Extract of Trust Deed
- Thread starter The Y-man
- Start date
If you're talking loan documents and lenders, they usually want a certified copy of the whole thing, but I find they'll accept the entire document with only a descrete few pages certified.
Its really a silly request, I find certain lenders will request certified copy of front page, contents page and signing pages at the back - for what purpose? particularly when they accept scanned copies of most deeds. Another tick on the checklist I say.
Cheers, Ivan
If its open a bank account they will usually confine the request to the schedule and execution pages.
If they are lending to the Trustee or using trust property as security they want the whole deed. They will check the deed for clauses that empower borrowing. Its often acceptable but also not unusual for a lender to ask for specific amendments. I often see dumbo deeds with incorrect execution....s147 of the Corporations Act is the modern equal to the ultra vires" concept of company authority. If the execution of the deed fails s147 it could be a concern.....This is often a accountant issue as few accountants know what s147 means. Some deed providers even have witness requirements for a company trustee...FAIL. It gets expensive to amend these errors when the bank lawyers detect it.
When I establish a client trust its standard process to have it stamped THEN the stamped deed is a certified then copied / replicated with certified copies in paper and PDF. That way its very easy later. Important that the stamped deed is the certified copy as many lenders want evidence of the stamping requirement.
If they are lending to the Trustee or using trust property as security they want the whole deed. They will check the deed for clauses that empower borrowing. Its often acceptable but also not unusual for a lender to ask for specific amendments. I often see dumbo deeds with incorrect execution....s147 of the Corporations Act is the modern equal to the ultra vires" concept of company authority. If the execution of the deed fails s147 it could be a concern.....This is often a accountant issue as few accountants know what s147 means. Some deed providers even have witness requirements for a company trustee...FAIL. It gets expensive to amend these errors when the bank lawyers detect it.
When I establish a client trust its standard process to have it stamped THEN the stamped deed is a certified then copied / replicated with certified copies in paper and PDF. That way its very easy later. Important that the stamped deed is the certified copy as many lenders want evidence of the stamping requirement.
That's CBA perhaps? For them loan wise you just need to provide:
1) the front page = name of trust
2) schedule page(s) = the whos who page
