200What is a settlement?

200 What is a settlement? (1) A settlement is an instrument, or a number of instruments, under which land is— (a) held by people in limited ownership by succession; or (b) held in trust for people as limited owners by succession; or (c) held in trust for a child in possession; or (d) held in limited ownership by a trust for a child in possession. Example of settlement will (2) If a child is beneficially entitled to land, and because of an intestacy or otherwise there is no instrument under which the interest of the child arises or is acquired, a settlement is taken to have been made by the intestate or the person whose interest the child has acquired. (3) An interest not disposed of by a settlement, and remaining in or reverting to the settlor (or someone deriving title through the settlor), is an interest included in the settlement and coming to the settlor (or other person) under the settlement.