This document is a template assignment of interest in a trust.
This document should be used when an interest in a trust needs to be assigned from one person or entity to another.
This precedent does not need to be prepared as a deed. However if there is no consideration for the assignment, the instrument will not be enforceable.
For the assignment to be effective, notice of the assignment must be given to the Trustee using the “Notice of assignment” document.
The words “as beneficial owner” in clause 1 import implied covenants as to the right to assign, quiet enjoyment and further assurances in every state and territory except Queensland and the Northern Territory where there is valuable consideration and in New South Wales even where there is no consideration. See:
- section 78(1)(A) Conveyancing Act 1919 (NSW);
- section 76 Property Law Act 1958 (Vic);
- section 42 Law of Property Act 1936 (SA);
- section 45 Property Law Act 1969 (WA);
- section 3 Conveyancing Ordinance 1951 (ACT); and
- section 7(1)(a) Conveyancing and Law of Property Act 1884 (Tas).
Express covenants are set out in clause 2.
This document should be used in association with the precedent “Notice of assignment”.
This document has been authored for LexisNexis by K I N Rose BA, BCom, LLB (Hons) (Sydney) Barrister-At-Law and updated by Megan Sweetlove, Sweetlove Family Law.