LANDED ESTATES COURT (IRELAND) ACT 1858 - SECT 64 Application of purchase money.

	[Home] [Databases] [World Law] [Search] [Feedback]
	Northern Irish Legislation
You are here: BAILII >> Databases >> Northern Irish Legislation >> LANDED ESTATES COURT (IRELAND) ACT 1858

[Index] [Table] [Search] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

LANDED ESTATES COURT (IRELAND) ACT 1858 - SECT 64

Application of purchase money.

64. The Court shall, out of the purchase money to be received on any sale
under this Act, where any sale has been made in any matter of a petition filed
in the said Court, allow and pay such costs of and consequential on the
application for the sale and the expenses of and incidental to the sale,
according to the provisions contained in the twelfth section of the statute of
the sixteenth and seventeenth of the reign of Her Majesty, chapter sixty-four;
and the surplus of such purchase money, after payment of such costs and
expenses, shall, under the order of the Court, be applied in or towards
payment or satisfaction of the incumbrances or charges, if any, which affect
such land, or part thereof, according to their priorities, and shall, subject
as aforesaid, be paid to the owner where such owner was absolutely entitled
thereto, or, where not so entitled, be laid out in the purchase of land, which
shall be limited and settled to the same uses, upon the same trusts, for the
same purposes, and in the same manner, as the land or part thereof sold stood
settled or limited to, or such of them as shall be then subsisting or capable
of taking effect; and until such money can be so laid out, it may, under such
order as aforesaid, be transferred or paid over to the trustees to be
appointed or approved by the Court for the purpose of being so laid out as
aforesaid, with such power for the investment thereof in Government stocks,
funds, or securities in the meantime, and such directions for the payment of
the income of such investments in the manner in which the rents of the land to
be purchased would be applicable, as the Court shall think fit: Provided
always, that if by mistake or otherwise any purchase money shall, under the
provisions aforesaid, have been paid to any person or persons as being the
person or persons absolutely entitled thereto when he or they were not so
entitled, such money shall be deemed to have been paid to him or them upon an
express trust to invest the same in the purchase of lands to be settled to the
uses and upon the trusts to and upon which the lands sold stood limited,
settled, and assured at the time of the sale.

S.65 rep. by 1978 c.23 s.122(2) sch.7 Pt.I

[Index] [Table] [Search] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

BAILII: Copyright Policy | Disclaimers | Privacy Policy | Feedback
URL: http://www.bailii.org/nie/legis/num_act/leca1858265/s64.html

Northern Irish Legislation

LANDED ESTATES COURT (IRELAND) ACT 1858 - SECT 64