Settled Land Act 1925

Raising of Money.

71 Power to raise money by mortgage.

(1) Where money is required for any of the following purposes namely:—

(i) Discharging an incumbrance on the settled land or part thereof;

(ii) Paying for any improvement authorised by this Act or by the settlement;

(iii) Equality of exchange;

(iv) Extinguishing any manorial incidents;

(v) Compensating the steward on the extinguishment of manorial incidents and discharging the expenses incurred in connexion with the extinguishment;

(vi) Redeeming a compensation rentcharge in respect of the extinguishment of manorial incidents and affecting the settled land;

(vii) Commuting any additional rent made payable on the conversion of a perpetually renewable leasehold interest into a long term;

(viii) Satisfying any claims for compensation on the conversion of a perpetually renewable leasehold interest into a long term by any officer, solicitor, or other agent of the lessor in respect of fees or remuneration which would have been payable by the lessee or under-lessee on any renewal;

(ix) Payment of the costs of any transaction authorised by this section or either of the two last preceding sections;

the tenant for life may raise the money so required, on the security of the settled land, or of any part thereof, by a legal mortgage, and the money so raised shall be capital money for that purpose, and may be paid or applied accordingly.

(2) "Incumbrance" in this section does not include any annual sum payable only during a life or lives or during a term of years absolute or determinable.

(3) The restrictions imposed by this Part of this Act on the leasing powers of a tenant for life do not apply in relation to a mortgage term created under this Act.