The Assignment Deed of Trust is a crucial document used in Hong Kong trust administration when there is a need to change trustees. This change might occur due to the resignation or retirement of the current trustee, the appointment of a professional trustee to replace an individual trustee, or corporate restructuring in case of institutional trustees. The deed ensures compliance with Hong Kong trust laws, particularly the Trustee Ordinance (Cap. 29) and related regulations, while providing a clear framework for the transfer of trust assets and responsibilities. It contains essential provisions regarding the assignment of trust property, assumption of duties, indemnities, and warranties, along with schedules detailing the trust assets and beneficiaries. The document is particularly important in maintaining the continuity of trust administration and protecting the interests of all parties involved in the trust arrangement.
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1. Parties: Identifies and defines the Assignor (current trustee), Assignee (new trustee), and any other relevant parties to the deed
2. Background: Recitals explaining the existing trust arrangement, reason for assignment, and context of the transfer
3. Definitions and Interpretation: Defines key terms used throughout the deed and sets out interpretation rules
4. Assignment: Core provisions detailing the assignment of the trust property and rights from assignor to assignee
5. Representations and Warranties: Statements and guarantees made by the assignor regarding the trust property and their authority
6. Covenants: Promises and obligations of the parties, including cooperation in the transfer process
7. Powers and Duties of the New Trustee: Outline of the assignee's powers and responsibilities in managing the trust
8. Indemnities: Provisions for indemnification of the outgoing and incoming trustees
9. Costs and Expenses: Allocation of costs related to the assignment process
10. Governing Law and Jurisdiction: Specifies Hong Kong law as governing law and jurisdiction for disputes
11. Execution: Formal execution blocks for all parties to sign
1. Tax Provisions: Include when specific tax arrangements or stamp duty considerations need to be addressed
2. Third Party Consents: Required when the assignment needs approval from specific parties like beneficiaries or regulators
3. Property Registration: Include when trust property includes real estate requiring registration
4. Continuing Obligations: Include when the outgoing trustee retains certain ongoing responsibilities
5. Dispute Resolution: Optional detailed dispute resolution procedures beyond simple governing law clause
6. Confidentiality: Include when specific confidentiality obligations need to be maintained
1. Schedule 1 - Trust Property: Detailed inventory of all trust assets being assigned
2. Schedule 2 - Original Trust Deed: Copy or details of the original trust deed being assigned
3. Schedule 3 - Beneficiaries: List of all beneficiaries and their respective interests
4. Schedule 4 - Powers of Investment: Specific investment powers and restrictions applicable to the trust
5. Schedule 5 - Outstanding Matters: List of any ongoing matters or obligations that need attention
6. Appendix A - Required Consents: Copies of all third-party consents obtained for the assignment
7. Appendix B - Supporting Documents: Additional documents evidencing the trust and assignment arrangement
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