sec.83Power to postpone sale, calling in and conversion of particular trust property

sec.83 Power to postpone sale, calling in and conversion of particular trust property

A trustee may postpone the sale, calling in or conversion of trust property that the trustee has a duty to sell. Subject to an express contrary intention in the trust instrument, if the trustee’s duty to sell arises because of a trust or direction for sale, the trustee may postpone the sale of the trust property for an indefinite and unlimited period, whether or not that period is longer than the period during which the trust or direction for sale remains valid. However, this section does not apply if the trust property is of a wasting, speculative or reversionary nature. See, however, the Succession Act 1981 , section 49B in relation to particular limitations on a personal representative’s power to carry on a business. See also section 216 in relation to the exercise of power under this section by a statutory trustee. (sec.83-ssec.1) A trustee may postpone the sale, calling in or conversion of trust property that the trustee has a duty to sell. (sec.83-ssec.2) Subject to an express contrary intention in the trust instrument, if the trustee’s duty to sell arises because of a trust or direction for sale, the trustee may postpone the sale of the trust property for an indefinite and unlimited period, whether or not that period is longer than the period during which the trust or direction for sale remains valid. (sec.83-ssec.3) However, this section does not apply if the trust property is of a wasting, speculative or reversionary nature.

• 1 See, however, the Succession Act 1981 , section 49B in relation to particular limitations on a personal representative’s power to carry on a business.
• 2 See also section 216 in relation to the exercise of power under this section by a statutory trustee.