This section deals with trusts of the proceeds of sale of land. Although the concept of a trust for sale of land has been abolished by the Act it has been necessary to retain the concept of a trust of the proceeds of a sale of land since this part of the Act does not apply to pure personalty settlements: it only applies where the trust property consists of land or the proceeds of sale of land held on trust or possibly where some but not all of the original trust property consisted of land which is either still held on the trusts or has been sold.

The proceeds of sale of settled property (including heirlooms) can be proceeds of the sale of land for this purpose but not while any settled land remains unsold -- sub-sections (2)(a) and (5). Until then the land remains subject to the provisions of the Settled Land Act 1925 -- Section 2.

The expression "trust" is defined for the purposes of this Section (but, it would seem, not for the purposes of Part II of the Act) as including any description of trust including a bare trust.