Sale and purchase of heirlooms under order of Court
67 Sale and purchase of heirlooms under order of Court
Where personal chattels are settled so as to devolve with settled land, or to devolve therewith as nearly as may be in accordance with the law in force at the date of settlement, or are settled upon trusts declared by reference to the trusts affecting land, a tenant for life of the land with the consent of the trustees of the settlement or the order of the Court may sell the chattels or any of them.
The money arising by the sale shall be capital money arising under this Act, and shall be paid, invested, or applied and otherwise dealt with in like manner in all respects as by this Act directed with respect to other capital money arising under this Act, or may be invested in the purchase of other chattels of the same or any other nature, which, when purchased, shall be settled and held on the same trusts, and shall devolve in the same manner as the chattels sold.
A sale or purchase of chattels under this section shall not be made without the consent of the trustees of the settlement or an order of the Court.
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