Settled Land Act 1925

Section 15.

FIRST SCHEDULE E+W Forms of Instruments

Modifications etc. (not altering text)

C1 Sch. 1 amended (1.7.1995) by 1994 c. 36, s.9 (with s. 20); S.I. 1995/1317, art.2

Form No. 1 E+W Vesting Deed for giving effect to a Settlement subsisting at the Commencement of this Act

This Vesting Deed is made [&c.] between X. of [&c.] and Y. of [&c.] (hereinafter called the trustees) of the one part and T.L. of [&c.] of the other part.

[Recite the Settlement under which T.L. is a tenant for life of full age in possession of the freeholds and leaseholds respectively described in the First and Second Schedules and has power to appoint new trustees, and the trustees are trustees for the purposes of the Settled Land Act, 1925, also the request by T.L. that the trustees should execute the requisite vesting deed.]

Now for giving effect to the requirements of the Settled Land Act, 1925, this deed witnesseth as follows:—

1 E+W The trustees as Trustees hereby declare that—

All and singular the hereditaments and premises respectively mentioned in the First and Second Schedules hereto and all other (if any) the premises capable of being vested by this declaration which are now by any means subject to the limitations of the recited settlement are vested in the said T.L. as to the freehold hereditaments mentioned in the First Schedule hereto in fee simple, and as to the leasehold hereditaments mentioned in the Second Schedule hereto, for all the residue of the terms of years for which the same are respectively held.

2 E+W The saidT.L. shall stand possessed of the premises upon the trusts and subject to the powers and provisions upon and subject to which under the recited settlement or otherwise the same ought to be held from time to time.

3 E+W The trustees are the trustees of the settlement for the purposes of the Settled Land Act, 1925.

4 E+W The following additional or larger powers are conferred by the said settlement in relation to the settled land, and by virtue of the Settled Land Act, 1925, operate and are exercisable as if conferred by that Act on a tenant for life [Here insert the additional powers].

5 E+W [Add the usual covenant by T.L. with the trustees to pay the rent in respect of leasehold hereditaments, observe the lessee’s covenants and keep the trustees indemnified.]

6 E+W The power to appoint a new trustee or new trustees of the settlement is vested in the said T.L. during his life.

In witness [&c.].

[Note.—Add the schedules. In the first part of the First Schedule give particulars of the manors, advowsons and other incorporeal hereditaments. In the second part give particulars of the freehold land referring, if practicable, to annexed plans, so that the vesting deed may ultimately become a convenient root of title. Unless this is done the deeds referred to will for purposes of the parcels remain part of the title. In the Second Schedule give particulars of the dates of and parties to the leases of the leasehold hereditaments, and short particulars of the properties demised, the terms and the rents. If there are any mortgages having priority to the settlement these should be mentioned in another schedule and referred to in the recitals.]

Form No. 2 E+W Vesting Deed on the Settlement of Land

This Vesting Deed made [&c.] between John H. of [&c.] of the first part, Jane W. of [&c.] of the second part, and X. of [&c.], Y. of [&c.], and Z. of [&c.] (hereinafter called the trustees) of the third part.

Witnesseth and it is hereby declared as follows:—

1 E+W In consideration of the intended marriage between John H. and Jane W. the said John H. as Settlor hereby declares that

All that (setting out the parcels by reference to a schedule or otherwise) are vested in John H. in fee simple (or in the case of leaseholds refer to the terms).

Upon the trusts declared concerning the same by a Trust Instrument bearing even date with but intended to be executed contemporaneously with these presents and made between the same parties and in the same order as these presents or upon such other trusts as the same ought to be held from time to time.

2 E+W The trustees are the trustees of the settlement for the Purposes of the Settled Land Act, 1925.

3 E+W The following additional or larger powers are conferred by the said trust instrument in relation to the settled land and by virtue of the Settled Land Act, 1925, operate and are exercisable as if conferred by that Act on a tenant for life. [Here insert the additional powers.]

4 E+W The power of appointing a new trustee or new trustees of the settlement is vested in the said [John H.] during his life.

In witness [&c.].

Form No. 3 E+W Trust Instrument of the Settlement of Land

This Trust Instrument is made [&c.] between John H. of [&c.] (hereinafter called the Settlor) of the first part, Jane W. of [&c.] of the second part, and X. of [&c.], Y. of [&c.], and Z. of [&c.] (hereinafter called the trustees) of the third part.

