Part I TRUSTS OF LAND
Supplementary
17 Application of provisions to trusts of proceeds of sale.
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2
Section 14 applies in relation to a trust of proceeds of sale of land and trustees of such a trust as in relation to a trust of land and trustees of land.
3
In this section “trust of proceeds of sale of land” means (subject to subsection (5)) any trust of property (other than a trust of land) which consists of or includes—
a
any proceeds of a disposition of land held in trust (including settled land), or
b
any property representing any such proceeds.
4
The references in subsection (3) to a trust—
a
are to any description of trust (whether express, implied, resulting or constructive), including a trust for sale and a bare trust, and
b
include a trust created, or arising, before the commencement of this Act.
5
A trust which (despite section 2) is a settlement for the purposes of the M1Settled Land Act 1925 cannot be a trust of proceeds of sale of land.
6
In subsection (3)—
a
“disposition” includes any disposition made, or coming into operation, before the commencement of this Act, and
b
the reference to settled land includes personal chattels to which section 67(1) of the Settled Land Act 1925 (heirlooms) applies.