sec.48Vesting of trust property in custodian trustee

sec.48 Vesting of trust property in custodian trustee

On the appointment of a custodian trustee of trust property, the trust property vests in the custodian trustee as if the custodian trustee were the sole trustee. The instrument of appointment of a custodian trustee— is taken to be a conveyance of the trust property from the managing trustees to the custodian trustee; but does not have effect as a breach of covenant or condition, or give rise to the forfeiture, of any lease or agreement for lease or other property. Section 34 (2) applies to the divesting and vesting of the trust property under this section as if— the reference in section 34 (2) (b) to the instrument of change were a reference to the instrument of appointment of the custodian trustee; and the reference in section 34 (2) (b) (i) to the post-change trustee were a reference to the custodian trustee. The court may, on application, make vesting orders to give effect to subsection (1) . See section 163 in relation to the persons who may apply to the court for particular orders. Subsection (1) applies subject to an express contrary intention in the trust instrument. In this section— instrument of appointment , of a custodian trustee, means the trust instrument, other instrument or court order by which the custodian trustee is appointed. (sec.48-ssec.1) On the appointment of a custodian trustee of trust property, the trust property vests in the custodian trustee as if the custodian trustee were the sole trustee. (sec.48-ssec.2) The instrument of appointment of a custodian trustee— is taken to be a conveyance of the trust property from the managing trustees to the custodian trustee; but does not have effect as a breach of covenant or condition, or give rise to the forfeiture, of any lease or agreement for lease or other property. (sec.48-ssec.3) Section 34 (2) applies to the divesting and vesting of the trust property under this section as if— the reference in section 34 (2) (b) to the instrument of change were a reference to the instrument of appointment of the custodian trustee; and the reference in section 34 (2) (b) (i) to the post-change trustee were a reference to the custodian trustee. (sec.48-ssec.4) The court may, on application, make vesting orders to give effect to subsection (1) . See section 163 in relation to the persons who may apply to the court for particular orders. (sec.48-ssec.5) Subsection (1) applies subject to an express contrary intention in the trust instrument. (sec.48-ssec.6) In this section— instrument of appointment , of a custodian trustee, means the trust instrument, other instrument or court order by which the custodian trustee is appointed.

• (a) is taken to be a conveyance of the trust property from the managing trustees to the custodian trustee; but
• (b) does not have effect as a breach of covenant or condition, or give rise to the forfeiture, of any lease or agreement for lease or other property.