Dissolution of trust / cancellation of registration of trust
This query is : Resolved
13 June 2013
Dear All,
I want to know the process Dissolution of Trust & specifically what is the process if the trust is Settlers Trust. How we can surrender / cancel the Registration.
I want to know the process Dissolution of Trust & specifically what is the process if the trust is Settlers Trust. How we can surrender / cancel the Registration.
13 June 2013
in the event of dissolution of winding up of TRUST any NGO can cancelled the TRUST in this regards write A request letter addressed to Registrar Trust,
and describing the dissolution.
must keep the copy of trust deed after checking the concerned office intimate you.
regards,
and describing the dissolution.
must keep the copy of trust deed after checking the concerned office intimate you.
regards,
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14 June 2013
Sir,
Thanks a lot for your reply,bt some doubts as under :
1) is there any difference in dissolution of trust or Voluntary Cancellation of Trust?
2) Also is Settlers trust have different meaning??
Thanks a lot for your reply,bt some doubts as under :
1) is there any difference in dissolution of trust or Voluntary Cancellation of Trust?
2) Also is Settlers trust have different meaning??
15 June 2013
A trust can be cancelled on the following grounds as per Sec. 78 of The Indian Trust Act 1882:
a) Trust can be cancelled at the will of the trustees;
b) Trust can be cancelled if there is provision for cancellation in the deed.
c) If author of a trust creates trust for the purpose of repayment of his debt and if this is nor informed to the creditor author can cancel the trust.
n law a settlor is a person who settles property on trust law for the benefit of beneficiaries. In some legal systems, a settlor is also referred to as a trustor, or occasionally, a grantor or donor. Where the trust is a testamentary trust, the settlor is usually referred to as the testator. The settlor may also be the trustee of the trust (where he declares that he holds his own property on trusts) or a third party may be the trustee (where he transfers the property to the trustee on trusts). In British common law it has been held, controversially, that where a trustee declares an intention to transfer trust property to a trust of which he is one of several trustees, that is a valid settlement notwithstanding the property is not vested in the other trustees.
Capacity to be a trustee is generally co-extensive with the ability to hold and dispose of a legal or beneficial interest in property. In practice, special considerations arise only with respect to minors and mentally incapacitated persons.
A settlor may create a trust by manifesting an intention to create it. In most countries no formalities are required to create an inter vivos trust over personal property, but there are often formalities associated with trusts over real property, or testamentary trusts. The words or acts of the settlor must be sufficient to establish an intention that either another person or the settlor himself shall be trustee of the property the beneficiary; a general intention to benefit another person on its own is sufficient. These formalities apply to express trusts only, and not to resulting, implied or constructive trusts.
a) Trust can be cancelled at the will of the trustees;
b) Trust can be cancelled if there is provision for cancellation in the deed.
c) If author of a trust creates trust for the purpose of repayment of his debt and if this is nor informed to the creditor author can cancel the trust.
n law a settlor is a person who settles property on trust law for the benefit of beneficiaries. In some legal systems, a settlor is also referred to as a trustor, or occasionally, a grantor or donor. Where the trust is a testamentary trust, the settlor is usually referred to as the testator. The settlor may also be the trustee of the trust (where he declares that he holds his own property on trusts) or a third party may be the trustee (where he transfers the property to the trustee on trusts). In British common law it has been held, controversially, that where a trustee declares an intention to transfer trust property to a trust of which he is one of several trustees, that is a valid settlement notwithstanding the property is not vested in the other trustees.
Capacity to be a trustee is generally co-extensive with the ability to hold and dispose of a legal or beneficial interest in property. In practice, special considerations arise only with respect to minors and mentally incapacitated persons.
A settlor may create a trust by manifesting an intention to create it. In most countries no formalities are required to create an inter vivos trust over personal property, but there are often formalities associated with trusts over real property, or testamentary trusts. The words or acts of the settlor must be sufficient to establish an intention that either another person or the settlor himself shall be trustee of the property the beneficiary; a general intention to benefit another person on its own is sufficient. These formalities apply to express trusts only, and not to resulting, implied or constructive trusts.
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