Victorian Consolidated Legislation

Property Law Act 1958 - SECT 39

Implied trust for sale in personalty settlements

39. Implied trust for sale in personalty settlements



(1) Where a settlement of personal property or of land held upon trust for
sale contains a power to invest money in the purchase of land, such land
shall, unless the settlement otherwise provides, be held by the trustees on
trust for sale; and the net rents and profits until sale, after keeping down
costs of repairs and insurance and other outgoings shall be paid or applied in
like manner as the income of investments representing the purchase money would
be payable or applicable if a sale had been made and the proceeds had been
duly invested in personal estate.

(2) This section shall apply to settlements (including wills) coming into
operation after the thirty-first day of December One thousand nine hundred and
thirteen, and shall not apply to capital money arising under the
Settled Land Act 1958 or any corresponding previous enactment or money liable
to be treated as such.