Settlement of acquired land
82 Settlement of acquired land
Land acquired by purchase or in exchange or on partition or otherwise under the powers of this Act shall be made subject to the settlement in manner provided by this section.
Freehold land shall be conveyed to the uses on the trusts and subject to the powers and provisions which under the settlement or by reason of the exercise of any power of charging therein contained are subsisting with respect to the settled land, or as near thereto as circumstances permit but not so as to increase or multiply charges or powers of charging.
Leasehold land shall be conveyed to and vested in the trustees of the settlement on trusts and subject to powers and provisions corresponding as nearly as the law and circumstances permit with the uses trusts and provisions to on and subject to which freehold land is to be conveyed as aforesaid.
Land acquired as aforesaid may be made a substituted security for any charge from which the settled land or any part thereof or any undivided share therein has theretofore been released on the occasion and in order to the completion of a sale, exchange, partition or other disposition:
Provided that, where a charge does not affect the whole of the settled land, the land acquired shall not be subjected thereto, unless the land is acquired either by purchase with money arising from sale of land which was before the sale subject to the charge or by an exchange or partition of land which or an undivided share wherein was before the exchange or partition subject to the charge.
On land being so acquired, any person who, by the direction of the tenant for life, so conveys the land as to subject it to any charge shall not be concerned to inquire whether or not it is proper that the land should be subjected to the charge.
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