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Forestry Act 1967

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[F129 Provisions relating to mortgages F2... and settled land.E+W+S

(1)Where the interest of the owner of trees in England or Wales is for the time being subject to a mortgage—

(a)a claim for any compensation or sum payable under section 11 [F3or section 26] [F3, 26, 26D, 26E or 26F] of this Act in respect of the trees may be made either by the mortgagor or by the mortgagee;

(b)in either case the compensation or sum shall be paid to the mortgagee or, if more than one, to the first mortgagee, and shall be applied by him as if it were proceeds of the sale of the trees.

F4(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)Subject to the foregoing provisions of this section, where the owner of trees comprised in a settlement within the meaning of the M1Settled Land Act 1925 is a tenant for life who is impeachable for waste in respect of the trees, any compensation or sum payable under section 11 [F5or section 26] [F5, 26, 26D, 26E or 26F] of this Act in respect of the trees shall be paid to the trustees of the settlement, and shall be applied by them in accordance with section 66(2) of the Settled Land Act 1925 as if it were proceeds of sale of timber cut and sold with the consent of the trustees under that section.]

Textual Amendments

F3Words in s. 29(1)(a) substituted (W.) (18.8.2023 for specified purposes) by Agriculture (Wales) Act 2023 (asc 4), ss. 44(6)(a), 56(1)(a)

F5Words in s. 29(3) substituted (W.) (18.8.2023 for specified purposes) by Agriculture (Wales) Act 2023 (asc 4), ss. 44(6)(b), 56(1)(a)

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