Law of Property (Amendment) Act 1924

FOURTH SCHEDULE Settled Land

PART I Amendments

Meaning of “settlement ”.

1 The following definition shall be substituted for the definition of settlement in subsections (1) and (2) of section two of the Act of 1882 :—

“(1) Any deed, will, agreement for a settlement, or other agreement, Act of Parliament, or other instrument, or any number of instruments, whether made or passed before or after, or partly before and partly after, the commencement of this Act, under or by virtue of which instrument or instruments any land, after the commencement of this Act, stands for the time being—

(i) limited in trust for any persons by way of succession; or

(ii) limited in trust for any person in possession—

(a) for an entailed interest whether or not capable of being barred or defeated;

(b) for an estate in fee simple or for a term of years absolute subject to an executory limitation, gift, or disposition over on failure of his issue or in any other event;

(c) for a base or determinable fee or any corresponding interest in leasehold land;

(d) being an infant, for an estate in fee simple or for a term of years absolute; or

(iii) limited in trust for any person for an estate in fee simple or for a term of years absolute contingently on the happening of any event; or

(iv) limited to or in trust for a married woman of full age in possession for an estate in fee simple or for a term of years absolute with a restraint on anticipation; or

(v) charged, whether voluntarily or in consideration of marriage or by way of family arrangement, and whether immediately or after an interval, with the payment of any rentcharge for the life of any person, or any less period, or of any capital, annual, or periodical sums for the portions, advancement, maintenance, or otherwise for the benefit of any persons (with or without any term of years for securing or raising the same);

creates or is for the purposes of this Act a settlement and is in this Act referred to as a settlement, or as the settlement, as the case requires:

Provided that where land is the subject of a compound settlement, references in this Act to the settlement shall be construed as meaning such compound settlement, unless the context otherwise requires.

(2) Where an infant is beneficially entitled to land for an estate in fee simple or for a term of years absolute and by reason of an intestacy or otherwise there is no instrument under which the interest of the infant arises or is acquired, a settlement shall be deemed to have been made by the intestate, or by the person whose interest the infant has acquired.

(3) An infant shall be deemed to be entitled in possession notwithstanding any subsisting right of dower (not assigned by metes and bounds) affecting the land; and such right of dower shall be deemed an interest comprised in the subject of the settlement, and coming to the dowress under or by virtue of the settlement:

Provided that where dower has been assigned by metes and bounds the letters of administration or probate granted in respect of the estate of the husband of the dowress shall be deemed the settlement.

(4) An estate or interest not disposed of by a settlement, and remaining in or reverting to the settlor, or any person deriving title under him, is for the purposes of this Act an estate or interest comprised in the subject of the settlement, and coming to the settlor or such person under or by virtue Of the settlement.

(5) Where—

(a) a settlement creates an entailed interest which is incapable of being barred or defeated, or a base or determinable fee (whether or not the reversion or right of reverter is in the Crown) or any corresponding interest in leasehold land; or

(b) the subject of a settlement is an entailed interest, or a base or determinable fee (whether or not the reversion or right of revertor is in the Crown) or any corresponding interest in leasehold land;

the reversion or right of reverter upon the cesser of the interest so created or settled shall be deemed to be an interest comprised in the subject of the settlement, and limited by the settlement.

This subsection and the last preceding subsection bind the Crown.”

Acquisition of land to be settled.

2 (1) The following provisions shall be substituted for sub-paragraphs (2) to (7) of paragraph 2 of the Fifth Schedule to the principal Act relating to the procedure on the acquisition of land, namely :—

“(1) Where after the commencement of this Act land is acquired with capital money arising under a settlement or in exchange for settled land, or a rentcharge is reserved on a grant of settled land, the land shall be conveyed to, and the rentcharge by virtue of this Act shall become vested in, the tenant for life or statutory owner, and such conveyance or grant is in this Act referred to as a subsidiary vesting deed:

Provided that where an instrument is subsisting at the commencement of this Act, or is made or comes into operation after such commencement, by virtue of which any money or securities are liable under the Settled Land Acts, or under a trust or direction contained in such instrument, to be invested in the purchase of land to be conveyed so as to become settled land, but at the commencement of this Act or when such instrument is made or comes into operation after such commencement (as the case may be), there is no land in respect of which a principal vesting deed is capable of being executed, the first deed after the commencement of this Act by which any land is acquired as aforesaid shall be a principal vesting deed and shall be framed accordingly.

(2) A subsidiary vesting deed executed on the acquisition of land to be made subject to a settlement shall contain the following statements and particulars, namely :—

(a) Particulars of the last or only principal vesting instrument affecting land subject to the settlement:

(b) A statement that the land conveyed is to be held upon and subject to the same trusts and powers as the land comprised in such last or only principal vesting instrument:

(c) The names of the persons who are the trustees of the settlement:

(d) The name of any person for the time being entitled to appoint new trustees of the settlement.

(3) A subsidiary vesting deed reserving a rentcharge on a grant of settled land shall contain the following statements and particulars :—

(a) A statement that the rentcharge is vested in the grantor and is subject to the settlement which, immediately before the grant, was subsisting with respect to the land out of which it was reserved:

(b) Particulars of the last or only principal vesting instrument affecting such land.

(4) A subsidiary vesting deed shall not be invalidated by reason only of any error in any of the statements or particulars by this Act required to be contained therein.

(5) The acquisition of the land shall not operate to increase or multiply charges or powers of charging.”

Meaning of " tenant for life. "

3 The following definition shall be substituted for the definition of tenant for life in subsections (5), (6) and (7) of section two of the Act of 1882:—

“(5) The person of full age who is for the time being, under a settlement, beneficially entitled to possession of settled land for his life is for the purposes of this Act the tenant for life of that land, and the tenant for life under that settlement.

(6) If, in any case, there are two or more persons of full age so entitled as joint tenants, they together constitute the tenant for life for the purposes of this Act.

(7) If in any case there are two or more persons so entitled as joint tenants and they are not all of full age, such one or more of them as is or are for the time being of full age is or (if more than one) together constitute the tenant for life for the purposes of this Act, but this subsection does not affect the beneficial interests of such of them as are not for the time being of full age.

(7A) A person being tenant for life within the foregoing definitions shall be deemed to be such notwithstanding that, under the settlement or otherwise, the settled land, or his estate or interest therein, is incumbered or charged in any manner or to any extent, and notwithstanding any assignment by operation of law or otherwise of his estate or interest under the settlement, whether before or after it came into possession, other than an assurance which extinguishes such estate or interest.”

Procedure on appointment or discharge of a trustee.

4 The following provisions as to procedure on the appointment or discharge of a trustee of the settlement shall have effect as if inserted at the end of the Fifth Schedule to the principal Act :—

“14 (1) Whenever a new trustee for the purposes of the Settled Land Acts is appointed of a trust instrument, or a trustee thereof for the purposes aforesaid is discharged from the trust without a new trustee being appointed, a deed shall be executed supplemental to the last or only principal vesting instrument containing a declaration that the persons therein named, being the persons who after such appointment or discharge (as the case may be) are the trustees of the trust instrument for the purposes aforesaid are the trustees of the settlement for those purposes; and a memorandum shall be endorsed on or annexed to the last or only principal vesting instrument in accordance with the Trustee Act, 1893, as amended.

(2) Such deed shall, if the trustee was appointed or discharged by the court, be executed by such person - as the court may direct, and, in any other case, shall be executed by—

(i) the person (if any) named in such principal vesting instrument as the person for the time being entitled to appoint new trustees of the settlement, or if no person is so named, or such person is dead or unable or unwilling to act, the persons who if such principal vesting instrument had been the only instrument constituting the settlement would have had power to appoint new trustees thereof;

(ii) the persons named in the deed of declaration as the trustees of the settlement; and

(iii) any trustee who is discharged as aforesaid or retires.

