A bare trust is a trust in which the beneficiary has a right to both income and capital and may call for both to be remitted into his own name. For example, the lender can have the right to recover outstanding amounts where there is a default on the borrowing by repossessing or disposing of the asset being acquired under the arrangement, but cannot have the right to recover such amounts through recourse to the fund’s other trust law chambers. The Bare Trust Deed Trust Deed is a key document. Care is required to ensure there are no adverse GST, taxation or stamp duty consequences.
The legal and beneficial interests in the property must be separated, so that an entity separate from the Superannuation Fund Trustee holds the legal title, while the Superannuation Fund Trustee holds the beneficial interest. A case that deals with the limited powers of a bare trustee to deal with trust assets is Caterpillar Financial Australia Ltd v Ovens Nominees Pty Ltd FCA 677 which considered the law relating to the duties, powers and rights of a bare trustee in a winding up. Limited powers of a bare trustee to deal with trust assets”. This page was last edited on 15 December 2017, at 23:41. One of UK’s leading firm of solicitors – specialising in Immigration. The firm has handled over 20,000 cases.
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