27.—(1) Subject to Article 43—
(a)this Order applies to equitable estates in land, including interests in the proceeds of the sale of land held upon trust for sale, in like manner as it applies to legal estates in land; and
(b)accordingly, for the purposes of this Order but not otherwise, a right of action to recover the land is to be treated as accruing to a person entitled in possession to an equitable estate in land in the like manner and like circumstances and on the same date as it would accrue if his estate were a legal estate in the land.
(2) Where—
(a)any land is held upon trust, including a trust for sale; and
(b)the time limit fixed by this Order has expired for the bringing of an action to recover the land by the trustees,
then—
(i)the estate of the trustees is not extinguished, if and so long as the right of action to recover the land of any person entitled to a beneficial interest in the land or in the proceeds of sale either has not accrued or has not been barred by this Order, but
(ii)if and when every such right of action has been so barred, the estate of the trustees is extinguished.
(3) Where any land is held upon trust, including a trust for sale, an action to recover the land may be brought by the trustees on behalf of any person entitled to a beneficial interest in possession in the land or in the proceeds of sale whose right of action has not been barred by this Order, notwithstanding that the right of action of the trustees would apart from this provision have been barred by this Order.