(3) A statement contained in any such deed of declaration ' as mentioned in this section to the. effect that the person named in the principal vesting instrument as the person for the time being entitled to appoint new trustees of the settlement is unable or unwilling to act, or that a trustee has remained out of the United Kingdom for more than twelve months, or refuses or is unfit to act, or is incapable of acting, shall in favour of a purchaser of a legal estate, be conclusive evidence of the matter stated.”

Exchanges.

5 The following paragraph shall be substituted for paragraph (iii) of section three of the Act of 1882 :—

“(iii) May make an exchange of the settled land, or any part thereof, or of any easement, right, or privilege of any kind, whether or not newly created, over or in relation to the settled land, or any part thereof, for other land, or for any easement, right or privilege of any kind, whether or not newly created, over or in relation to other land, including an exchange in consideration of money paid for equality of exchange.”

Sales.

6 (1) At the end of the first paragraph of subsection (1) of section forty-three of the principal Act, the words “or an adequate part thereof ” shall be inserted.

(2) The following proviso shall be inserted at the end of the said subsection (1) :—

“Provided that, unless the part of the terminable rent attributable to interest varies according to the amount of principal repaid, the trustees of the settlement shall, during the subsistence of the rent, accumulate the income of the said capital money in the way of compound interest by investing it and the resulting income thereof in securities authorised for the investment of capital money and add the accumulations to capital.”

Dedication of roads.

7 The following paragraph shall be inserted at the end of paragraph (b) of subsection (2) of section sixty of the principal Act :—

“(c) to consent to any such road as is mentioned in section thirty-six of the Highway Act, 1862, being declared a public highway.”

Compromises and licences.

8 (1) The following provision shall be inserted at the end of subsection (7) of section forty-five of the principal Act:—

“And in any case where section seventy-eight aforesaid has effect as amended and re-enacted by Part II of the Mines (Working Facilities and Support) Act, 1923, a tenant for life may make any agreement authorised by section eighty-five a of the Railway Clauses Consolidation Act, 1845, as enacted in the said Part II.”

(2) The following subsection shall be inserted at the end of section forty-five of the principal Act:—

“(10) Where land is or has been disposed of subject to any covenant requiring the licence, consent, or approval of the covenantee or his successors in title as to—

(a) the user of the land in any manner; or

(b) the erection construction or alteration of or addition to buildings or works of any description on the land; or

(c) the plans or elevations of any proposed buildings or other works on the land; or

(d) any other act, matter, or thing relating to the land, or any buildings or works thereon; or

(e) any assignment, underletting or parting with the possession of all or any part of the property comprised in any lease affecting the settled land;

and the covenant enures for the benefit of settled land (including, where the disposition is a lease, the reversion expectant on the determination thereof) the licence, consent or approval may be given by the tenant for life of the settled land affected.”

Bankruptcy.

9 The following paragraph shall be inserted at the end of the Fifth Schedule to the principal Act:—

“14 The legal estate in settled land shall not vest in the trustee in bankruptcy of an estate owner unless and until the estate owner becomes absolutely and beneficially entitled to the settled land free from all limitations, powers, and charges taking effect under the settlement.”

Purchases of life interests.

10 Sub-paragraph (3) of paragraph 10 of the Fifth Schedule to the principal Act (relating to the acquisition of the beneficial interest of a tenant for life) shall take effect subject to the following provisions :—

“Provided that—

(a) where the conveyance or dealing is effected after the commencement of this Act, the purchaser shall not be entitled to the possession of the documents of title relating to the settled land, but shall have the same rights with respect thereto as if the tenant for life had given to him a statutory acknowledgment of his right to production and delivery of copies thereof, and a statutory undertaking for the safe custody thereof; and

(b) the tenant for life shall not deliver any such -documents to a purchaser of his beneficial interest who is not also a purchaser of the whole of the settled land to which such documents relate."”

Small dwellings.

11 Section eighteen of the Act of 1890 shall have effect as if the words “who earn their livelihood by wages or salaries ” were omitted.

PART II Provisions Facilitating Consolidation or the Law relating to Settled Land

Authorised method of settling.

1 The provisions in paragraph 1 of the Fifth Schedule to the principal Act relating to the method of settling land inter vivos shall be read as follows—

“(1) Every settlement of a legal estate in land inter vivos shall (save as in this Act otherwise provided) be effected by two deeds, namely, a vesting deed and a trust instrument, and if made in any other way shall not operate to transfer or create a legal estate.

(2) By the vesting deed the land shall be conveyed to the tenant for life or statutory owner (and if more than one as joint tenants) for the legal estate the subject of the intended settlement:

Provided that, where such legal estate is already vested in the tenant for life or statutory owner, it shall be sufficient, without any other conveyance, if the vesting deed declares that the land is vested in him for that estate.

(3) The trust instrument shall—

(a) declare the trusts affecting the settled land;

(b) appoint or constitute trustees of the settlement ;

(c) contain the power (if any) to appoint new trustees of the settlement;

(d) set out, either expressly or by reference, any powers intended to be conferred by the settlement in extension of those conferred by this Act; and

(e) bear any ad valorem stamp duty which may be payable (whether by virtue of the vesting deed or otherwise) in respect of the settlement.”

Contents of vesting deeds.

2 The provisions in paragraph 2 of the same Schedule relating to the contents of vesting deeds shall be read as follows:—

“(1) Every vesting deed for giving effect to a settlement or for conveying settled land to a tenant for life or statutory owner during the subsistence of the settlement (in this Act referred to as a principal vesting deed) shall contain the following statements and particulars, namely :—

(a) A description, either specific or general, of the settled land :

(b) A statement that the settled land is vested in the person or persons to whom it is conveyed or in whom it is declared to be vested upon the trusts from time to time affecting the settled land :

(c) The names of the persons who are the trustees of the settlement:

(d) Any additional or larger powers conferred by the trust instrument relating to 'the settled land which by virtue of this Act operate and are exercisable as if conferred by this Act on a tenant for life :

(e) The name of any person for the time being entitled under the trust instrument to appoint new trustees of the settlement.

(2) The statements or particulars required by this paragraph may be incorporated by reference to an existing vesting instrument, and where there is a settlement subsisting at the commencement of this Act, by reference to such settlement, and to any instrument whereby land has been conveyed to the uses or upon the trusts of such settlement, but not (save as last aforesaid) by reference to a trust instrument nor by reference to a disentailing deed.

(3) A principal vesting deed shall not be invalidated by reason only of any error in any of the statements or particulars by this Act required to be contained therein.”

Procedure on change of ownership.

3 The provisions in paragraph 3 of the same Schedule relating to procedure on change of ownership shall be read as follows:—

“(1) If, on the death of a tenant for life or statutory owner, or of the survivor of two or more tenants for life or statutory owners, in whom the settled land was vested, the land remains settled land, his personal representatives shall hold the settled land on trust, if and when required so to do, to convey the same to the person who, under the trust instrument, or by virtue of this Act, becomes the tenant for life or statutory owner and, if more than one, as joint tenants.

(2) If a person by reason of attaining full age becomes a tenant for life for the purposes of the Settled Land Acts of settled land, he shall be entitled to require the trustees of the settlement, personal representatives, or other persons in whom the settled land is vested, to convey the land to him.

(3) If a person who, when of full age, will together with another person or other persons constitute the tenant for life for the purposes of the Settled Land Acts of settled land attains that age, he shall be entitled to require the tenant for life, trustees of the settlement, personal representatives or other persons in whom the settled land is vested to convey the land to him and the other person or persons who together with him constitute the tenant for life as joint tenants.