Whereas by a deed (herinafter called the Vesting Deed) bearing even date with but executed contemporaneously with these presents, and made between the same parties and in the same order as these presents, certain hereditaments situated at in the county of were vested in the Settlor Upon the trusts declared concerning the same by a trust instrument of even date therein referred to (meaning these presents).

Now in consideration of the intended marriage between the Settlor and Jane W., this Deed witnesseth as follows:—

1 E+W The Settlor hereby agrees that he will hold the hereditaments and property comprised in the Vesting Deed In trust for himself until the solemnisation of the said marriage and thereafter Upon the trusts following, that is to say:—

2 E+W Upon trust for the Settlor during his life without impeachment of waste with remainder Upon trust if Jane W. survives him that she shall receive out of the premises during the residue of her life a yearly jointure rentcharge of [&c.] and subject thereto Upon trust for the trustees for a term of 800 years from the date of the death of the Settlor without impeachment of waste Upon the trusts hereinafter declared concerning the same. And subject to the said term and the trusts thereof Upon trust for the first and other sons of the said intended marriage successively according to seniority in tail male with remainder [&c.]with an ultimate remainder in trust for the Settlor in fee simple.

[Here add the requisite trusts of the portions term, and any other proper provisions including the appointment of the trustees to be trustees of the settlement for the purposes of the Settled Land Act,1925, extension of Settled Land Act powers, and a power for the tenant for life for the time being of full age to appoint new trustees of the settlement.]

In witness [&c.].

[Note.—The Vesting Deed and the Trust Instrument can be executed as escrows till the marriage.]

Form No. 4 E+W Subsidiary Vesting Deed on Sale when the Land is Purchased with Capital Money

This Subsidiary Vesting Deed is made [&c.] betweenHenry V. of [&c.] (hereinafter called the Vendor) of the first part, X. of [&c.], Y. of [&c.], and Z. of [&c.] (hereinafter called the trustees) of the second part, and John H. [&c.] (hereinafter called the Purchaser) of the third part.

Whereas the Vendor is entitled for an estate in fee simple in possession free from incumbrances to the hereditaments hereinafter conveyed and has agreed to sell the same to the Purchaser at the price of pounds.

And whereas by a principal vesting deed (hereinafter called the principal deed) dated [&c.], and made [&c.] [Form No. 2], certain hereditaments were vested in the Purchaser Upon the trusts of a trust instrument of even date therewith, and by [endorsements on] the principal deed the trustees were stated to be the trustees of the settlement for the purposes of the Settled Land Act, 1925.

Now this Deed witnesseth as follows:—

1 E+W In consideration of the sum of pounds now paid to the Vendor by the trustees by the direction of the Purchaser (the receipt of which sum the Vendor hereby acknowledges) the Vendor as Beneficial Owner hereby conveys unto the Purchaser All those [&c.].

To hold unto the Purchaser [in fee simple] upon and subject to the same trusts and powers as are declared by the principal deed by reference as aforesaid with respect to the hereditaments therein comprised.

2 and 3 E+W [Same as 2 and 4 in Form No. 2].

In witness [&c.].

Note.—On a purchase of a term of years absolute out of capital money, the term must be conveyed to the tenant for life, if any, of full age, instead of to the trustees of the settlement. If there is a minority the land will be conveyed to the personal representatives or to the Settled Land Act trustees.

Form No. 5 E+W Vesting Assent by Personal Representative

1 E+W E.F. of [&c.] and G.H. of [&c.] as the personal representatives of X.Y.,late of [&c.] deceased, do this day of 19 hereby, As Personal Representatives, assent to the vesting in C.D. of [&c.] of [All that farm &c.]or[All the property described in the Schedule hereto] for all the estate or interest of the said X.Y. at the time of his death [or, for an estate in fee simple].

2 E+W The premises are vested in the said C.D. upon the trusts declared concerning the same by [&c.].

3 E+W The said E.F. and G.H. are the trustees of the settlement for the purposes of the Settled Land Act, 1925.

4 and 5 E+W [Same as 3 and 4 in Form No. 2].

As witness, &c.

Note.—The expression “conveyance” includes an assent, but an assent will relate back to the death unless a contrary intention appears.

An assent will not be properly postponed merely because death duty remains to be paid. The representatives have only to be satisfied (e.g. where the tenant for life has directed payment out of capital money or has executed a mortgage for raising the money as and when an instalment becomes due) that the duty will be paid.

Section 37.

