Victorian Consolidated Legislation

Property Law Act 1958 - SECT 20

Satisfied terms, whether created out of freehold or leasehold land, to cease

20. Satisfied terms, whether created out of freehold or leasehold land, to
cease



(1) Where the purposes of a term of years, created or limited at any time out
of freehold land, become satisfied either
before or after the commencement of this Act (whether or not that term either
by express declaration or by construction of law becomes attendant upon the
freehold reversion), it shall merge in the reversion expectant thereon and
shall cease accordingly.

(2) Where the purposes of a term of years, created or limited at any time out
of leasehold land, become satisfied after the commencement of this Act, that
term shall merge in the reversion expectant thereon and shall cease
accordingly.

(3) Where the purposes are satisfied as respects part only of the land
comprised in a term, this section shall have effect as if a separate term had
been created in regard to that part of the land.