(4) If by reason of forfeiture, surrender, or otherwise the estate owner of any settled land ceases to have the statutory powers of a tenant for life, and the land remains settled land; he shall be bound forthwith to convey the settled land to the person who under the trust instrument, or by virtue of the Settled Land Acts, becomes the tenant for life or statutory owner and, if more than one, as joint tenants.

(5) If any person of full age becomes absolutely entitled to the settled land (whether beneficially, or as personal representative, or as trustee for sale, or otherwise free from all limitations, powers, and charges taking effect under the settlement, he shall be entitled to require the trustees of the settlement, personal representatives, or other persons in whom the settled land is vested, to convey the land to him, and if more persons than one being of full age become so entitled to the settled land they shall be entitled to require such persons as aforesaid to convey the land to them as joint tenants.”

Mode and costs of conveyance.

4 The provisions in paragraphs 3 and 4 of the same Schedule relating to conveyances for giving effect to settlements by will and on change of ownership shall be read as follows :—

“(1) A conveyance by personal representatives under the aforesaid provisions may be made by an assent in writing signed by them which shall operate as a conveyance.

(2) Every conveyance under the aforesaid provision shall be made at the cost of the trust estate.

(3) The obligations to convey settled land imposed by the aforesaid provisions are subject and without prejudice—

(a) where the settlement is created by a will, to the rights and powers of the personal representatives for purposes of administration; and

(b) in any case to the person on whom the obligation is imposed being satisfied that provision has been or will be made for the payment of any unpaid death duties in respect of the land or any interest therein for which he is accountable, and any interest and costs in respect of such duties, or that he is otherwise effectually indemnified against such duties, interest and costs.

(4) Where the land is or remains settled land a conveyance under either of the aforesaid provisions shall—

(a) if by deed, be a principal vesting deed; and

(b) if by an assent, be a vesting assent, which shall contain the like statements and particulars as are required by this Act in the case of a principal vesting deed.

(5) Nothing contained in the aforesaid provisions affects the right of personal representatives to transfer or create such legal estates to take effect in priority to a conveyance under those provisions as may be required for giving effect to the obligations imposed on them by statute.

(6) A conveyance under the aforesaid provisions, if made by deed, may contain a reservation to the person conveying of a term of years absolute in the land conveyed upon trusts for indemnifying him against any unpaid death duties in respect of the land conveyed or any interest therein, and any interest and costs in respect of such duties.

(7) Nothing contained in the aforesaid provisions affects any right which a person entitled to an equitable charge for securing money actually raised, and affecting the whole estate the subject of the settlement, may have to require effect to be given thereto by a legal mortgage, before the execution of a conveyance under either of those sections.”

Trust instruments.

5 The provisions in paragraphs 4, 8 and 9 of the same Schedule relating to trust instruments shall be read as follows :—

“(1) Each of the following settlements or instruments shall for the purposes of this Act be deemed to be a trust instrument, and any reference to a trust instrument contained in this Act shall apply thereto, namely :—

(i) An instrument executed, or, in case of a will, coming into operation, after the commencement of this Act which by virtue of this Act is deemed to be a settlement;

(ii) A settlement which by virtue of this Act is deemed to have been made by any person after the commencement of this Act;

(iii) An instrument inter vivos intended to create a settlement of a legal estate in land which is executed after the commencement of this Act, and does not comply with the requirements of this Act with respect to the method of effecting such a settlement; and

(iv) A settlement made after the commencement of this Act (including a settlement by the will of a person who dies after such commencement) of any of the following interests—

(a) an equitable interest in land which is capable, when in possession, of subsisting at law ; or

(b) an entailed interest; or

(c) a base or determinable fee or any corresponding interest in leasehold land;

but only if and when the interest settled takes effect free from all equitable interests and powers under every prior settlement (if any).

(2) As soon as practicable after a settlement or instrument which, for the purposes of this Act, is deemed to be a trust instrument takes effect as such, the trustees of the settlement may, and on the request of the tenant for life or statutory owner shall, execute a principal vesting deed (containing the proper statements and particulars) declaring that the legal estate in the settled land shall vest or is vested in the person or persons therein named (being the tenant for life or statutory owner, and including themselves if they are the statutory owners), and such deed shall (unless the legal estate is already so vested) operate to convey or vest the legal estate in the settled land to or in the person or persons aforesaid and, if more than one, as joint tenants.

(3) If there are no trustees of the settlement, then (in default of a person able and willing to appoint such trustees) an application shall be made to the court by the tenant for life or statutory owner, or may be made by any other person interested, for the appointment of such trustees.

(4) The provisions of the last preceding section with reference to a conveyance shall apply, so far as the same are applicable, to a principal vesting deed under this section.”

Agreement for a settlement.

6 The following sub-paragraph shall be substituted for sub-paragraph (2) of paragraph 1 of the same Schedule to the principal Act:—

“(2) A contract made or other liability created or arising after the commencement of this Act for the settlement of land—

(i) by or on the part of an estate owner; or

(ii) by a person entitled to—

(a) an equitable interest which is capable when in possession of subsisting at law; or

(b) an entailed interest; or

(c) a base or determinable fee or a corresponding interest in leasehold land;

shall, but in cases under paragraph (ii) only if and when the interest of the person entitled takes effect free from all equitable interests and powers under every prior settlement, if any, be deemed an estate contract within the meaning of the Land Charges Acts, and may be registered as a land charge accordingly, and effect shall be given thereto by a vesting deed and a trust instrument in accordance with this Act.”

Vesting orders.

7 The provisions, in paragraphs 7 and 9 of the same Schedule to the principal Act as to vesting orders shall be read as follows:—

“(1) If—

(a) any person who is bound to execute a conveyance, vesting deed or vesting assent, or in whom settled land is wrongly vested refuses or neglects to execute the requisite conveyance or vesting deed or vesting assent within one month after demand in writing ; or

(b) such person is outside the United Kingdom, or cannot be found, or it is not known whether he is alive or dead; or

(c) for any reason the court is satisfied that the conveyance or vesting deed or vesting assent cannot be executed, or cannot be executed without undue delay or expense;

the court may, on the application of any person interested, make an order vesting the settled land in the tenant for life or statutory owner or person (if any) of full age absolutely entitled (whether beneficially or as personal representative or trustee for sale or otherwise), and (if the land remains settled land) the provisions of this Act relating to a principal vesting deed or a subsidiary vesting deed (as the case may require) shall apply to any order so made which shall contain the like statements and particulars.

(2) No stamp duty shall be payable in respect of a vesting order made in place of a vesting or other assent.”

Restrictions on dispositions before vesting instrument is made.

8 The restrictions imposed by the same Schedule to the principal Act on dispositions until a vesting instrument is made shall not affect a personal representative and shall not apply to dispositions which a tenant for life has power to make in right of his equitable interests or powers under a trust instrument.

Enforcement of equitable interests.

