Trust of Land and Appointment of Trustees Act 1996

	Supplementary
Application of provisions to trusts of proceeds of sale.
Commentary: --Main --s1 --s6(3)	17. -- (1) Section 6(3) applies in relation to trustees of a trust of proceeds of sale of land as in relation to trustees of land.
--s14(1)	(2) Section 14 applies in relation to a trust of proceeds of sale of land and trustees of such a trust as in relation to a trust of land and trustees of land.
--s2	(3) In this section "trust of proceeds of sale of land" means (subject to subsection (5)) any trust of property (other than a trust of land) which consists of or includes--
	(a) any proceeds of a disposition of land held in trust (including settled land), or
	(b) any property representing any such proceeds.
	(4) The references in subsection (3) to a trust--
	(a) are to any description of trust (whether express, implied, resulting or constructive), including a trust for sale and a bare trust, and
	(b) include a trust created, or arising, before the commencement of this Act.
1925 c. 18.	(5) A trust which (despite section 2) is a settlement for the purposes of the Settled Land Act 1925 cannot be a trust of proceeds of sale of land.
	(6) In subsection (3)--
	(a) "disposition" includes any disposition made, or coming into operation, before the commencement of this Act, and
--s8(1)	(b) the reference to settled land includes personal chattels to which section 67(1) of the Settled Land Act 1925 (heirlooms) applies.