Wairarapa Standard Published Tri-weekly, Price 1d. WEDNESDAY, NOVEMBER 24, 1886. The Sale of Settled Land.

Wairarapa Standard, Volume XIX, Issue 1906, 24 November 1886, Page 2

Wairarapa Standard Published Tri-weekly, Price Id. WEDNESDAY, NOVEMBER 24, 1886. The Sale of Settled Land.

Desna last session of Parliament an Act was passed for facilitating [sales of settled land. The Act is to come into operation after the Slat day of December. The terms “ settled land ” are used in a legal sense, and must not to be taken to mean occupied or cultivated land. Amongst other things, it provides that a tenant for life may with the consent of the Supreme Court, sell settled land, or any easement, right, or privilege in connection with it. Stringent conditions are made to prevent the tenant from sacrificing the property. Where the settled land comprises an undivided share in land, or under the settlement the settled land has come to be held in undivided shares, the tenant for life of an undivided share may join, for the purposes of the Act, with another person holding an undivided share. Capital arising out of the proceeds of sale, subject to payment of all lawful claims, shall be applied in the following modes " (1) In investment on Government securities, or on mortgage of land, or on real securities in New Zealand, with power to vary the investment into, or for, such other securities ; (2) in purchase of land in fee simple, with the consent oi the Supreme Conrt ; (3) in pay* ment to any person becoming absolutely entitled or empowered to give an absolute discharge; (4) in payment of costs, charges, and expenses of, or incidental to, the exer* oise of any of the powers, or the execution, if any, of the provisions of this Act. Capital money may not, however, be invested in purchase of land when prohibited by terms of the settlement. Capital money may, at the discretion of the tenant for life, be paid to the trustees under the settlement, or into the Supreme Court. The investment of the money placed in the hands of the court, or of the trustees, is rigidly provided for to prevent any waste or misapplication ; the tenant fur life having always a large controlling influence. The money arising out of the sale of settled land is to be allocated in the same manner, and on, or for, the same estates, or interests, and trusts, as the land wherefrom the money arises would, if not disposed of, have [been. The money arising from the sale of settled land situate in New Zealand shall not be invested in the purchase of land outside of this colony, unless the terms of the settlement specially provide for investment in another country. A tenant for life may, subject to the restrictions already mentioned, make any contract for sale of settled land in the same way as if he were the absolute owner. Where no trustees have beer appoin* ted under the settlement, the Supreme Court may, on the application of the tenant for life, or any other person having under the settlement an interest in the :estate, appoint trustees. The powers under the Act, if a tenant for life, or not capable of assign* ment or release. No person can, by will or otherwise, interfere with the powers vested by the Act in the tenant for life. The follo-.ving shall, when the estate or interest of ea"h of them is in possession, have the same powers as (a) tenant for life ;“ a tenant in tail: (6) a tenant in fee simple, with an executor’s limitation gift or disposition over, on failure of his issue or any other event: (c) a tenant for the life of another not merely holding under a lease at a rent: (d) a tent for years, determinable on life, not holding merely under a lease at a rent: (e) a tenant for his own or any other life or for years, determinable on life, whose estate is liable to cease iu any event during that life : (/) a tenant in taU, after possibility oi issue extinct: ( g ) a tenant by courtesy, whose estate shall be deemed to arise under a settlement made by his wife prior to ' The Married Women’s Property Act, 1884 ’: a person entitled to income of land under a trust or direction of payment thetec’ to him dm jag his own or any other life.” Infants are to be deemed tenants for life, and their powers may be exercised by the trustees : when there are no trustees, the Supreme Conrt may appoint trustees.