(1)This Part does not apply in relation to—
(a)a trust of property which consists of or includes land which (despite section 2 of the M1Trusts of Land and Appointment of Trustees Act 1996) is settled land, or
(b)a trust to which the M2Universities and College Estates Act 1925 applies.
(2)Subject to subsection (1), this Part applies in relation to trusts whether created before or after its commencement.