134Enlargement of residue of long term into fee simple

134 Enlargement of residue of long term into fee simple

134 Enlargement of residue of long term into fee simple

(1) Where a residue unexpired of not less than two hundred years of a term which, as originally created, was for not less than three hundred years, is subsisting in land, whether being the whole land originally comprised in the term, or part only thereof, without any trust or right of redemption affecting the term in favour of the freeholder, or other person entitled in reversion expectant on the term, and without any rent, or with merely a peppercorn rent or other rent having no money value, incident to the reversion, or having had a rent, not being merely a peppercorn rent or other rent having no money value, or a money value not exceeding four dollars per annum originally so incident, which subsequently has been released, or has become barred by lapse of time, or has in any other way ceased to be payable, then the term may be enlarged into a fee simple in the manner, and subject to the restrictions, in this section provided.

(2) Each of the following persons, namely—

(a) Any person beneficially entitled in right of the term, whether subject to an incumbrance or not, to possession of any land comprised in the term,

(b) any person being in receipt of income as trustee, in right of the term, or having the term vested in him or her in trust for sale, whether subject to any incumbrance or not,

(c) any person in whom, as legal representative of any deceased person, the term is vested, whether subject to any incumbrance or not,

shall, as far as regards the land to which the person is entitled, or in which the person is interested, in right of the term, in any such character as aforesaid, have power by deed to declare to the effect that, from and after the execution and registration of the deed, the term shall be enlarged into a fee simple.

(3) Upon registration of the deed the term shall become and be enlarged accordingly, and the person in whom the term was previously vested shall acquire and have in the land a fee simple instead of the term.

(4) This section shall apply to and include every such term, whether having as the immediate reversion thereon the freehold or not; but not—

(a) any term liable to be determined by re-entry for condition broken, or

(b) any term created by sub-demise out of a superior term, itself incapable of being enlarged into a fee simple.