(1)Where by operation of law land in England vests subject to a rentcharge in the Crown or any other person either—
(a)on the dissolution of a company; or
(b)on a disclaimer under section two hundred and sixty-seven of the principal Act;
that shall not, subject to the next following subsection, impose on the Crown or the said other person or its or his successors in title any personal liability in respect of the rentcharge.
(2)This section shall not affect any liability in respect of sums accruing due after the Crown or the said other, person, or some person claiming through or under the Crown or the said other person, has taken possession or control of the land or has entered into occupation thereof.
(3)This section shall apply to land vesting and sums accruing due before, as well as after, the coming into force thereof.
(4)In this section the expression " company " includes any body corporate.