Law of Property (Amendment) Act 1924

Entailed interests.

24 (1) At the end of subsection (1) of section seventeen of the principal Act the following paragraph shall be inserted :—

“Personal estate so entailed (not being chattels settled as heirlooms) may be invested, applied, and otherwise dealt with as if the same were capital money or securities representing capital money arising under the Settled Land Acts from land settled on the like trusts.”

(2) In subsection (4) of the same section the words “or as tenant by the curtesy” shall be inserted after " other person. "

(3) At the end of subsection (4) of the said section seventeen the following subsection shall be inserted:—

“(5) Where personal chattels are settled without reference to settled land on trusts creating entailed interests therein, the trustees, with the consent of the usufructuary for the time being if of full age, may sell the chattels or any of them, and the net proceeds of any such sale shall be held in trust for and shall go to the same persons successively, in the same manner and for the same interests, as the chattels sold would have been held and gone if they had not been sold, jnd the income of investments representing such proceeds of sale shall be applied accordingly.”