Settled Land Act 1958

Where estates are settled by different settlements upon the same limitations, whether by reference or otherwise, the following provisions shall have effect:

The estates or any two or more of them, as the case may require, may be treated as one aggregate estate, in which case the aggregate estate shall be the settled land for all the purposes of this Act;

Where the trustees for the purposes of this Act of the two or several settlements are the same persons they shall be the trustees of the settlement of the aggregate estate for all the purposes of this Act, and all or any part of the capital money arising from one of the estates may be applied by the direction of the tenant for life or statutory owner as if the same had arisen from any other of the estates;

Where the trustees for the purposes of this Act of the settlements or of any two or more of them are not the same persons—

any notice required to be given by this Act to the trustees of the settlement and to the legal practitioner of such trustees shall be given to the trustees of every settlement which comprises any part of the land to which such notice relates and to the legal practitioner of such trustees;

any capital money arising on any sale, exchange, lease, mortgage, charge or other disposition of land comprised in more than one settlement or any partition of land undivided shares in which are comprised in more than one settlement, shall be apportioned between the trustees of the different settlements in such manner as the tenant for life or statutory owner thinks fit;

all or any part of the capital money arising from the land comprised in one of the settlements may be paid by the trustees of that settlement, by such direction as aforesaid, to the trustees of any of the other settlements, to be applied by such last-mentioned trustees as if the same had arisen from land comprised in that other settlement;

For the purposes of this subsection, money liable to be paid out in the purchase of land to be settled upon the same limitations as other land may be applied and dealt with in like manner in all respects as if land had been purchased and settled, and the money were capital money arising therefrom.

Estates shall be deemed to be settled upon the same limitations, notwithstanding that any of them may be subject to incumbrances, charges, or powers of charging to which the other or others of them may not be subject:

This section shall have effect without prejudice to any appointment made by the Court before the commencement of this Act of trustees of the settlement of an aggregate estate, and to the power of the Court in any case after such commencement to make any such appointment, and where any such appointment has been made before such commencement, or is made thereafter, this section shall have effect as if the trustees so appointed and their successors in office were the trustees for the purposes of this Act of each of the settlements constituting the settlement of the aggregate estate, and there were no other trustees thereof for the purposes of this Act.

In this section estate means the land, capital money and securities representing capital money for the time being subject to a particular settlement.