Versions

 

30. Variation and revocation of a trust

(1) A trust may expressly provide that:
(a) its terms are capable of variation; or
(b) the trust itself or a power exercisable under the trust is revocable either in whole or in part.
(2) Where a trust provides that the terms of the trust may be varied, such power to vary shall be without prejudice to the power vested in the Court by this Law for the variation of the terms of the trust.
(3) No variation of the terms of the trust or revocation of a trust or a power exercisable under a trust shall prejudice anything lawfully done by a trustee in relation to a trust prior to his receiving a notice of such variation or revocation.
(4) Subject to the terms of the trust, where a trust is revoked, either in whole or in part, the trustee shall hold the trust property affected by the revocation for the settlor absolutely or if the settlor is dead, for the settlor's personal representative or estate.
(5) For the purposes of this Article, the "settlor" is the particular person who provided the property which is the subject of revocation.
(6) The Court may vary the terms of a trust:
(a) even if unambiguous, to conform the terms to the settlor's intention if it is provided by clear and convincing evidence that both the settlor's intent and the terms of the trust were affected by a mistake of fact or law, whether in expression or inducement;
(b) if, because of circumstances not anticipated by the settlor, modification will further the purpose of the trust; or
(c) if continuation of the trust on its existing terms would be impracticable or wasteful or impair the trust's administration;
(7) An application under Article 30(6) may be made by the settlor, the trustee, the beneficiary or the guardian or representative of a beneficiary who is a minor, incapacitated, unascertained or unborn.