Victorian Current Acts Victorian Current Acts(1) Where a trust for sale or a power of sale of property is vested in a trustee, he may sell or concur with any other person in selling all or any part of the property, either subject to prior charges or not, and either together or in lots, by public auction or by private contract, subject to any conditions respecting title or evidence of title or other matter as the trustee thinks fit, with power to vary any contract for sale, and to buy in at any auction, or to rescind any contract for sale and to re-sell, without being answerable for any loss.
(2) A trust or power to sell or dispose of land shall include a trust or power to sell or dispose of part thereof, whether the division is horizontal, vertical, or made in any other way.
(3) Where the power is not vested in the tenant for life or statutory owner this section shall not enable an express power to sell settled land to be exercised without his consent [2] .
(4) If a trustee joins with any other person in selling trust property and other property, the purchase money shall be apportioned in or before the contract of sale, and a separate receipt shall be given by the trustee for the apportioned share; but a contravention of this subsection shall not invalidate or be deemed to have invalidated any instrument intended to affect or evidence the title to the trust property, and no person being a purchaser, lessee, mortgagee, or other person who, in good faith and for valuable consideration, acquires the trust property or an interest in it or charge over it, and neither the Registrar of Titles nor any other person certifying title shall be affected by notice of, or be concerned to inquire whether there has been, a contravention of this subsection.
(5) A power to postpone sale shall be implied in the case of every trust for sale of property.
(6) Where there is a power to postpone sale, the trustee shall not be liable in any way for postponing the sale, in the exercise of his discretion, for any indefinite period; nor shall a purchaser of a legal estate be concerned in any case with any directions respecting the postponement of a sale [3] .
S. 13(7) amended by No. 6505 s. 2.
(7) Trustees shall be deemed always to have had the powers and protection given by this section.
No. 5770 s. 14.