PROPERTY LAW ACT 1958 - SECT 266 Application of previous clauses to lands to be sold where the purchase money is subject to be invested in the purchase of lands to be entailed

PROPERTY LAW ACT 1958 - SECT 266

Lands to be sold whether freehold or leasehold, where the money arising from the sale thereof is subject to be invested in the purchase of lands to be settled so that any person if the lands were purchased would have an estate tail therein, and also money subject to be invested in the purchase of lands to be settled so that any person if the lands were purchased would have an estate tail therein, shall for all the purposes of this Act be treated as the lands to be purchased; and be considered subject to the same estates as the land to be purchased would if purchased have been actually subject to. And this Part so far as circumstances will admit shall apply to such lands in the same manner as if the lands to be purchased with the money to arise from the sale thereof were directed to be freehold and were actually purchased and settled; and shall, in the case of money subject to be invested in the purchase of land to be so settled as aforesaid, apply to such money in the same manner as if such money were directed to be laid out in the purchase of freehold lands and such lands were actually purchased and settled. Save and except that in every case where under this section a disposition is to be made of leasehold lands for years absolute or determinable so circumstanced as aforesaid or of money so circumstanced as aforesaid, such leasehold lands or money shall, as to the person in whose favour or for whose benefit the disposition is to be made, be treated as personal estate; and (except in case of bankruptcy) the assurance by which the disposition of such leasehold lands or money is effected shall be an assignment by deed, which shall have no operation under this Part unless acknowledged within six months after the execution thereof; and in case of bankruptcy the disposition of such leasehold lands or money shall be made by the trustee aforesaid as the case may be.

Nothing in this section shall be construed as limiting the effect of section two hundred and forty-nine of this Act.

Part VII—Survey boundaries

No. 3754 s. 266.

S. 267 amended by No. 18/1989 s. 13(Sch. 2 item 68(b)).