9 The following provisions shall be substituted for the provisions of Part II. of the First Schedule to the principal Act relating to enforcement of equitable interests and powers as respects settled land :—

“(1) All equitable interests and powers in or over settled land (whether created before or after the date of any vesting instrument affecting the legal estate) shall be enforceable against the estate owner in whom the settled land is vested (but in the case of personal representatives without prejudice to their rights and powers for purposes of administration) in manner following (that is to say):—

(i) The estate owner shall stand possessed of the settled land and the income thereof upon such trusts and subject to such powers and provisions as may be requisite for giving effect to the equitable interests and powers affecting the settled land or the income thereof of which he has notice according to their respective priorities:

(ii) Where any person of full age becomes entitled to require a legal estate in the settled land to be vested in him in priority to the settlement, by reason of a right of reverter, statutory or otherwise, or an equitable right of entry taking effect, or on the ground that his interest ought no longer to be capable of being over-reached under the powers of the Settled Land Acts, the estate owner shall be bound, if so requested in writing, to transfer or create such legal estate as may be required for giving legal effect to the rights of the person so entitled:

(iii) Where—

(a) any principal sum is required to be raised on the security of the settled land, by virtue of any trust, or by reason of the exercise of an equitable power affecting the settled land, or by any person or persons who under the settlement is or are entitled or together entitled to or has or have a general power of appointment over the settled land, whether subject to any equitable charges or powers of charging subsisting under the settlement or not; or

(b) the settled land is subject to any equitable charge for securing money actually raised and affecting the whole estate the subject of the settlement;

the estate owner shall be bound, if so requested in writing, to create such legal estate or charge by way of legal mortgage as may be required for raising the money or giving legal effect to the equitable charge :

Provided that, so long as the settlement remains subsisting, any legal estate or change by way of legal mortgage so created shall take effect and shall be expressed to take effect subject to any equitable charges or powers of charging subsisting under the settlement which have priority to the interests or powers of the person or persons by or on behalf of whom the money is required to be raised, or legal effect is required to be given to the equitable charge unless the persons entitled to such prior charges or powers consent in writing to the same being postponed, but it shall not be necessary for such consent to be expressed in the instrument creating such legal estate or charge by way of legal mortgage.

(2) Where a mortgage or charge is expressed to be made by an estate owner pursuant to this paragraph, then, in favour of the mortgagee or chargee and persons deriving title under him, the same shall take effect in priority to all the trusts of the settlement and all equitable interests and powers subsisting or to arise under the settlement, except those to which it is erpressly made subject, and shall so take effect, whether the mortgagee or chargee has notice of any such trusts, interests, or powers, or not; and the mortgagee or chargee shall not be concerned to see that a case had arisen to authorise the mortgage or charge, or that no more money than was wanted was raised.

(3) Nothing contained in sub-paragraph (1) (iii) of this paragraph shall affect the power conferred by the Settled Land Acts on a tenant for life of raising money by mortgage, or of directing capital money to be applied in discharge of incumbrances.

(4) Effect may be given by means of a legal mortgage, to an agreement for a mortgage, or a charge or lien, whether or not arising by operation of law, if the agreement charge or lien ought to have priority over the settlement.

(5) Save as hereinbefore expressly provided, no legal estate shall, so long as the settlement is subsisting, be transferred or created by the estate owner for giving effect to any equitable interest or power under the settlement.

(6) If a question arises or a doubt is entertained whether any and what legal estate ought to be transferred or created pursuant to this paragraph an application may be made to the court for directions as hereinafter provided.

(7) If an estate owner refuses or neglects for one month after demand in writing to transfer or create any such legal estate, or if by reason of his being out of the United Kingdom or being unable to be found, or by reason of the dissolution of a corporation, or for any other reason, the court is satisfied that the transaction cannot otherwise be effected, or cannot be effected without undue delay or expense, the court may, on the application of any person interested, make a vesting order transferring or creating the requisite legal estate.

(8) This paragraph does not affect a purchaser of a legal estate taking free from any equitable interest or power.”

Discharge on termination of settlement.

10 The provisions in paragraph 3 of the Fifth Schedule to the principal Act relating to discharges on the termination of a settlement shall be read as follows :—

“(1) Where the estate owner of any settled land holds the same free from all equitable interests and powers under a trust instrument, the persons who in the last or only principal vesting instrument or the last or only endorsement on or annex thereto are declared to be the trustees of the settlement or the survivors of them shall be bound (save as hereinafter mentioned) to execute (at the cost of the trust estate) a deed declaring that they are discharged from the trust so far as regards that land :

Provided that if the trustees have notice of any derivative settlement, trust for sale, or equitable charge, affecting such land, they shall not execute a deed of discharge until—

(a) in the case of a derivative settlement, or trust for sale, a vesting instrument or a conveyance has been executed or made for giving effect thereto; and

(b) in the case of an equitable charge, they are satisfied that it is or will be secured by a legal mortgage, or is protected by registration as a land charge, or by deposit of the documents of title, or that the owner thereof consents to such execution.

Where the land is affected by a derivative settlement or trust for sale, the deed of discharge shall contain a statement that the land is settled land by virtue of such vesting instrument as aforesaid, and the trust instrument therein referred to, or is held on trust for sale by virtue of such conveyance as aforesaid, as the case may require.

(2) If, in the circumstances mentioned in sub-paragraph (1) of this paragraph and when the conditions therein mentioned have been complied with, the trustees of a settlement, on being requested to execute a deed of discharge—

(a) by the estate owner ; or

(b) by a person interested under, or by the trustees of, a derivative settlement; or

(c) by the trustees of a conveyance on trust for sale;

refuse to do so, or if for any reason the discharge cannot be effected without undue delay or expense, the estate owner, person interested, or trustees may apply to the court for an order discharging the first-mentioned trustees, as respects the whole or any part of the settled land and the court may make such order as it may think fit.

(3) Where a deed or order of discharge contains no statement to the contrary, a purchaser of a legal estate in the land to which such deed or order relates shall be entitled to assume that such land has ceased to be settled land, and is not subject to any trust for sale.”

Absolute owners having the powers of a tenant for life.

11 The following subsection shall be substituted for sub-section (2) of section fifty-three of the principal Act:—

“(2) (a) Where a person of full age is beneficially entitled in possession to a legal estate subject to any equitable interests or powers, then for the purpose of overreaching such interests or powers, he may, notwithstanding any stipulation to the contrary, by deed (which shall have effect as a principal vesting deed within the meaning of this Act) declare that the legal estate is vested in him on trust to give effect to all equitable interests and powers affecting the same, and that deed shall be executed by two or more individuals (approved or appointed by the court) or a trust corporation who shall . be stated to be the trustees of the settlement for the purposes of the Settled Land Acts.

Thereupon, so long as any of the equitable interests , and powers are subsisting, the following provisions shall have effect:—

(i) The person so entitled as aforesaid, and each of his successors in title being an estate owner, shall have the powers of a tenant for life and the land shall be deemed settled land;

(ii) The instrument, if any, under which his estate arises or is acquired, and the instrument, if any, under which the equitable interests or powers are subsisting or capable, of taking effect shall be deemed to be the trust instrument:

Provided that where there is no such instrument as last aforesaid then a deed (which shall take effect as a trust instrument) shall be executed contemporaneously with the vesting deed, and shall declare the trusts affecting the land;

(iii) The persons stated in the principal vesting deed to be the trustees of the settlement for the purposes of the Settled Land Acts shall also be the trustees for those purposes of the trust instrument; and

(iv) Capital money arising on any disposition of the land shall be paid to or by the direction of the trustees of the settlement or into court, and shall be applicable towards discharging or providing for payment in due order of any principal money payable in respect of such interests or charges as are overreached by such disposition, and until so applied shall be invested or applied as capital money under the trust instrument; and the income thereof shall be applied as the income of such capital money, and be liable for keeping down in due order any annual or periodical sum which may be overreached by the disposition.

(b) The following equitable interests and powers are excepted from the operation of paragraph (a) of this sub-section, namely—

(i) An equitable interest protected by a deposit of documents relating to the legal estate affected;

(ii) The benefit of a covenant or agreement restrictive of the user of land;

(iii) An easement, liberty or privilege over or affecting land and being merely an equitable interest;

(iv) The benefit of a contract to convey or create a legal estate (including a contract conferring either expressly or by statutory implication a valid option of purchase, a right of pre-emption, or any other like right);

(v) Any equitable interest protected by registration under the Land Charges Acts, other than—

(a) an annuity within the meaning of the Judgments Act, 1855;

(b) a limited owner's charge or a general equitable charge within the meaning of the Land Charges Acts.

(c) Subject to the powers conferred by the Settled Land Acts on a tenant for life nothing contained in this subsection shall deprive an equitable chargee of any of his rights or of his remedies for enforcing those rights.”

Married women.

