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PROPERTY LAW ACT 1974 - SECT 115 When reversion on a lease is surrendered etc. the next estate to be deemed the reversion

PROPERTY LAW ACT 1974 - SECT 115

When reversion on a lease is surrendered etc. the next estate to be deemed the reversion

115 When reversion on a lease is surrendered etc. the next estate to be deemed the reversion

(1) When the reversion expectant on a lease of land made either before or after the commencement of this Act is surrendered or merges after the commencement of this Act, the estate which for the time being confers as against the lessee under the lease the next vested right to the land, shall, to the extent and for the purpose of preserving such incidents to, and obligations on, the reversion as, but for the surrender or merger of the lease, would have subsisted, be deemed the reversion expectant on the lease.
(2) This section is subject, in the case of a registered lease of registered land, to the provisions of the Land Title Act 1994 .