Abolition of interesse termini, and as to reversionary leases and leases for lives
149 Abolition of interesse termini, and as to reversionary leases and leases for lives
The doctrine of interesse termini is hereby declared to have been abolished by the Property Law Act 1928, s. 149(1).
As from the commencement of the Property Law Act 1928 all terms of years absolute shall, whether the interest is created before or after such commencement, be capable of taking effect at law or in equity, according to the estate, interest or powers of the grantor, from the date fixed for commencement of the term, without actual entry.
A term, at a rent or granted in consideration of a fine, limited after the commencement of this Act to take effect more than twenty-one years from the date of the instrument purporting to create it, shall be void, and any contract made after such commencement to create such a term shall likewise be void; but this subsection shall not apply to any term taking effect under a settlement, or created out of an interest under a settlement, or under a power for mortgage, indemnity or other like purposes.
Nothing in subsections (1) and (2) of this section shall prejudicially affect the right of any person to recover any rent or to enforce or take advantage of any covenants or conditions, or, as respects terms or interests created before the commencement of the Property Law Act 1928, shall operate to vary any statutory or other obligations imposed in respect of such terms or interests.
Nothing in this Part shall affect the rule of law that a legal term, whether or not being a mortgage term, may be created to take effect in reversion expectant on a longer term, which rule is hereby confirmed.
No. 3754 s. 150.
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