12 (1) The following section shall be substituted for section sixty-one of the Act of 1882 :—

“61 (1) The foregoing provisions of this Act shall apply to a married woman of full age, whether or not she. is entitled to her estate or interest for her separate use or as her separate property, and she, without her husband, may exercise the powers of a tenant for life under this Act.

(2) A restraint on anticipation in the settlement shall not prevent the exercise by her of any power under this Act,”

Infants.

13 The following section shall be substituted for section fifty-nine of the Act of 1882 as amended :—

“59 (1) Where an infant is beneficially entitled in possession to land for an estate in fee simple or for a term of years absolute or would if of full age be a tenant for life of or have the powers of a tenant for life over settled land, then, during the minority of such infant—

(a) if the settled land is vested in a personal representative, the personal representative, until a principal vesting instrument has been executed pursuant to the provisions of this Act; and

(b) in every other case the trustees of the settlement;

shall have, in reference to the settled land and capital money, all the powers conferred by this Act, and the settlement on a tenant for life, and on the trustees of the settlement.

(2) If the settled land is vested in a personal representative, then, if and when during the minority the infant, if of full age, would have been entitled to have the legal estate in the settled land conveyed to or otherwise vested in him pursuant to the statutory provisions, a principal vesting instrument shall if the trustees of the settlement so require, be executed, at the cost of the trust estate, for vesting the legal estate in themselves and in the meantime the personal representatives shall, during the minority, give effect to the directions of the trustees of the settlement and shall not be concerned with the propriety of any conveyance directed to be made by those trustees if the same appears to be a proper conveyance under the powers conferred by this Act, or by the settlement, and the capital money (if any) arising under the conveyance is paid to or by the direction of the trustees of the settlement or into court; but a purchaser dealing with the personal representative and paying the capital money (if any) to him shall not be concerned to see that the money is paid to trustees of the settlement or into court, or inquire whether the personal representative is liable to give effect to any such directions, or whether any such directions have been given.

(3) Subsection (2) of this section shall apply whether the infant becomes entitled before or after the commencement of this Act, and shall have effect during successive minorities until a person of full age becomes entitled to require the settled land to be vested in him.

(4) This section shall not apply where an infant is beneficially entitled in possession to land for an estate in fee simple or for a term of years absolute jointly with a person of full age (for which case provision is otherwise made by statute), but shall apply to two or more infants entitled as aforesaid jointly until one of them attains full age.

(5) This section shall not apply where an infant would, if of full age, constitute the tenant for life or have the powers of a tenant for life together with another person of full age, but it shall apply to two or more infants who would if all of them were of full age, together constitute the tenant for life or have the powers of a tenant for life, until one of them attains full age.

(6) Nothing in this section shall affect prejudicially any beneficial interest of an infant.”

Conveyances of legal estates to infants.

14 The provisions of the Sixth Schedule to the principal Act relating to infants as respects settled land shall be read as follows:—

“(1) A conveyance of a legal estate in land to an intant alone, or to two or more persons jointly both, or all of whom are infants for his or their own benefit shall operate only as an agreement for valuable consideration to execute a settlement by means of a principal vesting deed and a trust instrument in favour of the infant or infants, and in the meantime to hold the land in trust for the infant or infants.

(2) Nothing in the Settled Land Acts shall prevent an equitable interest in settled land being vested in or transferred to an infant.

(3) Nothing in the Settled Land Acts affects the powers conferred by the Infant Settlements Act, 1855, provided that a legal estate in land is not vested in an infant.”

Lunatics.

15 The following subsection shall be inserted at the end of section sixty-two of the Act of 1882 :—

“(2) Orders may be made under this section—

(a) either generally or in a particular instance;

(b) without requiring the estate of the lunatic or defective to be administered in lunacy ;

(c) by appointing a receiver to act solely in relation to the settled land or in relation to a particular settlement.”

Charitable and public trusts.

16 The following section shall be substituted for section twenty-six of the principal Act:—

“26 (1) For the purposes of this section, all land vested or to be vested in trustees on or for charitable, ecclesiastical, or public trusts or purposes shall be deemed to be settled land, and the trustees shall, without constituting them statutory owners, in reference to the land, have all the powers which are by the Settled Land Acts conferred on a tenant for life and on the trustees of the settlement.

In connexion only with the exercise of those powers, and not so as to impose any obligation in respect of or to affect—

(a) the mode of creation or the administration of such trusts; or

(b) the appointment or number of trustees of such trusts;

the statute or other instrument creating the trust or under which it is administered shall be deemed the settlement, and the trustees shall be deemed the trustees of the settlement, and, save where the trust is created by a will coming into operation after the commencement of this Act, a separate instrument shall not be deemed necessary for giving effect to the settlement.

Any conveyance of land held on charitable trusts shall state that the land is held on such trusts, and where a purchaser has notice that the land is held on charitable, ecclesiastical or public trusts, he shall be bound to see that any such consents or orders requisite for authorising the transaction have been obtained.

(2) The said powers shall be exercisable subject to such consents or orders (if any) being obtained as would, if this Act had not been passed, have been requisite if the transaction were being effected under an express power conferred by the instrument creating the trust; and, where the land is vested in the official trustee of charity lands or in any other persons having no powers of management, the said powers shall be exercisable by the managing trustees or committee of management, and the official trustee or other persons aforesaid shall not be liable for giving effect to directions given by the managing trustees or committee of management:

Provided that where—

(a) a disposition or dealing is to be effected for a nominal price or rent, or for less than the best price or rent that can be reasonably obtained or gratuitously; or

(b) any interest in land is to be acquired ;

the like consent or order (if any) shall be required in reference to the disposition, dealing or acquisition, as would have been requisite if the intended transaction were a sale.

(3) Nothing in this section shall affect the jurisdiction of the court, Charity Commissioners, Board of Education, or other competent authority, in regard to the administration of charitable, ecclesiastical, or public trusts.

(4) Every assurance of land or of personal estate, within the meaning of section four of the Mortmain and Charitable Uses Act, 1888, or if the charitable uses are declared by a separate instrument, then that instrument shall, in place of the requirements respecting attestation and enrolment prescribed by subsections (6) and (9) of that section, be sent to the offices of the Charity Commissioners within six months after the execution thereof or within such extended period as the said Commissioners may, either before or after the expiration of the six months, in any particular case allow, for the purpose of being recorded in the books of the said Commissioners.

Where the original cannot be produced, an attested or office copy may be sent instead of the original.

This subsection does not apply to registered dispositions of registered land, or to assurances or instruments required by section one hundred and seventeen of the Education Act, 1921, to be sent to the Board of Education, and only applies to instruments executed after the commencement of this Act.

(5) Where any trustees or the majority of any set of trustees have power to transfer or create any legal estate, the same shall be transferred or created by them in the names and on behalf of the persons (including the official trustee of charity lands) in whom the legal estate is vested.

(6) This section applies (save as otherwise provided) whether the trust was or is created before or after the commencement of this Act, but does not apply to land to which the Universities and College Estates Acts, 1858 to 1898 (as amended) apply.”

Undivided shares.

17 The provisions of the principal Act (to take effect in regard to the future) as to undivided shares so far as they relate to settled land shall be read as follows :—

“(1) If and when, after the commencement of this Act, settled land is held in trust for persons entitled in possession under a trust instrument in undivided shares, the trustees of the settlement, if the settled land is not already vested in them, may require the estate owner in whom the settled land is vested (but in the case of a personal representative subject to his rights and powers for purposes of administration), at the cost of the trust estate, to convey the land to them, or assent to the land vesting in them as joint tenants, and in the meantime the land shall be held on the same trusts as would have been applicable thereto if it had been so conveyed to or vested in the trustees.