SECOND SCHEDULE E+W Transitional Provisions affecting Existing Settlements

Paragraph 1 E+W Provisions for vesting legal estate in tenant for Life or Statutory Owner

1 (1) A settlement subsisting at the commencement of this Act is, for the purposes of this Act, a trust instrument. E+W

(2) As soon as practicable after the commencement of this Act, the trustees for the purposes of this Act of every settlement of land subsisting at the commencement of this Act (whether or not the settled land is already vested in them), may and on the request of the tenant for life or statutory owner, shall at the cost of the trust estate, execute a principal vesting deed (containing the proper statements and particulars) declaring that the legal estate in the settled land shall vest or is vested in the person or persons therein named (being the tenant for life or statutory owner, and including themselves if they are the statutory owners), and such deed shall (unless the legal estate is already so vested) operate to convey or vest the legal estate in the settled land to or in the person or persons aforesaid and, if more than one, as joint tenants.

(3) If there are no trustees of the settlement then (in default of a person able and willing to appoint such trustees), an application shall be made to the court by the tenant for life or statutory owner, or by any other person interested, for the appointment of such trustees.

(4) If default is made in the execution of any such principal vesting deed, the provisions of this Act relating to vesting orders of settled land shall apply in like manner as if the trustees of the settlement were persons in whom the settled land is wrongly vested.

(5) This paragraph does not apply where, at the commencement of this Act, settled land is held at law or in equity in undivided shares vested in possession.

(6) In the case of settlements subsisting at the commencement of this Act, all the estates, interests and powers thereby limited which are not by statute otherwise converted into equitable interests or powers, shall, as from the date of the principal vesting deed or the vesting order, take effect only in equity.

[F1 This sub-paragraph shall not apply to any legal estate or interest vested in a mortgagee or other purchaser for money or money’s worth.]

(7) This paragraph does not apply where settled land is vested in personal representatives at the commencement of this Act, or where settled land becomes vested in personal representatives before a principal vesting deed has been executed pursuant to this paragraph.

(8) No ad valorem stamp duty shall be payable in respect of a vesting deed or order made for giving effect to an existing settlement.

Textual Amendments

F1 Para. added by Law of Property (Amendment) Act 1926 (c. 11), Sch.

Paragraph 2 E+W Provisions where Settled Land is at commencement of Act vested in personal representatives

2 (1) Where settled land remains at the commencement of this Act vested in the personal representatives of a person who dies before such commencement, or becomes vested in personal representatives before a principal vesting deed has been executed pursuant to the last preceding paragraph, the personal representatives shall hold the settled land on trust, if and when required so to do, to convey the same to the person who, under the trust instrument, or by virtue of this Act, is the tenant for life or statutory owner and, if more than one, as joint tenants. E+W

(2) A conveyance under this paragraph shall be made at the cost of the trust estate and may be made by an assent in writing signed by the personal representatives which shall operate as a conveyance. No stamp duty is payable in respect of a vesting assent.

(3) The obligation to convey settled land imposed on the personal representatives by this paragraph is subject and without prejudice—

(a) to their rights and powers for purposes of administration, and

(b) to their being satisfied that provision has been or will be made for the payment of any unpaid death duties in respect of the land or any interest therein for which they are accountable, and any interest and costs in respect of such duties, or that they are otherwise effectually indemnified against such duties, interest and costs.

(4) A conveyance under this paragraph shall—

(a) if by deed, be a principal vesting deed, and

(b) if by an assent, be a vesting assent, which shall contain the like statements and particulars as are required by this Act in the case of a principal vesting deed.

(5) Nothing contained in this paragraph affects the rights of personal representatives to transfer or create such legal estates to take effect in priority to a conveyance under this paragraph as may be required for giving effect to the obligations imposed on them by statute.

(6) A conveyance by personal representatives under this paragraph, if made by deed, may contain a reservation to themselves of a term of years absolute in the land conveyed upon trusts for indemnifying them against any unpaid death duties in respect of the land conveyed or any interest therein, and any interest and costs in respect of such duties.

(7) Nothing contained in this paragraph affects any right which a person entitled to an equitable charge for securing money actually raised, and affecting the whole estate the subject of the settlement, may have to require effect to be given thereto by a legal mortgage, before the execution of a conveyance under this section.

