TRUST OF LAND
24/03/2009
Prior to 1 January 1997 co-owned land was held on trust for sale; from that date it is held on a trust of land. Trusts of Land & Appointment of Trustees Act 1996 (TOLATA) gives effect to the recommendations of the Law Commission concerning successive and concurrent interests in land. It abolished both strict settlements and trusts for sale in respect of land and substituted a unified new system of trusts of land.
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