A Trusteeship pursuant to section 66G of the Conveyancing Act NSW 1919 refers to a legal arrangement where a trustee is appointed to hold and manage or sell property on behalf of another person or entity. This provision is specific to the state of New South Wales in Australia and outlines the powers and duties of trustees in certain circumstances. There is comparable legislation in all other Australian jurisdictions.
Section 66G of the Conveyancing Act NSW 1919 comes into play when there is a legal requirement to create a trusteeship, typically in situations where property is subject to certain restrictions or obligations. It provides a mechanism for the appointment of a trustee to ensure that the property is managed appropriately and in accordance with the specified conditions. The trusteeship is established by a court order or by a written agreement between the parties involved. The trustee is entrusted with the responsibility of safeguarding the property and acting in the best interests of the beneficiaries or parties with an interest in the property.
The trustee’s role under section 66G involves various duties and powers. These include managing, maintaining, leasing, selling, or otherwise dealing with the property as required by the terms of the trusteeship. The trustee must act impartially, avoiding conflicts of interest, and must exercise due care, skill, and diligence in the performance of their duties. The beneficiaries or parties with an interest in the property have certain rights under the trusteeship. They may have the right to receive income generated by the property, have the property maintained or repaired, or to be consulted on significant decisions regarding the property. The specific rights and obligations are typically outlined in the court order or agreement establishing the trusteeship.
It is important to note that section 66G of the Conveyancing Act NSW 1919 provides a legal framework for the establishment and operation of trusteeships in New South Wales. The purpose is to ensure proper management and protection of property when specific circumstances arise, such as when a property is subject to a trust, an encumbrance, or other legal restrictions. The provision helps to maintain transparency, accountability, and fairness in the management of such properties.
At O’Brien Palmer, we accept appointment and manage such appointments in a transparent and reasonable manner in order to provide certainty to all parties and minimise the potential for conflict. Should you require the services of Trustees to act, please give us a call to discuss engagement terms and costs relevant to the individual circumstances of the matter.
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