(2) If and when the settled land so held in trust in undivided shares is or becomes vested in the trustees of the settlement, the land shall be held by them (subject to any incumbrances affecting the settled land which are secured by a legal mortgage, but freed from any incumbrances affecting the undivided shares or not secured as aforesaid, and from any interests, powers and charges subsisting under the trust instrument, which have priority to the trust for the persons entitled to the undivided shares) upon the statutory trusts.

(3) If the estate owner refuses or neglects for one month after demand in writing to convey the settled land so held in trust in undivided shares in manner aforesaid, or if by reason of his being out of the United Kingdom or being unable to be found, or by reason of the dissolution of a corporation, or for any other reason, the court is satisfied that the conveyance cannot otherwise be made, or cannot be made without undue delay or expense, the court may, on the application of the trustees of the settlement, make an order vesting the settled land in them on the statutory trusts.

(4) An undivided share in land shall not be capable of being created except under a trust instrument or as otherwise provided by statute, and shall then only take effect behind a trust for sale.

(5) Nothing in this section shall affect the priority inter se of any incumbrances whether affecting the entirety of the land or an undivided share.

(6) For the purposes of this section land held upon the statutory trusts shall be held upon the trusts and subject to the provisions following, namely, upon trust to sell the same, with power to postpone the sale of the whole or any part thereof, and to stand possessed of the net proceeds of sale, after payment of costs, and of the net rents and profits until sale, after payment of rates, taxes, costs of insurance, repairs, and other outgoings, upon such trusts and subject to such powers and provisions as may be requisite for giving effect to the rights of the persons interested in the settled land.

(7) This section binds the Crown.”

Timber and fixtures.

18 The following section shall be substituted for section thirteen of the Law of Property Amendment Act, 1859:—

“13 Where on a sale the consideration attributable to any timber or fixtures is by mistake paid to a tenant for life or other person not entitled to receive the same, then, if that person or the purchaser or the persons deriving title under either of them subsequently pay the aforesaid consideration, with such interest, if any, thereon as the court may direct, to the trustees of the settlement or other persons entitled thereto or into court, the court may, on the application of the purchaser or the persons deriving title under him, declare that the disposition is to take effect as if the whole of the consideration had at the date thereof been duly paid to the trustees of the settlement or other persons entitled to receive the same.

The person to whom the consideration is paid by mistake, and his estate and effects, shall remain liable to make good any loss attributable to the mistake.”

Mansion.

19 The words “and may accordingly be disposed of in like manner as any other part of the settled land ” shall be inserted at the end of section ten of the Settled Land Act, 1890.

Heirlooms.

20 (1) The following subsection shall be substituted for subsection (1) of section thirty-seven of the Act of 1882 :—

“(1) Where personal chattels are settled so as to devolve with settled land, or to devolve therewith as nearly as may be in accordance with the law or practice in force at the date of the settlement, or are settled together with land, or upon trusts declared by reference to the trusts affecting land, a tenant for life of the land may sell the chattels or any of them.”

(2) Any reference in any enactment to personal chattels settled as heirlooms shall extend to any chattels to which subsection (1) of section thirty-seven of the Act of 1882, as amended, applies.

Consolidation of securities, &c.

21 (1) Subsection (1) of section fifty-nine of the principal Act shall be read as authorising the consolidation of securities.

(2) The statutory restrictions on the leasing powers of a tenant for life shall not apply in relation to the creation of a mortgage term.

Completion of transactions.

22 (1) On a sale, exchange, lease, mortgage, charge, or other disposition, the tenant for life may, as regards land sold, given in exchange, leased, mortgaged, charged, or otherwise disposed of, or intended so to be, or as regards easements or other rights or privileges sold, given in exchange, leased, mortgaged, or otherwise disposed of, or intended so to be, effect the transaction by deed to the extent of the estate or interest vested or declared to be vested in him by the last or only vesting instrument affecting the settled land or for any less estate or interest, in the manner lequisite for giving effect to the sale, exchange, lease, mortgage, charge, or other disposition, but so that a mortgage shall be effected by the creation of a term of years absolute in the settled land, or by charge by way of legal mortgage, and not otherwise.

(2) Such a deed, to the extent and in the manner to and in which it is expressed or intended to operate and can operate under the Settled Land Acts, is effectual to pass the land conveyed, or the easements, rights, privileges or other interests created, discharged from all the limitations, powers, and provisions of the settlement, and from all estates, interests, and charges subsisting or to arise thereunder, but subject to and with the exception of—

(i) all legal estates and charges by way of legal mortgage which have been conveyed or created for securing money actually raised at the date of the deed; and

(ii) all leases and grants at fee-farm rents or otherwise, and all grants of easements, rights of common, or other rights or privileges which before the date of the deed—

(a) are granted or made for value in money or money's worth, or agreed so to be, by the tenant for life or statutory owner, or by any of his predecessors in title, or any trustees for them, under the settlement, or under any statutory power, or are otherwise binding on the successors in title of the tenant for life or statutory owner; and

(b) are protected by registration under the Land Charges Acts, if capable of registration thereunder.

(3) Notwithstanding registration under the Land Charges Acts of—

(a) an annuity within the meaning of the Judgments Act, 1855;

(b) a limited owner's charge or a general equitable charge within the meaning of the Land Charges Acts ;

a disposition under the Settled Land Acts operates to overreach such annuity or charge which shall, according to its priority, take effect as if limited by the settlement.

(4) Where a lease is by the Settled Land Acts authorised to be made by writing under hand only, such writing shall have the same operation under this section as if it had been a deed.

(5) The foregoing provisions of this paragraph shall have effect in substitution for section twenty of the Act of 1882.

Application of money held by trustees.

23 (1) The words “This paragraph shall apply to costs ” and expenses incurred in opposing any such proposed scheme " as aforesaid whether or not a scheme is made;" shall be inserted at the end of subsection (1) (iii) of section sixty-four of the principal Act.

(2) Where—

(a) under any instrument coming into operation either before or after the commencement of the principal Act money is in the hands of trustees, and is liable to be laid out in the purchase of land to be made subject to the trusts declared by that instrument; or

(b) under any instrument coming into operation after the commencement of the principal Act money or securities or the proceeds of sale of any property is or are held. by trustees on trusts, creating entailed interests therein;

then, in addition to such powers of dealing therewith as the trustees have independently of the Settled Land Acts, they may, at the option of the tenant for life, invest or apply the money, securities or proceeds as if they were capital money arising under the Settled Land Acts.

(3) The foregoing provisions of this paragraph shall have effect in substitution for section thirty-three of the Act of 1882.

Substitution of securities; payment for improvements.

24 (1) Subsections (4) to (7) of section twenty-four of the Act of 1882 shall have effect whether the land is acquired under the statutory powers by purchase or in exchange or otherwise.

(2) The words “and notwithstanding that no capital money ” is immediately available for the purpose " shall be inserted at the end of section fifteen of the Act of 1890.

Powers not assignable.

25 (1) The powers under the Settled Land Acts of a tenant for life are not capable of assignment or release, and do not pass to a person as being, by operation of law or otherwise, an assignee of a tenant for life, and remain exercisable by the tenant for life after and notwithstanding any assignment, by operation of law or otherwise, of his estate or interest under the settlement.

This subsection applies notwithstanding that the estate or interest of the tenant for life under the settlement was not in possession when the assignment was made or took effect by operation of law.

(2) A contract by a tenant for life not to exercise his powers or any of them under the said Acts is void.

(3) Where an assignment for value of the estate or interest of the tenant for life was made before the commencement of the principal Act, this section shall operate without prejudice to the rights of the assignee, and in that case the assignee's rights shall not be affected without his consent, except that—

(a) unless the assignee is actually in possession of the settled land or the part thereof affected, his consent shall not be requisite for the making of leases thereof by the tenant for life provided the leases are made at the best rent that can reasonably be obtained, without fine, and in other respects are in conformity with the Settled Land Acts ; and

(b) the consent of the assignee shall not be required to an investment of capital money for the time being affected by the assignment in securities authorised by statute for the investment of trust money.

