Section 89 — Trusts Act 2019: Protection of trustee in handing over personal property to life tenant

89 Protection of trustee in handing over personal property to life tenant (1) If personal property is given by will to a person (including a child) for a life interest or another limited interest, the trustee may deliver the personal property to the person (or in the case of a child, to the child’s parent or guardian) on the terms and conditions that the trustee thinks fit. (2) However, before delivering the personal property to the person, the trustee must— (a) prepare an inventory of the property; and (b) ensure that the inventory is signed by the person and by the trustee; and (c) give the person a copy of the inventory and keep a copy. (3) On and after the delivery of the property, the trustee— (a) is not required to repair or insure the property; and (b) is not liable for any loss or destruction of the property or the failure of the person to repair or insure the property. (4) A copy of the inventory signed by the person and the trustee is a security interest for the purposes of the Personal Property Securities Act 1999 , and a financing statement may be registered accordingly. Compare: 1956 No 61 s 39A