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SETTLED LAND ACT 1882 - SECT 63

63.(1) Any land, or any estate or interest in land, which under or by virtue
of any deed, will, or agreement, covenant to surrender, copy of court roll,
Act of Parliament, or other instrument or any number of instruments, whether
made or passed before or after, or partly before and partly after, the
commencement of this Act, is subject to a trust or direction for sale of that
land, estate, or interest, and for the application or disposal of the money to
arise from the sale, or the income of that money, or the income of the land
until sale, or any part of that money or income, for the benefit of any person
for his life, or any other limited period, or for the benefit of two or more
persons concurrently for any limited period, and whether absolutely, or
subject to a trust for accumulation of income for payment of debts or other
purposes, or to any other restriction, shall be deemed to be settled land, and
the instrument or instruments under which the trust arises shall be deemed to
be a settlement; and the person for the time being beneficially entitled to
the income of the land, estate, or interest aforesaid until sale, whether
absolutely or subject as aforesaid, shall be deemed to be tenant for life
thereof; or if two or more persons are so entitled concurrently, then those
persons shall be deemed to constitute together the tenant for life thereof;
and the persons, if any, who are for the time being under the settlement
trustees for sale of the settled land, or having power of consent to, or
approval of, or control over the sale, or if under the settlement there are no
such trustees, then the persons, if any, for the time being, who are by the
settlement declared to be trustees thereof for purposes of this Act, are for
purposes of this Act trustees of the settlement.

(2) In every such case the provisions of this Act referring to a tenant for
life, and to a settlement, and to settled land, shall extend to the person or
persons aforesaid, and to the instrument or instruments under which his or
their estate or interest arises, and to the land therein comprised, subject
and except as in this section provided (that is to say):

(i)Any reference in this Act to the predecessors or successors in title of the
tenant for life, or to the remaindermen, or reversioners or other persons
interested in the settled land, shall be deemed to refer to the persons
interested in succession or otherwise in the money to arise from sale of the
land, or the income of that money, or the income of the land, until sale (as
the case may require).

(ii)Capital money arising under this Act from the settled land shall not be
applied in the purchase of land unless such application is authorized by the
settlement in the case of capital money arising thereunder from sales or other
dispositions of the settled land, but may, in addition to any other mode of
application authorized by this Act, be applied in any mode in which capital
money arising under the settlement from any such sale or other disposition is
applicable thereunder, subject to any consent required or direction given by
the settlement with respect to the application of trust money of the
settlement.

(iii)Capital money arising under this Act from the settled land and the
securities in which the same is invested, shall not for any purpose of
disposition, transmission, or devolution, be considered as land unless the
same would, if arising under the settlement from a sale or disposition of the
settled land, have been so considered, and the same shall be held in trust for
and shall go to the same persons successively in the same manner, and for and
on the same estates, interests, and trusts as the same would have gone and
been held if arising under the settlement from a sale or disposition of the
settled land, and the income of such capital money and securities shall be
paid or applied accordingly.

(iv)Land of whatever tenure acquired under this Act by purchase, or in
exchange, or on partition, shall be conveyed to and vested in the trustees of
the settlement, on the trusts, and subject to the powers and provisions which,
under the settlement or by reason of the exercise of any power of appointment
or charging therein contained, are subsisting with respect to the settled
land, or would be so subsisting if the same had not been sold, or as near
thereto as circumstances permit, but so as not to increase or multiply charges
or powers of charging.

S.64 rep. by SLR 1898

Modifications respecting Ireland.

© 1882 Crown Copyright

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