trust property have effect only if notified, registered or recorded under the requirements of another Act or of a law of another State or the Commonwealth— the divesting and vesting of the trust property are subject to the requirements of the other Act or law; and the instrument of change— vests in the post-change trustee a right to call for a transfer of the trust property; or if there is more than 1 post-change trustee—vests in the post-change trustees jointly a right to call for a transfer of the trust property. (sec.34-ssec.1) On the appointment of the new trustee, or the removal or discharge of the trustee, under the instrument of change, the instrument of change— divests the trust property from the pre-change trustees; and without any conveyance, transfer or assignment, vests the trust property in— the post-change trustee; or if there is more than 1 post-change trustee—the post-change trustees, as joint tenants. (sec.34-ssec.2) However, to the extent the divesting and vesting of the trust property have effect only if notified, registered or recorded under the requirements of another Act or of a law of another State or the Commonwealth— the divesting and vesting of the trust property are subject to the requirements of the other Act or law; and the instrument of change— vests in the post-change trustee a right to call for a transfer of the trust property; or if there is more than 1 post-change trustee—vests in the post-change trustees jointly a right to call for a transfer of the trust property.

• (a) divests the trust property from the pre-change trustees; and
• (b) without any conveyance, transfer or assignment, vests the trust property in— (i) the post-change trustee; or (ii) if there is more than 1 post-change trustee—the post-change trustees, as joint tenants.
• (i) the post-change trustee; or
• (ii) if there is more than 1 post-change trustee—the post-change trustees, as joint tenants.
• (i) the post-change trustee; or
• (ii) if there is more than 1 post-change trustee—the post-change trustees, as joint tenants.
• (a) the divesting and vesting of the trust property are subject to the requirements of the other Act or law; and
• (b) the instrument of change— (i) vests in the post-change trustee a right to call for a transfer of the trust property; or (ii) if there is more than 1 post-change trustee—vests in the post-change trustees jointly a right to call for a transfer of the trust property.