CONVEYANCING ACT 1911 - SECT 10 As to dispositions on trust for sale.

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CONVEYANCING ACT 1911 - SECT 10

As to dispositions on trust for sale.

10.(1) Where a settlement within the meaning of section sixty-three of the
Settled Land Act, 1882, or other settlement of property as personal estate,
contains a power to invest money in the purchase of land, such land shall,
unless the settlement otherwise provides, be held by the trustees on trust for
sale, with power to postpone the sale; and the net rents and profits until
sale, after keeping down costs of repairs and insurance and other outgoings,
shall be paid or applied in like manner as the income of investments
representing the purchase-money would be payable or applicable if a sale had
been made and the proceeds had been duly invested in personal estate.

(2) Subsection (1) of this section applies only to settlements coming into
operation after the commencement of this Act.

(3) Where land has, either before or after the commencement of this Act,
become subject to an express or implied trust for sale, such trust is, so far
as regards the safety and protection of any purchaser thereunder, to be deemed
to be subsisting until the land has been conveyed to or under the direction of
the persons interested in the proceeds of sale.

(4) Subsection (3) of this section applies to sales made before as well as
after the commencement of this Act, but without prejudice to the order of any
court restraining a sale.

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Northern Irish Legislation

CONVEYANCING ACT 1911 - SECT 10