SETTLED LAND ACT 1882 - SECT 24 Settlement of land purchased, taken in exchange, &c.

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SETTLED LAND ACT 1882 - SECT 24

Settlement of land purchased, taken in exchange, &c.

24.(1) Land acquired by purchase or in exchange, or on partition, shall be
made subject to the settlement in manner directed in this section.

(2) Freehold land shall be conveyed to the uses, on the trusts, and subject to
the powers and provisions which, under the settlement, or by reason of the
exercise of any power of charging therein contained, are subsisting with
respect to the settled land, or as near thereto as circumstances permit, but
not so as to increase or multiply charges or powers of charging.

(3) ... leasehold land shall be conveyed to and vested in the trustees of the
settlement on trusts and subject to powers and provisions corresponding, as
nearly as the law and circumstances permit, with the uses, trusts, powers, and
provisions to on and subject to which freehold land is to be conveyed as
aforesaid; so nevertheless that the beneficial interest in land held by lease
for years shall not vest absolutely in a person who is by the settlement made
by purchase tenant in tail, or in tail male, or in tail female, and who dies
under the age of [eighteen] years, but shall, on the death of that person
under that age, go as freehold land conveyed as aforesaid would go.

(4) Land acquired as aforesaid may be made a substituted security for any
charge in respect of money actually raised, and remaining unpaid, from which
the settled land, or any part thereof, or any undivided share therein, has
theretofore been released on the occasion and in order to the completion of a
sale, exchange, or partition.

(5) Where a charge does not affect the whole of the settled land, then the
land acquired shall not be subjected thereto, unless the land is acquired
either by purchase with money arising from sale of land which was before the
sale subject to the charge, or by an exchange or partition of land which, or
an undivided share wherein, was before the exchange or partition subject to
the charge.

(6) On land being so acquired, any person who, by the direction of the tenant
for life, so conveys the land as to subject it to any charge, is not concerned
to inquire whether or not it is proper that the land should be subjected to
the charge.

(7) The provisions of this section referring to land extend and apply, as far
as may be, to mines and minerals, and to easements, rights, and privileges
over and in relation to land.

Description of improvements authorised by Act.

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Northern Irish Legislation

SETTLED LAND ACT 1882 - SECT 24