(1)Where an order is made by the Land Commission attaching claims to the purchase money, or where an agreement for the purchase of land is entered into by the Land Commission, the order or agreement, as the case may be, shall specify a date, in this Act referred to as "the closing day," being not more than twelve months from the date of the order or agreement.
(2)If on the closing day the title of any person whose claim has been so attached to the purchase money, whether as vendor, or incumbrancer, or owner of a superior or intervening interest, is not established, and if a portion of the purchase money equivalent to the amount of his claim has not been invested in pursuance of the powers conferred by subsection one of section fourteen of the Act of 1887, then, until his title is established, interest in respect of the claim shall not be payable out of the purchase money or recoverable under any agreement or covenant at a higher rate than the rate payable by the Land Commission to the National Debt Commissioners in respect of outstanding advances :
Provided that this subsection shall not apply in any case where the Land Commission are satisfied that it is not owing to any act or default of such person that his title is not established and the amount of his claim invested as aforesaid.
For the purpose of this enactment interest shall be calculated on the redemption price of a superior or intervening interest.
(3)If any person interested in the purchase money, by himself or any agent or solicitor, is guilty of any delay in taking any step in the proceedings for the ascertainment of claims which it is his duty to take, or which he has been ordered to take, and such delay is, in the opinion of the Land Commission, inexcusable, the Commission may by Order deprive him of the whole or any part of the interest to which he would have been entitled under the foregoing provisions of this Act.
(4)Notwithstanding anything in this section any vendor or incumbrancer may apply to the court to invest the purchase money, pending distribution, in any of the securities from time to time authorised by law for the investment of trust funds.