86 Registration of settled land.F1E+W
(1)Settled land shall be registered in the name of the tenant for life or statutory owner.
(2)The successive or other interests created by or arising under a settlement shall (save as regards any legal estate which cannot be overridden under the powers of the M1Settled Land Act 1925, or any other statute) take effect as minor interests and not otherwise; and effect shall be given thereto by the proprietor of the settled land as provided by statute with respect to the estate owner, with such adaptations, if any, as may be prescribed in the case of registered land by rules made under this Act.
(3)There shall also be entered on the register such restrictions as may be prescribed, or may be expedient, for the protection of the rights of the persons beneficially interested in the land, and such restrictions shall (subject to the provisions of this Act relating to releases by the trustees of a settlement and to transfers by a tenant for life whose estate has ceased in his lifetime) be binding on the proprietor during his life, but shall not restrain or otherwise affect a disposition by his personal representative.
(4)Where land already registered is acquired with capital money, the same shall be transferred by a transfer in a specially prescribed form to the tenant for life or statutory owner, and such transfer shall state the names of the persons who are trustees of the settlement for the purposes of the M2Settled Land Act 1925, and contain an application to register the prescribed restrictions applicable to the case; a transfer made in the specially prescribed form shall be deemed to comply with the requirements of that Act, respecting vesting deeds; and where no capital money is paid but land already registered is to be made subject to a settlement, it shall not be necessary for the trustees of the settlement to concur in the transfer.
(5)References in this Act to the “tenant for life” shall, where the context admits, be read as referring to the tenant for life, statutory owner, or personal representative who is entitled to be registered.