Queensland Consolidated Acts
[Index]
[Table]
[Search]
[Search this Act]
[Notes]
[Noteup]
[Previous]
[Next]
[Download]
[Help]
TRUSTS ACT 1973 - SECT 38
Surrender of onerous leases or property
(1) Where a leasehold is vested in a trustee and the property is subject to
onerous covenants of such a nature that it would not be in the interests of
the beneficiaries to retain the property, the trustee may surrender, or concur
in surrendering, the lease; and the trustee shall not be chargeable with
breach of trust nor shall the surrender be impeached by any beneficiary upon
the ground only that the covenants were not of such a nature, if the trustee
has acted bona fide and on the advice of a registered valuer, whom the trustee
reasonably believed to be competent, instructed and employed independently of
the lessor, whether the valuer carried on business in the locality where the
property is situate or elsewhere.
(2) Where a freehold is vested in a trustee
and the property is of so onerous a nature that it would not be in the
interests of the beneficiaries to retain the property, if the Crown agrees to
accept the surrender of the freehold, the trustee may surrender, or concur in
surrendering, it to the Crown; and the trustee shall not be chargeable with
breach of trust nor shall the surrender be impeached by any beneficiary upon
the ground only that the property was not of such a nature, if the trustee has
acted bona fide and on the advice of a registered valuer, whom the trustee
reasonably believed to be competent, whether that valuer carried on business
in the locality where the property is situate or elsewhere.
(3) A subsequent
purchaser or the registrar or other person registering or certifying title
shall not be concerned to inquire whether a surrender was authorised by this
section.
AustLII: Copyright Policy
| Disclaimers
| Privacy Policy
| Feedback