NSW TRUSTEE AND GUARDIAN ACT 2009 - SECT 77 Improvements of estate property may be charged on estate

NSW TRUSTEE AND GUARDIAN ACT 2009 - SECT 77

77 Improvements of estate property may be charged on estate

(cf PE Act, s 49)

(1) The cost of the improvement of property of the estate of a managed person may, with interest, be charged on the property improved or on any other property of the estate.

(2) A charge on property under this section may be created in favour of a person as trustee for the managed person, if the cost is paid from the personal estate of the managed person.

(3) A charge on property under this section must not confer any right of sale or foreclosure during the lifetime of the managed person.

(4) Any interest payable under a charge on property under this section must, during the lifetime of the managed person, be at a rate that is generally able to be paid out of the income of the estate. The interest must, as far as practicable, be paid out of that income.