Good evening,A property was purchased wi...

Asked by Matthew on 08-09-2021 19:09:35
Question posted in the Property Law category relating to Eastern Cape

Good evening,

A property was purchased within a trust, which has 4 members. I have recently learned that one of the members has withdrawn funds from the bond, increasing the amount owed.

Is it possible for me to remove myself from the trust which I no longer wish to be part of, and what would the process be?

Kind regards,

Matthew

Information Requested by Lawyer

Posted by Att. Patrick on 10-09-2021 13:20:55

Hi there,

I see that you haven't made a payment for the question, but I'm going to assist you a little. If you want to ask a follow-up question, please make the required payment, even if it is R150 or R200.

When you say that the trust has 4 members, I think that you mean 4 trustees?

If that's the case, and you are a trustee, then you can simply resign as a trustee. Easy. 

But, if you signed as surety on behalf of the trust for the loan agreement with the bank, then the bank won't let you off that surety ... so you'll still be liable there! 

My advice is to get the trustees to act together to force that 1 trustee to repay the money.

Att. Patrick 

Please remember this is a dialog if you have follow-up questions please make the required deposit, then use the REPLY button and ask your further question. I would like to continue assisting you, but I need to concentrate on people who make deposits for their questions - they get serviced first!

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