Section 149 — Trusts Act 2019: Transfer to the Crown of non-distributable trust property

149 Transfer to the Crown of non-distributable trust property (1) A trustee who is administering trust property that the trustee is not able to distribute in accordance with the terms of the trust may transfer the trust property to the Crown if the trust property consists of money or of financial products that can legally be transferred to the Crown. (2) The trustee must provide to the Secretary to the Treasury all the information that the Secretary reasonably considers necessary to allow the Secretary to know— (a) the terms of the trust; and (b) the persons having a beneficial interest in the trust property; and (c) the state of the trust accounts with respect to the trust property being transferred; and (d) the measures taken by the trustee to attempt to distribute the trust property and the reasons why it was not possible to do so. (3) The Secretary to the Treasury may refuse a transfer if the required information has not been provided by the trustee. (4) The Secretary to the Treasury may, before accepting a transfer, require the trustee to sell, or convert into money, any trust property that consists of financial products. (5) A trustee is discharged from any further responsibility with regard to trust property transferred to the Crown under this section. Compare: 1956 No 61 s 77