Acts and Regulations

2015, c.21 - Trustees Act

Section 26
Disposition versions

Full text
Vesting
26(1)A person who is appointed as a replacement or additional trustee becomes a joint tenant of the trust property at the time the appointment is effective.
26(2)If a person ceases to be a trustee, the trust property ceases to be vested in that person and remains vested in the continuing trustees.
26(3)If a person who is a sole trustee or the last continuing trustee ceases to be a trustee or there is otherwise no trustee, the trust property vests in the new trustee when the new trustee is appointed.
26(4)No further declaration or order is required in relation to trust property that vests or ceases to be vested under this section.
26(5)Without limiting subsection (4), if an enactment provides that property may be transferred only by registration, by an entry in a record or by other specified means, a person in whom the property vests under this section is entitled to perfect the transfer of the property in accordance with the enactment.
26(6)This section applies whether a person ceases to be a trustee, or is appointed as a replacement or additional trustee, in accordance with the terms of the trust or of this Act.
Vesting
26(1)A person who is appointed as a replacement or additional trustee becomes a joint tenant of the trust property at the time the appointment is effective.
26(2)If a person ceases to be a trustee, the trust property ceases to be vested in that person and remains vested in the continuing trustees.
26(3)If a person who is a sole trustee or the last continuing trustee ceases to be a trustee or there is otherwise no trustee, the trust property vests in the new trustee when the new trustee is appointed.
26(4)No further declaration or order is required in relation to trust property that vests or ceases to be vested under this section.
26(5)Without limiting subsection (4), if an enactment provides that property may be transferred only by registration, by an entry in a record or by other specified means, a person in whom the property vests under this section is entitled to perfect the transfer of the property in accordance with the enactment.
26(6)This section applies whether a person ceases to be a trustee, or is appointed as a replacement or additional trustee, in accordance with the terms of the trust or of this Act.