Section 5 — Trusts Act 2019: Application, and relationship of Act with trust terms, common law and equity, and other enactments

5 Application, and relationship of Act with trust terms, common law and equity, and other enactments Trusts to which this Act applies (1) This Act applies only to express trusts that are governed by New Zealand law. (2) However,— (a) this Act also applies to a trust that is not an express trust but that is created by or under an enactment, if the application of this Act is consistent with the purpose, text, and context of that enactment and necessary for the due administration of the trust; and (b) a court may, where necessary or appropriate, apply the provisions of this Act to any of the following that are governed by New Zealand law: (i) a resulting trust: (ii) a constructive trust: (iii) a trust that does not satisfy the definition of express trust but that is recognised at common law or in equity as being a trust. Interrelationship between Act and terms of trust (3) This Act applies to all express trusts despite anything to the contrary in the terms of a trust, except as provided in subsections (4) to (6). (4) The application of the provisions of this Act specified in column 1 of the table in Schedule 2 may, subject to the limitations in subsection (5), be modified or excluded by express or implied terms of a trust. (5) The modifications and exclusions that may be made to the provisions listed in column 1 of the table are limited to the extent specified in column 2. (6) Schedule 3 provides that the application of certain provisions of this Act is or may be modified or excluded in relation to specified commercial trusts. (7) The terms of a trust may impose duties and restrictions on a trustee additional to those provided for in this Act. Interrelationship between Act and common law and equity (8) This Act— (a) is not an exhaustive code of the law relating to express trusts; and (b) is intended to be complemented by the rules of the common law and equity relating to trusts (except where otherwise indicated or where those rules are inconsistent with the provisions of this Act). Interrelationship between Act and other enactments (9) If there is an inconsistency between the provisions of this Act and those of any other enactment, the provisions of that other enactment prevail, unless this Act provides otherwise.