Deed of Appointment of New Trustees (with Transfer of Property) (India) by OLL
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Deed of Appointment of New Trustees (with Transfer of Property)
THIS DEED is made at............................... this........day of.................between 1)...............................................of......................hereinafter referred to as "the Continuing Trustee" of the One Part, (2).................of................ hereinafter referred to as `the Retiring Trustee" of the Second Part, and (3)...................... of.................................. hereinafter referred to as the `New Trustee' of the Third Part;
WHEREAS --
1. By a Deed of Trust (or Settlement) made on the..... day of.... between..... there in referred to as the Settlor of the One Part and.................&.........................herein referred to as the Trustees of the Other Part and registered at the office of the Sub-Registrar at..... under Serial No...... of Book-I, the said Settlor, granted and conveyed unto the Trustees the land and premises situate at..... and more particularly described in the First Schedule there underwritten (being the same as described in the First Schedule hereunder written) To Have And To Hold the same unto the said Trustees to the use and upon the Trusts and with and subject to powers, provisions, obligations and declarations therein contained.
2. By the said Deed, the Settlor also assigned to the said Trustees certain securities and investments described in the Second Schedule there under written To Hold the same upon the trusts and with powers, provisions, obligations and declarations therein mentioned,
3. The said Deed, inter alia, provides as follows --
"In case and so often as the Trustees hereby constituted or any of them or any future trustees or trustee of these presents be removed, or shall die, or go to reside abroad, or desire to retire or refuse or become incapable to act in the trusts hereof or is adjudged insolvent, then and in every such case it shall be lawful for the surviving or continuing trustees or trustee for the time being of these presents (and for this purpose the retiring or refusing trustee shall, if willing to act in the exercise of this power be considered as a continuing Trustee) to appoint a new trustee and upon every such appointment of the new Trustee, the Trust property shall be so transferred as to become vested in the new trustee along with the continuing trustee or trustees and every such new trustee as well as before or after the trust property shall have become vested in him shall have all the powers and authorities and subject to the obligations of the Trustees under these presents as if he was originally appointed by these presents."
4. The Retiring Trustee desires to retire and has resigned as trustee of these presents.
5. The Continuing Trustee under the power given to him by the Deed of Trust as hereinbefore recited has appointed.......... as New Trustee in place of the said Retiring Trustee and the New Trustee has accepted the appointment.
6. It is proposed to execute this Deed so as to confirm...... appointment and to transfer the Trust property to the New Trustee along with the Continuing Trustee so as to vest the same in him.
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This template is used to formally appoint a new trustee while a current trustee retires from a trust. It facilitates the legal transfer of trust property, including land and securities, from the retiring party to the new trustee to ensure continuity in the trust's administration.
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About this template
What is this template?
This is a formal deed of appointment and transfer used to refresh the board of trustees of an existing settlement. It contains specific recitals for a Book-I registration at a Sub-Registrar's office and two separate schedules for real property and securities. It is not a new settlement or a will.
When should you use it?
Use this when a trustee has resigned and you must transfer title of trust assets to a successor under an existing power of appointment. Use a simple Deed of Retirement instead if no new trustee is being appointed and the property is not being transferred by the deed itself.
What's inside
| Clause | Name | What it does |
|---|---|---|
| WHEREAS | Recitals of Trust History | Lists the original date of the settlement, the original Settlor, and the registration serial number at the office of the Sub-Registrar. |
| 3 | Power of Appointment | Permits the surviving or continuing trustees to appoint a replacement if a trustee dies, resides abroad, retires, or is adjudged insolvent. |
| NOW THIS DEED WITNESSETH | Confirmation of Appointment | Records the Continuing Trustee's formal confirmation of the New Trustee to act jointly in place of the Retiring Trustee. |
| AND THIS DEED FURTHER WITNESSETH | Conveyance of Property | Grants and conveys the land and premises in the First Schedule and assigns securities in the Second Schedule to the New Trustee. |
Who it's for
- a continuing trustee in India exercising a power of appointment to replace a retiring trustee
- trustees needing to vest land and securities described in schedules into the name of a successor
How long it runs and how it's signed
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