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PART I |
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GENERAL PRELIMINARY PROVISIONS |
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Settlements and Settled Land |
What constitutes a
settlement |
Commentary
--Section 2 TALA |
1. -- (1) Any deed, will,
agreement for a settlement or other agreement, Act of Parliament, or other
instrument, or any number of instruments, whether made or passed before or
after, or partly before and partly after, the commencement of this Act,
under or by virtue of which instrument or instruments any land, after the
commencement of this Act, stands for the time being -- |
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(i) limited in trust for any persons by
way of succession; or |
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(ii) limited in trust for any person in
possession --
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(a) for an entailed interest
whether or not capable of being barred or defeated;)
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(b) for an estate in fee simple or for a term of years
absolute subject to an executory limitation, gift, or disposition over on
failure of his issue or in any other event;
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(c) for a base or determinable fee [(other than a fee
which is a fee simple absolute by virtue of section 7 of the Law of
Property Act 1925)] or any corresponding interest in leasehold land;
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(d) being an infant, for an estate in fee simple or for
a terms of years absolute; or
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(iii) limited in trust for any person for an estate in
fee simple or for a term of years absolute contingently on the happening of
any event; or |
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Commentary
--Sch 1 §3 TALA
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(v) charged, whether voluntarily or in consideration of
marriage or by way of family arrangement, and whether immediately or after
an interval, with the payment of any rentcharge for the life of any person,
or any less period, or any capital, annual, or periodical sums for the
portions, advancement, maintenance, or otherwise for the benefit of any
persons, with or without any term of years for securing or raising the same;
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creates of is for the purposes of this Act a settlement
and is in this Act referred to as a settlement, or as
the settlement, as the case requires;
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Provided that, where land is the subject of a compound settlement,
references in this Act to the settlement shall be construed as meaning such
compound settlement, unless the context otherwise requires.
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Commentary
--TALA s 2
--TALA Sch1 §2 |
(2) Where an infant is beneficially entitled to land for an estate in fee
simple or for a term of years absolute and by reason of an intestacy or
otherwise there is no instrument under which the interest of the infant
arises or is acquired, a settlement shall be deemed to have been made by the
intestate, or by the person whose interest the infant has acquired.
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(3) An infant shall be deemed to be entitled in possession notwithstanding
any subsisting right of dower (not assigned by metes and bounds) affecting
the land, and such a right of dower shall be deemed to be an interest
comprised in the subject of the settlement and coming to the dowress uner or
by virtue of the settlement.
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Where the dower has been assigned by metes and bounds, the letters of
administration of probate granted in respect of the estate of the husband of
the dowress shall be deemed a settlement made by the husband.
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(4) An estate or interest not disposed of by a settlement and remaining in
or reverting to the settlor, or any person deriving title under him, is for
the purposes of this Act an estate or interest comprised in the subject of the
settlement and coming to the settlor or such person under or by virtue of
the settlement.
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(5) Where --
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(a) a settlement creates an entailed interest which is incapable of being
barred or defeated, or a base or determinable fee, whether or not the
reversion or right of reverter is in the Crown, or any corresponding
interest in leasehold land; or
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(b) the subject of a settlement is an entailed interest, or a base or
determinable fee, whether or not the reversion or right of reverter is in
the Crown, or any corresponding interest in leasehold land;
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the reversion or right of reverter upon the cesser of the interest so
created or settled shall be deemed to be an interest comprised in the
subject of the settlement, and limited by the settlement.
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(6) Subsections (4) and (5) do not bind the Crown.
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(7) This section does not apply to land held upon trust for sale.
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