(1)  Subject to section 24(1) , the provisions of this Act apply to equitable interests in land, including interests in the proceeds of sale of land held on trust for sale, in like manner as they apply to legal estates; and accordingly a right of action to recover the land shall, for the purposes of this Act, but not otherwise, be deemed to accrue to a person entitled in possession to such an equitable interest in the like manner and circumstances and on the same date as it would accrue if his interest were a legal estate in the land.

(2)  Where the period prescribed by this Act has expired for the bringing of an action to recover land by the legal owner of settled land his legal estate therein is not extinguished so long as the right of action to recover the land of any person entitled to a beneficial interest therein either has not accrued or has not been barred by this Act; and the legal estate accordingly remains vested in the legal owner and devolves as if his right to bring the action to recover the land had not been barred by this Act; but, when every right of action to recover the land of any person entitled to a beneficial interest therein has been barred by this Act, that legal estate is extinguished.

(3)  Where any land is held upon trust (including a trust for sale) and the period prescribed by this Act for the bringing of an action to recover the land by the trustees has expired the estate of the trustees is not extinguished so long as the right of action to recover the land of any person entitled to a beneficial interest therein or in the proceeds of sale either has not accrued or has not been barred by this Act; but when every such right of action has been so barred the estate of the trustees is extinguished.

(4)  Where any land is held upon trust (including a trust for sale) an action to recover the land may be brought by the trustees on behalf of any person entitled to a beneficial interest in possession in the land or in the proceeds of sale thereof whose right of action has not been barred by this Act, notwithstanding that the right of action of the trustees would, apart from this subsection, have been barred by this Act.

(5)  Where any settled land or any land held on trust for sale is in possession of a person entitled to a beneficial interest therein or in the proceeds of the sale thereof, not being a person solely and absolutely entitled thereto, no right of action to recover the land shall be deemed for the purposes of this Act to accrue during that possession to the legal owner thereof or to any other person entitled to a beneficial interest in the land or in the proceeds of the sale thereof.