Law of Property Act 1922

62 Extension of section 42 of the Act of 1882.

(1) Where the tenant for life directs capital money to be invested on any authorised security or investment, the trustees of the settlement shall not be liable for the acts of any agent employed by the tenant for life in connexion with the transaction, or for not employing a separate agent in or about the valuation of the security or the investigation of the title thereto, or for the form of the security or of any deed conveying the same to the trustees.

(2) The trustees of the settlement shall not be liable for paying or applying any capital money by the direction of the tenant for life for "any authorised purpose:

(3) The trustees of the settlement shall not be liable in any way on account of the documents of title (other than securities for capital money) relating to the settled land, including any.vesting instrument and any appointment of new trustees thereof, being placed in the possession of the tenant for life of full age :

Provided that where, if the settlement were not disclosed, it would appear that the tenant for life had a general power of appointment over, or was absolutely and beneficially entitled to the settled land, the trustees of the settlement shall, before they deliver the documents to him, require that notice of the subsisting vesting instrument be written on one of the documents under which the tenant for life acquired his title ; and may, if the documents are not in their possession, require such notice to be written as aforesaid, but, in the latter case, they shall not be liable in any way for not requiring the notice to be written,

(4) This section applies to dealings and matters effected before as well as after the commencement of this Act.