sec.38Vesting of trust property in public trustee

sec.38 Vesting of trust property in public trustee

On the death of the last continuing trustee, the trust property devolves to and vests in the public trustee in the same way, and subject to the same provisions, as trust property vests in a post-change trustee under division 5 . However, it is not necessary for the public trustee to notify, register or record the vesting of the trust property under section 35 , as applied by subsection (1) , if— the public trustee does not act in relation to the trust; or the only action taken by the public trustee is the appointment of a new trustee. The trust property remains vested in the public trustee until it is divested from the public trustee under section 40 or 41 . (sec.38-ssec.1) On the death of the last continuing trustee, the trust property devolves to and vests in the public trustee in the same way, and subject to the same provisions, as trust property vests in a post-change trustee under division 5 . (sec.38-ssec.2) However, it is not necessary for the public trustee to notify, register or record the vesting of the trust property under section 35 , as applied by subsection (1) , if— the public trustee does not act in relation to the trust; or the only action taken by the public trustee is the appointment of a new trustee. (sec.38-ssec.3) The trust property remains vested in the public trustee until it is divested from the public trustee under section 40 or 41 .

• (a) the public trustee does not act in relation to the trust; or
• (b) the only action taken by the public trustee is the appointment of a new trustee.