Settled Land Act 1958

In the manner mentioned and subject to the provisions contained in this section—

as sale, grant, lease, mortgage, charge or other disposition of settled land, or of any easement, right or privilege over the same may be made to the tenant for life; or

capital money may be advanced on mortgage to him; or

a purchase may be made from him of land to be made subject to the limitations of the settlement; or

an exchange may be made with him of settled land for other land; or

a partition may be made with him of land an undivided share of which is subject to the limitations of the settlement; and

any such disposition, advance, purchase, exchange or partition as aforesaid may be made to, from or with any persons of whom the tenant for life is one.

In every such case the trustees of the settlement shall, in addition to their powers as trustees, have all the powers of a tenant for life in reference to negotiating and completing the transaction, and shall have power to enforce any covenants by the tenant for life, or, where the tenant for life is himself one of the trustees, then the other or others of them shall have such power, and the said powers of a tenant for life may be exercised by the trustees of the settlement in the name and on behalf of the tenant for life.

^[17]This section shall apply, notwithstanding that the tenant for life is one of the trustees of the settlement, or that an order has been made authorizing the trustees to act on his behalf, or that he is a lunatic, or a person of unsound mind, and shall apply to dealings with any body of persons which includes a trustee of the settlement.

A transaction under this section shall be deemed not to be effectuated until either previously or subsequently to its being entered into it is approved by the Court.