Schedule 2--
Amendments of statutory provisions
imposing trust for
sale.
This Schedule (which takes effect as a result of Section 5) alters various statutory
provisions which impose a trust for sale so as to make it clear that
trustees are not under a duty to sell. Section 5(2) provides that Section 1
of the Settled Land Act 1925 does not apply to land held on any trust by
virtue of this Schedule.
Paragraph
1. Mortgaged property held by trustees after redemption
barred
This paragraph amends Section 31 of the Law of Property Act 1925 ("trust
for sale of mortgaged property where right of redemption barred"). The
amendments to sub-sections (1) and (2) simply subsitute "trust" for "trust
for sale" and adapt the wording of the section to fit. The reason for the
revocation of sub-section (3) is because presumably because it is felt to be
unnecessary as a result of Section 6 of this Act.
The amendments to sub-section (4) are intended to preserve the position
of SLA settlements which continue in force despite this Act.
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