236Partition of land under trust for sale

236 Partition of land under trust for sale (1) If the net proceeds of sale of land under a disposition on trust for sale have, under the trusts affecting the sale, become absolutely vested in possession in 2 or more people as joint tenants or tenants in common, the trustees for sale may, with the agreement of the people (if any) who are adults and not annuitants and who have interests in possession in the net rents and profits of the land until it is sold— (a) partition the land remaining unsold or any part of it; and (b) provide (by mortgage or otherwise) for the payment of equality money.

(2) On a partition being arranged under subsection (1), the trustees for sale must give effect to the partition by conveying the land partitioned in severalty (subject or not to any mortgage created to raise equality money) to the people entitled to it under the partition. (3) A purchaser of land partitioned under subsection (1) need not be concerned to inquire whether any agreement to the partition required by the subsection had been given. (4) If a share in the net proceeds belongs to a person who has a physical, mental, psychological or intellectual condition relevant to the Guardianship and Management of Property Act 1991, section 8, the trustees for sale are protected if they obtain the agreement of— (a) the manager of the person’s property under that Act; or (b) if there is no manager—the Supreme Court. (5) If a share in the net proceeds is affected by an encumbrance, the trustees for sale may either— (a) give effect to the encumbrance; or (b) provide for the discharge of the encumbrance out of the property allotted in relation to the share. (6) If a share in the net proceeds is vested absolutely in a child, or in a person who cannot be found or identified, or about whom it is uncertain whether the person is living or dead, the trustees for sale may act for the child or person and keep land or other property that is the person’s share.

Voidable dispositions Division 2.4.2