Settled Land Act 1925

61 Provisions as to consideration.

(1) All money, not being rent, payable by the tenant for life in respect of any transaction to which any of the three last preceding sections relates shall be paid out of capital money arising under this Act, and all money, not being rent, received on the exercise by the tenant for life of the powers conferred by any of those sections, shall, unless the court, on an application made within six months after the receipt thereof or within such further time as the court may in special circumstances allow, otherwise directs, be capital money arising under this Act.

(2) For the purpose of the three last preceding sections " consideration in money or otherwise " means—

(a) a capital sum of money or a rent;

(b) land being freehold or leasehold for any term of years whereof not less than sixty years shall be unexpired;

(c) any easement, right or privilege over or in relation to the settled land, or any part thereof, or any other land;

(d) the benefit of any restrictive covenant or condition; and

(e) the release of the settled land, or any part thereof, or any other land, from any easement, right or privilege, including a right of preemption, or from the burden of any restrictive covenant or condition affecting the same.