Paragraph 3 E+W Provisions as to Infants

3 (1) Where, at the commencement of this Act, an infant is beneficially entitled to land in possession for an estate in fee simple or for a term of years absolute, or would, if of full age, be a tenant for life or have the powers of a tenant for life, the settled land shall, by virtue of this Act, vest in the trustees (if any) of the settlement upon such trusts as may be requisite for giving effect to the rights of the infant and other persons (if any) interested: E+W

provided that, if there are no such trustees, then—

(i) Pending their appointment, the settled land shall, by virtue of this Act, vest in the Public Trustee upon the trusts aforesaid:

(ii) The Public Trustee shall not be entitled to act in the trust, or charge any fee, or be liable in any manner unless and until requested in writing to act on behalf of the infant by his parents or parent or testamentary or other guardian in the order named:

(iii) After the Public Trustee has been so requested to act, and has accepted the trust, he shall become the trustee of the settlement, and no trustee shall (except by an order of the court) be appointed in his place without his consent:

(iv) If there is no other person able and willing to appoint trustees the parents or parent or testamentary or other guardian of the infant, if respectively able and willing to act, shall (in the order named) have power by deed to appoint trustees of the settlement in place of the Public Trustee in like manner as if the Public Trustee had refused to act in the trust, and to vest the settled land in them on the trusts aforesaid, and the provisions of the M1 Trustee Act, 1925, relating to the appointment of new trustees, and the vesting of trust property shall apply as if the persons aforesaid (in the order named) had been nominated by the settlement for the purpose of appointing new trustees thereof; and in default of any such appointment the infant by his next friend, may, at any time during the minority, apply to the court for the appointment of trustees of the settlement, and the court may make such order as it thinks fit, and if thereby trustees of the settlement are appointed, the settled land shall, by virtue of this Act, vest in the trustees as joint tenants upon the trusts aforesaid:

Provided that in favour of a purchaser a statement in the deed of appointment that the father or mother or both are dead or are unable or unwilling to make the appointment shall be conclusive evidence of the fact stated.

(v) If land to which an infant is beneficially entitled in possession for an estate in fee simple or for a term of years absolute vests in the Public Trustee, but the Public Trustee does not become the trustee of the settlement, and trustees of the settlement are not appointed in his place, then, if and when the infant attains the age of twenty-one years, the land shall vest in him.

(2) The provisions of this paragraph shall extend to the legal estate in the settled land, except where such legal estate is, at or immediately after the commencement of this Act, vested in personal representatives, in which case this paragraph shall have effect without prejudice to the provisions of paragraph two of this Schedule.

(3) Where, at the commencement of this Act, any persons appointed under section sixty of the M2 Settled Land Act, 1882, have power to act generally or for any specific purpose on behalf of an infant, then those persons shall, by virtue of this Act, become and be the trustees of the settlement.

(4) Notwithstanding that the settled land is by virtue of this paragraph vested in the trustees of the settlement, they shall, at the cost of the trust estate, in accordance with this Act, execute a principal vesting deed declaring that the settled land is vested in them.

(5) This paragraph does not apply where an infant is beneficially entitled in possession to land for an estate in fee simple or for a term of years absolute jointly with a person of full age (for which case provision is made in the M3 Law of Property Act, 1925), but it applies to two or more infants entitled as aforesaid jointly.

(6) This paragraph does not apply where an infant would, if of full age, constitute the tenant for life or have the powers of a tenant for life together with another person of full age, but it applies to two or more infants who would, if all of them were of full age, together constitute the tenant for life or have the powers of a tenant for life.

Marginal Citations

M1 1925 c. 19.

M2 1882 c. 38.

M3 1925 c. 20.

THIRD SCHEDULE E+W

Modifications etc. (not altering text)

C2 Power to extend Sch. 3 given by Agriculture Act 1967 (c. 22), s. 36(5) and Agriculture Act 1970 (c. 40), s. 30(1)

C3 Sch. 3 extended by S.I. 1968/704

Part I E+W Improvements, the costs of which are not liable to be replaced by Instalments

Modifications etc. (not altering text)

C4 Sch. 3 Pt. I extended by Landlord and Tenant (War Damage) Act 1939 (c. 72), s. 3, Hill Farming Act 1946 (c. 73), s. 11 and S.I. 1951/1816 (1951 I, p. 45)

C5 Sch. 3 Pt. I modified by Agricultural Holdings Act 1986 (c. 5, SIF 2:3), ss. 89(1), 99, Sch. 13 para. 3

(i) E+W Drainage, including the straightening, widening, or deepening of drains, streams, and watercourses:

