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Section 74 Warrant to vest corporeal moveable property in beneficiary where trustee has died or become incapableI1

Scotland Not yet in force

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

This section applies where—

(a)

a trustee has died or become incapable vested in corporeal moveable property to which a beneficiary is absolutely entitled, but

(b)

delivery of the property to, or possession of the property by, the beneficiary is required for the property to vest in the beneficiary.

(2)

The court may, on the application of the beneficiary, grant warrant for the property to vest in the beneficiary.

(3)

Any such warrant is effectual to vest the property in the beneficiary, as at the date of the warrant, as if the beneficiary had taken delivery or possession of the property on that date.

(4)

Reference in subsections (1) to (3) to a beneficiary includes reference to any person deriving right from a beneficiary.

(5)

This section applies irrespective of when the trust was created.

Annotations

Commencement

I1

S. 74 not in force at Royal Assent, see s. 88(3)