New South Wales Consolidated Acts

TRUSTEE ACT 1925 - SECT 27B

27B Postponement of sale

(1) A power to postpone sale shall be implied in every trust for sale, unless a contrary intention appears.

(2) Where there is a power to postpone sale, then (subject to any express direction to the contrary in the instrument, if any, creating the trust for sale) the trustee for sale shall not be liable in any way for postponing the sale, in the exercise of the trustee's discretion, for any indefinite period; nor shall a purchaser be concerned in any case with any directions respecting the postponement of sale.

(3) The provisions of subsections (1) and (2) apply to trusts created either before or after the commencement of this Act.

(4) Where a disposition or settlement coming into operation after the commencement of the Trustee (Amendment) Act 1929 contains a trust either to retain or sell any property, the same shall be construed as a trust to sell the property with power to postpone the sale.