trust of land

trust of land
A trust of property that consists of, or includes, land (section 1(1)(a), Trusts of Land and Appointment of Trustees Act 1996) (TLATA). Trusts of land can be express, implied, resulting or constructive. If the trust property includes land, the trust will be a trust of land whenever the trust was created, even if created before 1 January 1997 when TLATA came into force (the definition is retrospective). Any trust that includes land as part of the trust property will be a trust of land, and this includes trusts for sale and bare trusts. Under TLATA, the trustees of a trust of land have a power to sell the property, but no obligation to do so, unless this is made express (in which case the trust of land will be a trust for sale).

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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