Trusts of Land and Appointment of Trustees Act 1996

The Trusts of Land and Appointment of Trustees Act 1996 (c 47), usually called "TLATA" or "TOLATA", is an Act of Parliament of the United Kingdom, which altered the law in relation to trusts of land in England, Wales, Scotland and Northern Ireland.
Background.
TLATA came into force on 1 January 1997 and was a result of a recognised need for reform of the part of the Law of Property Act 1925 which dealt with trusts. Some problems included the fact that it was hard to establish a trust without it coming under the auspices of the Settled Land Act 1925, which brought with it a range of problems. In particular, the co-owners of property were regarded as having beneficial interests in money and not in the land. Problems arose where partners disagreed over when they wanted to sell a property – usually in the case of separation, and this led to situations where spouses and children might find themselves without their customary home inequitably.
One of the key features of TLATA is to try to redress this by the imposition of statutory considerations to be taken into account when dealing with the disposition of trusts and ordering a sale of a family home.
Contents.
Notable requirements come from two parts of the legislation, sections 14 and 15, where the considerations for determining applications are dealt with. Secondly, the imposition of section 335a in the Insolvency Act 1986.
Section 15
Insolvency Act 1986, S. 335a
(3) Where such an application is made after the end of the period of one year beginning with the first vesting under chapter IV of this part of the bankrupt's estate in a trustee, the court shall assume, unless the circumstances of the case are exceptional, that the interests of the bankrupt's creditors outweigh all other considerations.
Case Law.
In 2001, in the Case of "Re Shaire", Neuberger J assessed the requirements of TLATA in the light of the case before him and stated that the statute had intended "to tip the balance somewhat more in favour of families and against banks and other charges", when assessing a claim.