(ii) E+W Bridges:

(iii) E+W Irrigation; warping:

(iv) E+W Drains, pipes, and machinery for supply and distribution of sewage as manure:

(v) E+W Embanking or weiring from a river or lake, or from the sea, or a tidal water:

(vi) E+W Groynes; sea walls; defences against water:

(vii) E+W Inclosing; straightening of fences; re-division of fields:

(viii) E+W Reclamation; dry warping:

(ix) E+W Farm roads; private roads; roads or streets in villages or towns:

(x) E+W Clearing; trenching; planting:

(xi) E+W Cottages for labourers, farm-servants, and artisans, employed on the settled land or not:

(xii) E+W Farmhouses, offices, and outbuildings, and other buildings for farm purposes:

(xiii) E+W Saw-mills, scutch-mills, and other mills, water-wheels, engine-houses, and kilns, which will increase the value of the settled land for agricultural purposes or as woodland or otherwise:

(xiv) E+W Reservoirs, tanks, conduits, watercourses, pipes, wells, ponds, shafts, dams, weirs, sluices, and other works and machinery for supply and distribution of water for agricultural, manufacturing, or other purposes, or for domestic or other consumption:

(xv) E+W Tramways; railways; canals; docks:

(xvi) E+W Jetties, piers, and landing places on rivers, lakes, the sea, or tidal waters, for facilitating transport of persons and of agricultural stock and produce, and of manure and other things required for agricultural purposes, and of minerals, and of things required for mining purposes:

(xvii) E+W Markets and market-places:

(xviii) E+W Streets, roads, paths, squares, gardens, or other open spaces for the use, gratuitously or on payment, of the public or of individuals, or for dedication to the public, the same being necessary or proper in connexion with the conversion of land into building land:

(xix) E+W Sewers, drains, watercourses, pipe-making, fencing, paving, brick-making, tile-making, and other works necessary or proper in connexion with any of the objects aforesaid:

(xx) E+W Trial pits for mines, and other preliminary works necessary or proper in connexion with development of mines:

(xxi) E+W Reconstruction, enlargement, or improvement of any of those works:

(xxii) E+W The provision of small dwellings, either by means of building new buildings or by means of the reconstruction, enlargement, or improvement of existing buildings, if that provision of small dwellings is, in the opinion of the court, not injurious to the settled land or is agreed to by the tenant for life and the trustees of the settlement:

(xxiii) E+W Additions to or alterations in buildings reasonably necessary or proper to enable the same to be let:

(xxiv) E+W Erection of buildings in substitution for buildings within an urban sanitary district taken by a local or other public authority, or for buildings taken under compulsory powers, but so that no more money be expended than the amount received for the buildings taken and the site thereof:

(xxv) E+W The rebuilding of the principal mansion house on the settled land:

provided that the sum to be applied under this head shall not exceed one-half of the annual rental of the settled land.

Part II E+W Improvements, the Costs of which the Trustees of the Settlement or the Court may require to be replaced by Instalments

Modifications etc. (not altering text)

C6 Sch. 3 Pt. II extended by Town and Country Planning Act 1971 (c. 78), s. 275(2)

C7 Sch. 3 Pt. II extended by Planning (Listed Buildings and Conservation Areas) Act 1990 (c. 9, SIF 123:1), s. 87

(i) E+W Residential houses for land or mineral agents, managers, clerks, bailiffs, woodmen, gamekeepers and other persons employed on the settled land, or in connexion with the management or development thereof:

(ii) E+W Any offices, workshops and other buildings of a permanent nature required in connexion with the management or development of the settled land or any part thereof:

(iii) E+W The erection and building of dwelling houses, shops, buildings for religious, educational, literary, scientific, or public purposes, market places, market houses, places of amusement and entertainment, gasworks, electric light or power works, or any other works necessary or proper in connexion with the development of the settled land, or any part thereof as a building estate:

(iv) E+W Restoration or reconstruction of buildings damaged or destroyed by dry rot:

(v) E+W Structural additions to or alterations in buildings reasonably required, whether the buildings are intended to be let or not, or are already let:

(vi) E+W Boring for water and other preliminary works in connexion therewith.