(4) Where such an assignment for value is made or comes into operation after the commencement of the principal Act, the consent of the assignee shall not be requisite for the exercise by the tenant for life of any of the powers conferred by the Settled Land Acts:

Provided that—

(a) the assignee shall be entitled to the same or the like estate or interest in or charge on the land, money, or securities for the time being representing the land, money, or securities comprised in the assignment, as he had by virtue of the assignment in the last-mentioned land, money, or securities; and

(b) if the assignment so provides, or if it takes effect by operation of the law of bankruptcy, and after notice thereof to the trustees of the settlement, no investment or application of capital money for the time being affected by the assignment shall be made without the consent of the assignee, except an investment in securities authorised by statute for the investment of trust money; and

(c) notice of the intended transaction shall, unless the assignment otherwise provides, be given to the assignee, but a purchaser shall not be concerned to see or inquire whether such notice has been given.

(5) Where such an assignment for value was made before the commencement of the principal Act, then on the exercise by the tenant for life after such commencement of any of the-powers conferred by the Settled Land Acts—

(a) a purchaser shall not be concerned to see or inquire whether the consent of the assignee has been obtained; and

(b) the provisions of paragraph (a) of the last sub-section shall apply for the benefit of the assignee.

(6) A trustee or personal representative who is an assignee-for value shall have power to consent to the exercise by the tenant for life of his powers under the Settled Land Acts, or to any such investment or application of capital money as aforesaid, and to bind by such consent all persons interested in the trust estate, or the estate of the testator or intestate.

(7) If by the original assignment, or by any subsequent disposition, the estate or interest assigned or created by the original assignment, or any part thereof, or any derivative interest is settled on persons in succession, whether subject to any prior charge or not, and there is no trustee or personal representative in whom the entirety of the estate or interest so settled is vested, then the person for the time being entitled in possession under the limitations of that settlement, whether as trustee or beneficiary, or who would, if of full age, be so entitled, and notwithstanding any charge or incumbrance subsisting or to arise under such settlement, shall have power to consent to the exercise by the tenant for fife of his powers under the Settled Land Acts, or to any such investment or application of capital money as aforesaid, and to bind by such consent all persons interested or to become interested under such settlement.

(8) Where an assignee for value, or any person who has power to consent as aforesaid under this section is an infant, the consent may be given on his behalf by his parents or parent, or testamentary or other guardian in the order named.

(9) The court shall have power to authorise any person interested under any assignment to consent to the exercise by the tenant for life of his powers under the Settled Land Acts, or to any such investment or application of capital money as aforesaid, on behalf of himself and all other persons interested, or who may become interested under such assignment.

(10) An assignment by operation of the law of bankruptcy where the assignment comes into operation after the commencement of this Act, shall be deemed to be an assignment for value for the purposes of this section.

(11) An instrument whereby a tenant for life, in consideration of marriage or as part or by way of any family arrangement, not being a security for payment of money advanced, makes an assignment of or creates a charge upon his estate or interest under the settlement is to be deemed one of the instruments creating the settlement, and not an assignment for value for the purposes of this section :

Provided that this subsection shall not have effect with respect to any disposition made before the eighteenth day of August, eighteen hundred and ninety, if inconsistent with the nature or terms of the disposition.

(12) This section extends to assignments made or coming into operation before or after the commencement of this Act; and in this section “assignment ” includes assignment by way of mortgage, and any partial or qualified assignment, and any charge or incumbrance; “assignee” has a meaning corresponding with that of assignment, and "assignee for value includes persons deriving title under the original assignee.

(13) The foregoing provisions of this paragraph shall have effect in substitution for section fifty of the Act of 1882.

Additional powers.

26 It is hereby declared that sub-paragraph (10) of paragraph 1 of the Tenth Schedule to the principal Act does not confer on a, tenant for life or statutory owner a power which is merely a power of revocation or appointment.

Protection of purchasers.

27 (1) The following paragraph shall be substituted for paragraph 13 of the Fifth Schedule to the principal Act:—

“13 (1) A purchaser of a legal estate in settled land shall not (except as hereby expressly provided) be bound or entitled to call for the production of the trust instrument or any information concerning that instrument or any ad valorem stamp duty thereon, and whether or not he has notice of its contents he shall, save as hereinafter provided, be bound and entitled if the last or only principal vesting instrument contains the statements and particulars required by this Act to assume that—

(a) the person in whom the land is by the said instrument vested or declared to be vested is the tenant for life or statutory owner and has all the powers of a tenant for life under the Settled Land Acts, including such additional or larger powers (if any) as are therein mentioned;

(b) the persons by the said instrument stated to be the trustees of the settlement, or their successors appearing to be duly appointed, are the properly constituted trustees of the settlement;

(c) the statements and particulars required by this Act and contained (expressly or by reference) in the said instrument were correct at the date thereof;

(d) the statements contained in any deed executed in accordance with this Act declaring who are the trustees of the settlement for the purposes of the Settled Land Acts are correct;

(e) the statements contained in any deed of discharge, executed in accordance with this Act, are correct:

Provided that, as regards the first vesting instrument executed for the purpose of giving effect to—

(a) a settlement subsisting at the commencement of this Act; or

(b) an instrument which by virtue of this Act is deemed to be a settlement; or

(c) a settlement which by virtue of this Act is deemed to have been made by any person after the commencement of this Act; or

(d) an instrument inter vivos intended to create a settlement of a legal estate in land which is executed after the commencement of this Act and does not comply with the requirements of this Act with respect to the method of effecting such a settlement;

a purchaser shall be concerned to see—

(i) that the land disposed of to him is comprised in such settlement or instrument;

(ii) that the person in whom the settled land is by such vesting instrument vested, or declared to be vested, is the person in whom it ought to be vested as tenant for life or statutory owner;

(iii) that the persons thereby stated to be the trustees of the settlement are the properly constituted trustees of the settlement.

(2) A purchaser of a legal estate in settled land from a personal representative shall be entitled to act on the following assumptions :

(i) If the capital money (if any) payable in respect of the transaction is paid to the personal representative, that such representative is acting under his statutory or other powers and requires the money for purposes of administration;

(ii) If such capital money is, by the direction of the personal representative, paid to persons who are stated to be the trustees of a settlement, that such persons are the duly constituted trustees of the settlement for the purposes of this Act, and that the personal representative is acting under his statutory powers during a minority;

(iii) In any other case that the personal representative is acting under his statutory or other powers.

(3) Where no capital money arises under a transaction, a disposition by a tenant for life or statutory owner shall, in favour of a purchaser of a legal estate, have effect under the Settled Land Acts notwithstanding that at the date of the transaction there are no trustees of the settlement.

(4) If a conveyance of or an assent relating to land formerly subject to a vesting instrument does not state who are the trustees of the settlement for the purposes of the Settled Land Acts, a purchaser of a legal estate shall be bound and entitled to act on the assumption that the person in whom the land was thereby vested was entitled to the same free from all limitations, powers, and charges taking effect under that settlement, absolutely and beneficially, or, if so expressed in the conveyance or assent, as personal representative, or trustee for sale or otherwise, and that every statement of fact in such conveyance or assent is correct.”

Definitions.

28 (1) In the Settled Land Acts—

• “Lunatic ” includes a lunatic whether so found or not and in relation to a lunatic not so found, “committee ” includes a person on whom the powers of a committee are conferred under section one of the Lunacy Act, 1908;

• “Dower ” includes free bench ;

(2) Where an equitable interest in or power over property arises by statute or operation of law, references to the creation of an interest or power include any interest or power so arising.

