Where land is held by trustees subject to a trust for sale, the land is not to be regarded as personal property; and where personal property is subject to a trust for sale in order that the trustees may acquire land, the personal property is not to be regarded as land.

Subsection (1) does not apply to a trust created by a will if the testator died before the commencement of this Act.

Subject to that, subsection (1) applies to a trust whether it is created, or arises, before or after that commencement.