Article 24 – Failure or lapse of interest
(1) Subject to the Terms of the
Trust and to any order of the QFC Court, the Trust Property or interest under the Trust must be held by the Trustee for the Settlor absolutely or if the Settlor is dead, for the Settlor's personal representatives or estate where:
(A) the interest in question lapses;
Trust Property is vested in a Person otherwise than for its sole benefit but the Trusts upon which it is to hold the Property are not declared or communicated to it; or
Trust terminates otherwise than in accordance with Article 25(1)(D).
(2) For the purposes of this Article, the “
Settlor” is the particular Person who provided the Property affected by the failure or lapse.
|Amended (as from 24th December 2017).|