Effect of surrender of life estate to the next remainder-man
105 Effect of surrender of life estate to the next remainder-man
Where the estate or interest of a tenant for life under the settlement has been or is absolutely assured with intent to extinguish the same, either before or after the commencement of this Act, to the person next entitled in remainder or reversion under the settlement, then, the statutory powers of the tenant for life under this Act shall, in reference to the property affected by the assurance, and notwithstanding the provisions of the last preceding section, cease to be exercisable by him, and the statutory powers shall thenceforth become exercisable as if he were dead, but without prejudice to any incumbrance affecting the estate or interest assured and to the rights to which any incumbrancer would have been entitled if those powers had remained exercisable by the tenant for life.
This subsection shall apply whether or not any term of years or change intervenes, or the estate of the remainderman or reversioner is liable to be defeated, and whether or not the estate or interest of the tenant for life under the settlement was in possession at the date of the assurance.
This subsection shall not prejudice anything done by the tenant for life before the commencement of this Act, in exercise of any power operating under the Settled Land Act 1928 or any corresponding previous enactment, or, unless the assurance provides to the contrary, operate to accelerate any such intervening term of years or charge as aforesaid.
In this section assurance means any surrender, conveyance, assignment or appointment under a power (whether vested in any person solely, or jointly in two or more persons) which operates in equity to extinguish the estate or interest of the tenant for life, and assured has a corresponding meaning.
No. 3771 s. 106.
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