Part III E+W Improvements, the Costs of which the Trustees of the Settlement and the Court must require to be replaced by Instalments

(i) E+W Heating, hydraulic or electric power apparatus for buildings, and engines, pumps, lifts, rams, boilers, flues, and other works required or used in connexion therewith:

(ii) E+W Engine houses, engines, gasometers, dynamos, accumulators, cables, pipes, wiring, switchboards, plant and other works required for the installation of electric, gas, or other artificial light, in connexion with any principal mansion house, or other house or buildings; but not electric lamps, gas fittings, or decorative fittings required in any such house or building:

(iii) E+W Steam rollers, traction engines, motor lorries and moveable machinery for farming or other purposes.

Section 118.

FOURTH SCHEDULE E+W Retrospective Amendments of the Settled Land Acts, 1882 to 1890

Shifting of incumbrances. E+W

1 The power conferred by section five of the M4 Settled Land Act, 1882, of shifting incumbrances on a sale, exchange, or partition, shall be deemed always to have authorised a charge on all or any part of the capital money or securities representing capital money arising from the transaction or otherwise subject to the settlement, and incumbrance in section five aforesaid shall be deemed always to have included any incumbrance, whether capable of being overreached on the exercise by the tenant for life of the powers conferred by the Settled Land Acts, 1882 to 1890, or not.

Marginal Citations

M4 1882 c. 38.

Rate of interest on incumbrances. E+W

2 In the case of an incumbrance affecting the settled land, or any part thereof, the tenant for life shall be deemed always to have had power, with the consent of the incumbrancer, to vary the rate of interest charged, and any of the other provisions of the instrument (if any) creating the incumbrance.

Dedication for streets, open spaces, &c. E+W

3 (1) Section sixteen of the Settled Land Act, 1882, shall be deemed always to have had effect, as if the words “ after or ” had been inserted after the words “On or,” and the words “ or the development of the settled land, or any part thereof, as a building estate, or at any other reasonable time ” had been inserted after the words “building lease”.

(2) A tenant for life shall be deemed always to have had power—

(a) to enter into any agreement for the recompense to be made for any part of the settled land required for the widening of a highway under section eighty-two of the M5 Highway Act, 1835, or otherwise;

(b) to consent to the diversion of any highway over the settled land under section eighty-five of that Act or otherwise; and

(c) to consent to any such road as is mentioned in section thirty-six of the M6 Highway Act, 1862, being declared a public highway;

and any agreement or consent so made or given shall be deemed to have been as valid and effectual, for all purposes, as if made or given by an absolute owner of the settled land, provided that any money received or receivable in respect of such agreement or consent was or is paid to the trustees of the settlement or into court as capital money.

Modifications etc. (not altering text)

C8 The text of Sch. 4 paras. 3(1), 4 and 15(c) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

Marginal Citations

M5 1835 c. 50.

M6 1862 c. 61.

Separate dealings with surface and minerals. E+W

4 Subsection (1) of section seventeen of the Settled Land Act, 1882, shall be deemed always to have had effect, as if the words “or mining” had not been contained therein, and the words “ or other authorised disposition ” had been inserted therein after the word “lease.”

Modifications etc. (not altering text)

C9 The text of Sch. 4 paras. 3(1), 4 and 15(c) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

Powers on sale, &c. E+W

5 On a sale or other disposition made before the commencement of this Act under the powers of the Settled Land Acts, 1882 to 1890, the powers conferred by subsection (1) of section forty-nine of this Act shall be deemed to have been exercisable.

Sale of timber and fixtures at a valuation. E+W

6 In favour of a purchaser, a sale made before the commencement of this Act shall not be deemed to have been invalidated by reason only of any such stipulation as mentioned in subsection (2) of section forty-nine of this Act, provided that the amount of the valuation was paid to the trustees of the settlement or into court.

Raising of money. E+W

7 Where under the Settled Land Acts, 1882 to 1890, power was given to raise money for any purpose, the power shall be deemed always to have included power to raise the money properly required for the payment of the costs of the transaction.

Provision where interest in settled land is restored. E+W

8 A person entitled to an estate or interest, whether legal or equitable, in settled land shall in the circumstances mentioned in section twenty-two of this Act be deemed always to have been entitled to such estate and interest and to exercise such powers as is in that section mentioned.

Referential settlements. E+W

9 Where a settlement has before the commencement of this Act taken effect by reference to another settlement, the trustees who would by virtue of section thirty-two of this Act be the trustees of the settlement by reference shall be deemed always to have been the trustees of such settlement.

