S C H E D U L E.
|Citation||1926 c. 11|
An Act to amend certain enactments relating to the Law of Property and Trustees.
[16th June 1926]
Be it enacted by the King's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—
1 Conveyances of legal estates subject to certain interests.
(1) Nothing in the Settled Land Act, 1925 of section twenty of that Act from conveying or creating a legal estate subject to a prior interest as if the land had not been settled land.
(2) In any of the following cases, namely—
(a ) where a legal estate has been conveyed or created under subsection one of this section, or under section sixteen of the Settled Land Act, 1925, subject to any prior interest, or
(b ) where before the first day of January, nineteen hundred and twenty-six, land has been conveyed to a purchaser for money or money's worth subject to any prior interest whether or not on the purchase the land was expressed to be exonerated from, or the grantor agreed to indemnify the purchaser against, such prior interest,
the estate owner for the time being of the land subject to such prior interest may, notwithstanding any provision contained in the Settled Land Act, 1925, but without prejudice to any power whereby such prior interest is capable of being overreached, convey or create a legal estate subject to such prior interest as if the instrument creating the prior interest was not an instrument or one of the instruments constituting a settlement of the land.
(3) In this section ‘interest’ means an estate, interest, charge or power of charging subsisting, or capable of arising or of being exercised, under a settlement, and, where a prior interest arises under the exercise of a power, ‘instrument’ includes both the instrument conferring the power and the instrument exercising it.
2 Amendment of 15 Geo. 5. c. 20. s. 140 in its application to agricultural holdings.
2. Section one hundred and forty of the Law of Property Act, 1925 (which relates to the apportionment of conditions on severance), shall have effect as if at the end of subsection (2) thereof the following proviso were inserted:—
‘Provided that where the land demised is an agricultural holding within the meaning of the Agricultural Holdings Act, 1923, the tenant on whom notice to quit is served by the person entitled to a severed part of the reversion may at any time within twenty-eight days of the service of such notice to quit, serve on the persons severally entitled to the severed parts of the reversion a notice in writing to the effect that he accepts the notice to quit as a notice to quit the entire holding given by the persons so severally entitled to take effect at the same time as the original notice; and such acceptance shall have effect as if it were the acceptance of a notice to quit to which paragraph (d ) of subsection (7) of section twelve of the said Act applies.’
3 Meaning of ‘trust corporation.’
(1) For the purposes of the Law of Property Act, 1925 , the Settled Land Act, 1925 , the Trustee Act, 1925 , the Administration of Estates Act, 1925, and the Supreme Court of Judicature (Consolidation) Act, 1925, the expression ‘Trust Corporation’ includes the Treasury Solicitor, the Official Solicitor and any person holding any other official position prescribed by the Lord Chancellor, and, in relation to the property of a bankrupt and property subject to a deed of arrangement, includes the trustee in bankruptcy and the trustee under the deed respectively, and, in relation to charitable ecclesiastical and public trusts, also includes any local or public authority so prescribed, and any other corporation constituted under the laws of the United Kingdom or any part thereof which satisfies the Lord Chancellor that it undertakes the administration of any such trusts without remuneration, or that by its constitution it is required to apply the whole of its net income after payment of outgoings for charitable, ecclesiastical or public purposes, and is prohibited from distributing, directly or indirectly, any part thereof by way of profits amongst any of its members, and is authorised by him to act in relation to such trusts as a trust corporation.
(2) For the purposes of this provision, the expression ‘Treasury Solicitor’ means the solicitor for the affairs of His Majesty's Treasury, and includes the solicitor for the affairs of the Duchy of Lancaster.
4 Date of effective registration and priority notices.
(1) Any person intending to make an application for the registration of any contemplated charge, instrument, or other matter in pursuance of the Land Charges Act, 1925 , or any rule made thereunder, may give a priority notice in the prescribed form at least two days before the registration is to take effect, and where such a notice is given—
(a ) the notice shall be entered in the register to which the intended application when made will relate;
(b ) if the application is presented within fourteen days thereafter and refers in the prescribed manner to the notice, the registration shall take effect as if the registration had been made at the time when the charge, instrument, or matter was created, entered into, made, or arose, and the date at which the registration so takes effect shall be deemed to be the date of registration; and where any two charges, instruments, or matters are contemporaneous, and one (whether or not protected by a priority notice) is subject to or dependent on the other which is protected by a priority notice, the subsequent or dependent charge, instrument, or matter shall be deemed to have been created, entered into, or made, or to have arisen after the registration of the other.
(2) Where a purchaser has obtained an official certificate of the result of search, any entry which is made in the register after the date of the certificate and before the completion of the purchase, and is not made pursuant to a priority notice entered on the register before the certificate is issued, shall not, if the purchase is completed before the expiration of the second day after the date of the certificate, affect the purchaser.
(3) In reckoning the number of days under this section, Sundays and other days when the registry is not open to the public shall be excluded.
(4) Rules may be made under the said Act—
(a ) for determining the date on which applications and notices shall be treated for the purposes of this section as having been made or given;
(b ) for determining the times and order at and in which applications and priority notices are to be registered;
(c ) for varying the number of days fixed by this section;
(d ) for adapting the provisions of this section to local land charges.
(5) Where rules are made varying the number of days fixed by this section, this section shall have effect as if the number so varied were substituted for the number specified in this section.
5 Priority of charges for securing further advances.
5. The following subsection shall be inserted at the end of section thirty of the Land Registration Act, 1925, namely:—
(3) Where the proprietor of a charge is under an obligation, noted on the register, to make a further advance, a subsequent registered charge shall take effect subject to any further advance made pursuant to the obligation.’
6 Amendment of 15 Geo. 5. c. 18, s. 13.
6. Section thirteen of the Settled Land Act, 1925, (which relates to dispositions not taking effect until a vesting instrument is made), shall have effect as if at the end thereof the following proviso were inserted:—
‘Nothing in this section affects the creation or transfer of a legal estate by virtue of an order of the court or the Minister or other competent authority.’
7 Minor amendments.
7. The amendments specified in the second column of the Schedule to this Act, being amendments of a minor nature, shall be made in the enactments mentioned in the first column of that Schedule and shall have effect without prejudice to any title acquired by a purchaser, or any registration effected, before the passing of this Act.
8 Short title, construction and commencement.
(1) This Act may be cited as the Law of Property (Amendment) Act, 1926 , and so far as it amends any Act shall be construed as one with that Act.
(2) The provisions of this Act except sections four and five shall be deemed to have come into operation on the first day of January, nineteen hundred and twenty-six.
S C H E D U L E.
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