“For much of its history, the trust has taken the form of a strict settlement. The trustees of such trusts did not enjoy the management powers commonly found in modern discretionary trusts. There were no powers of sale, to grant leases or to borrow on security of the land. This ensured the trust property was preserved unchanged for future generations. This device became less suited to the changed circumstance of the nineteenth century. These strictures were ameliorated by the grant of some management powers when trust property was resettled. In the first part of the nineteenth century, parliament, dominated by landowners, was resistant to change …”
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Toby Graham, David Russell and Tom Williams, Is the genuine transaction rule really so genuine?, Trusts and Trustees, volume 28, issue 3, April 2022, pages 156-168, https://doi.org/10.1093/tandt/ttac015. Published 29 March.
First posted 2022-04-01 13:00:20
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