TRANSITIONAL PROVISIONS

Vesting legal estate in tenant for life.

29 Sub-paragraph (1) and sub-paragraphs (3) to (7) of paragraph 9 of the Fifth Schedule to the principal Act are hereby repealed, and in lieu thereof the following provisions shall have effect:—

“(1) A settlement subsisting at the commencement of this Act is, for the purposes of this Act, a trust instrument.

(2) As soon as practicable after the commencement of this Act, the trustees for the purposes of the Settled Land Acts of every settlement of land subsisting at the commencement of this Act (whether or not the settled land is already vested in them) may, and on the request of the tenant for life or statutory owner shall, at the cost of the trust estate, execute a principal vesting deed (containing the proper statements and particulars) declaring that the legal estate in the settled land shall vest or is vested in the person or persons therein named (being the tenant for life or statutory owner, and including themselves if they are the statutory owners), and such deed shall (unless the legal estate is already so vested) operate to conveyer vest the legal estate in the settled land to or in the person or persons aforesaid and, if more than one, as joint tenants.

(3) If there are no trustees of the settlement then (in default of a person able and willing to appoint such trustees), an application shall be made to the court by the tenant for life or statutory owner, or by any other person interested, for the appointment of such trustees.

(4) If default is made in the execution of any such principal Testing deed, the provisions of this Act relating to vesting orders of settled land shall apply in like manner as if the trustees of the settlement were persons in whom the settled land is wrongly vested.

(5) This paragraph does not apply where, at the commencement of this Act, settled land is held at law or in equity in undivided shares vested in possession.

(6) In the case of settlements subsisting at the commencement of this Act, all the estates, interests and powers thereby limited, which are not by statute otherwise converted into equitable interests or powers, shall, as from the date of the principal vesting deed or the vesting order take effect only in equity.

(7) This paragraph does not apply where settled land is vested in personal representatives at the commencement of this Act, or where settled land becomes vested in personal representatives before a principal vesting deed has been executed pursuant to this paragraph.

(8) No ad valorem stamp duty shall be payable in respect of a vesting deed or order made for giving effect to an existing settlement.”

Where land is vested in personal representative.

30 The provisions of the principal Act relating to the getting in of the settled land from a personal representative shall have effect as follows :—

“(1) Where settled land remains at the commencement of this Act vested in the personal representatives of a person who dies before such commencement, or becomes vested in personal representatives before a principal vesting deed has been executed for vesting the land in a tenant for life or statutory owner, the personal representatives shall hold the settled land on trust, if and when required so to do, to convey the same to the person who, under the trust instrument, or by virtue of the Settled Land Acts, is the tenant for life or statutory owner and, if more than one, as joint tenants.

(2) A conveyance under this paragraph shall be made at the cost of the trust estate, and may be made by an assent in writing signed by the personal representatives which shall operate as a conveyance. No stamp duty is payable in respect of a vesting assent.

(3) The obligation to convey settled land imposed on personal representatives by this paragraph is subject and without prejudice—

(a) to their rights and powers for purposes of administration; and

(b) to their being satisfied that provision has been or will be made for the payment of any unpaid death duties in respect of the land or any interest therein for which they are accountable, and any interest and costs in respect of such duties, or that they are otherwise effectually indemnified against such duties, interest and costs.

(4) A conveyance under this paragraph shall—

(a) if by deed, be a principal vesting deed; and

(b) if by an assent, be a vesting assent, which shall contain the like statements and particulars as are required by this Act in the case of a principal vesting deed.

(5) Nothing contained in this paragraph affects the rights of personal representatives to transfer or create such legal estates to take effect in priority to a conveyance under this paragraph as may be required for giving effect to the obligations imposed on them by statute.

(6) A conveyance by personal representatives under this paragraph, if made by deed, may contain a reservation to themselves of a term of years absolute in the land conveyed upon trusts for indemnifying them against any unpaid death duties in respect of the land conveyed or any interest therein, and any interest and costs in respect of such duties.

(7) Nothing contained in this paragraph affects any right which a person entitled to an equitable charge for securing money actually raised, and affecting the whole estate the subject of the settlement, may have to require effect to be given thereto by a legal mortgage, before the execution of a conveyance under this section.”

Provisions as to infants.

31 (1) Where, at the commencement of the principal Act, an infant is beneficially entitled to land in possession for an estate in fee simple or for a term of years absolute, or would, if of full age, be a tenant for life or have the powers of a tenant for life, the settled land shall, by virtue of the principal Act, vest in the trustees (if any) of the settlement upon such trusts as may be requisite for giving effect to the rights of the infant and other persons (if any) interested :

Provided that, if there are no such trustees, then—

(i) Pending their appointment, the settled land shall, by virtue of the principal Act, vest in the Public Trustee upon the trusts aforesaid :

(ii) The Public Trustee shall not be entitled to act in the trust, or charge any fee, or be liable in any manner unless and until requested in writing to act on behalf of the infant by his parents or parent or testamentary or other guardian in the order named :

(iii) After the Public Trustee has been so requested to act, and has accepted the trust, he shall become the trustee of the settlement, and no trustee shall (except by an order of the court) be appointed in his place without his consent:

(iv) If there is no other person able and willing to appoint trustees the parents or parent or testamentary or other guardian of the infant, if respectively able and willing to act, shall (in the order named) have power by deed to appoint trustees of the settlement in place of the Public Trustee in like manner as if the Public Trustee had refused to act in the trust, and to vest the settled land in them on the trusts aforesaid, arid the provisions of the Trustee Acts relating to the appointment of new trustees, and the vesting of trust property shall apply as if the persons aforesaid (in the order named) had been nominated by the settlement for the purpose of appointing new trustees thereof; and in default of any such appointment the infant by his next friend, may, at any time during the minority, apply to the court for the appointment of trustees of the settlement, and the court may make such order as it thinks fit, and if thereby trustees of the settlement are appointed, the settled land shall, by virtue of this Act, vest in the trustees as joint tenants upon the trusts aforesaid :

Provided that in favour of a purchaser a statement in the deed of appointment that the father or mother or both are dead or are unable or unwilling to make the appointment shall be conclusive evidence of the fact stated.

(v) If land to which an infant is beneficially entitled in possession for an estate in fee simple or for a term of years absolute vests in the Public Trustee, but the Public Trustee does not become the trustee of the settlement, and trustees of the settlement are not appointed in his place, then, if and when the infant attains the age of twenty-one years, the land shall vest in him.

(2) The provisions of this paragraph shall extend to the legal estate in the settled land, except where such legal estate is, at or immediately after the commencement of the principal Act, vested in personal representatives, in which case this paragraph shall have effect without prejudice to the provisions expressly relating thereto.

(3) Where, at the commencement of the principal Act, any persons appointed under section sixty of the Settled Land Act, 1882, have power to act generally or for any specific purpose on behalf of an infant, then those persons shall, by virtue of the principal Act, become and be the trustees of the settlement.

(4) Notwithstanding that the settled land is by virtue of this paragraph vested in the trustees of the settlement, they shall, at the cost of the trust estate, in accordance with this Act, execute a principal vesting deed declaring that the settled land is vested in them.

(5) This paragraph does not apply where an infant is beneficially entitled in possession to land for an estate in fee simple or for a term of years absolute jointly with a person of full age (for which case provision is otherwise made by statute), but it applies to two or more infants entitled as aforesaid jointly.

(6) This paragraph does not apply where an infant would, if of full age, constitute the tenant for life or have the powers of a tenant for life together with another person of fall age, but it applies to two or more infants who would, if all of them were of full age, together constitute the tenant for life or have the powers of a tenant for life.

(7) The foregoing provisions of this paragraph shall have effect in substitution for subsections (6) and (8) of section fifty-one of and paragraph 1 of the Sixth Schedule to the principal Act.