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DEED OF TRANSFER PT. 3 - Coggle Diagram
DEED OF TRANSFER PT. 3
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TRUSTS
A trust can be described according to the name of the trust as it appears in the trust deed and in the Letter of Appointment by the Master, with the trust code and trust number following immediately.
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In the preamble to the power of attorney, the names of the trustees, their capacity and the authorization are mentioned, but in the preamble to the deed of transfer only the name and number of the trust are stated, and not the names of the trustees, their capacity and authorization.
All the trustees must sign the power of attorney, unless one trustee has been authorised by all the others by virtue of a resolution taken at a meeting to sign all transfer documents on their behalf.
Where the trustees authorise one trustee to sign all transfer documents on their behalf only that trustee is required to sign the power of attorney, but a reference to the authorising resolution must be included. See form p. 40
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MINORS
A minor who is less than 7 years old has no contractual capacity. He may not sign the authorization of POA. This must be done by his guardian(s). Both parents must sign POA (if applicable).
7 years or older but younger than 18: limited contractual capacity. Parents / Guardian may act on his behalf of assist him in the act. In latter instance, minor may sign authorization of POA, but guardians must assist him.
Section 80 of Administration of Estates Act requires whenever a minor's immovable property is to be alienated or mortgaged:
The authorization of the MOHC must be obtained if value of immovable property or bond amount is R250 000.00 or less;
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In practice the Master endorses the POA to transfer the property as proof of his consent to such transfer.
MENTAL PATIENTS
Has no contractual capacity and may therefore not trade with immovable property which is registered in his name.
Court may appoint a curator to perform / exercise on his behalf any particular act in respect of his property.
It is the responsibility of the Master of the High Court to issue a certificate of appointment to a curator, specifying powers bestowed on such curator and adhering to the wording prescribed by the HC
Immovable property does not vest in the name of the curator, but in the name of the mental patient. However, the fact that he is a mental patient must be added to his statute.
INSOLVENT ESTATES
The sequestration of an estate of an insolvent has the effect of divesting the insolvent of his estate and vesting it in the Master until a trustee has been appointed, and subsequently vesting the estate in such a trustee, immovable property registered in the name of an insolvent is never formally transferred from the insolvent's estate to the trustee.
Immovable property acquired by an (un-rehabilitated) insolvent must be transferred to him personally. No reference to the fact that he/she is insolvent must be made in the vesting clause