Application of capital money. E+W

10 (1) Capital money arising under the Settled Land Acts, 1882 to 1890, shall be deemed always to have been capable of being applied in paying any increment value duty which a tenant for life had power to charge on the settled land under section thirty-nine of the M7 Finance (1909-10) Act, 1910, and any reversion duty, and any costs and expenditure incurred by the tenant for life, or the trustees of the settlement, in connexion with any valuation under the said Act, or with the assessment and ascertainment of the amount of any increment value duty which a tenant for life had power to charge as aforesaid, or any reversion duty.

(2) Capital money arising under the M8 Settled Land Acts, 1882 to 1890, shall be deemed always to have been capable of being applied in any of the modes mentioned in paragraphs (xiii) to (xvi) inclusive of subsection (1) of section seventy-three of this Act as well as in the modes authorised by section twenty-one of the Settled Land Act, 1882.

Marginal Citations

M7 1910 c. 8.

M8 1882 c. 38.

As to capital arising otherwise than under the Settled Land Acts. E+W

11 Where before the commencement of this Act any money arising from settled land, otherwise than under the Settled Land Acts, 1882 to 1890, which ought, as between the persons interested in the settled land, to have been treated as capital, has been invested, applied, or otherwise dealt with as if it had been capital money arising under those Acts, such investment, application, or other dealing shall be deemed to have been valid.

power for Public Trustee to give receipts and accept notices. E+W

12 Where the Public Trustee or any other trust corporation was sole trustee of a settlement, the corporation shall, notwithstanding anything to the contrary contained in sections thirty-nine and forty-five of the Settled Land Act, 1882, or the settlement, be deemed always to have had power to give receipts, accept notices, and otherwise act alone as trustee of the settlement for all the purposes of the Settled Land Acts, 1882 to 1890.

Assignments of tenant for life’s interest. E+W

13 (1) Section fifty of the Settled Land Act, 1882, shall be deemed always to have applied, notwithstanding that the estate or interest of the tenant for life under the settlement was not in possession when the assignment was made, or took effect by operation of law.

(2) The expression “assignee for value” in subsection (3) of section fifty of the M9 Settled Land Act, 1882, shall be deemed always to have included persons deriving title under the original assignee.

(3) A trustee or personal representative who is an assignee for value shall be deemed always to have had power to consent to the exercise by the tenant for life of his powers under the Settled Land Acts, 1882 to 1890.

(4) A person for the time being entitled in possession under the limitations of such settlement as is mentioned in subsection (7) of section one hundred and four of this Act shall in the circumstances in that subsection mentioned, be deemed always to have had power to consent to the exercise by the tenant for life of his powers under the Settled Land Acts, 1882 to 1890, and to bind by such consent all persons interested or to become interested under the settlement.

Marginal Citations

M9 1882 c.38.

As to base fees. E+W

14 It shall be deemed always to have been sufficient to enable the fee simple to be disposed of or dealt with under the Settled Land Acts, 1882 to 1890, by the owner of a base fee as defined by the M10 Fines and Recoveries Act, 1833, or fee determinable, whether by limitation or condition, or the tenant for life thereof, if there were at the time of the transaction trustees for the purposes of those Acts or any of them of the settlement consisting of the instrument whereby the estate tail or determinable fee was created, and the capital money (if any) arising on such disposition or dealing was or is paid to such trustees or into court.

Marginal Citations

M10 1833 c. 34.

Amendment of s. 58(1)(ix) of the Act of 1882. E+W

15 Paragraph (ix) of subsection (1) of section fifty-eight of the Settled Land Act, 1882 shall be deemed always to have had effect as if in that paragraph—

(a) “trust” included an implied or constructive trust;

(b) “forfeiture” included cesser or determination by any means;

(c) after the words “expenses of management” there had been inserted the words “ or to a trust for accumulation of income for any purpose ”;

but not so as to render invalid or prejudice any title or right acquired before the commencement of this Act.

Modifications etc. (not altering text)

C10 The text of Sch. 4 paras. 3(1), 4 and 15(c) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

Married woman infant, &c. E+W

16 Sections fifty-nine and sixty of the M11 Settled Land Act, 1882, shall be deemed always to have applied, although the infant was a married woman; and section fifty-nine aforesaid shall be deemed always to have extended to any leasehold interest whether at a rent or not.

Marginal Citations

M11 1882 c. 38.

Fifth Schedule E+W . . . F2

Textual Amendments

F2 Sch. 5 repealed by Statute Law Revision Act 1950 (14 Geo. 6 c. 6)