28Act to apply to lands to be sold where purchase-money subject to be invested in purchase of lands to be entailed, and also to money subject to be invested in like manner

28 Act to apply to lands to be sold where purchase-money subject to be invested in purchase of lands to be entailed, and also to money subject to be invested in like manner

[Section 28 Amended by 25 Geo. V No. 78 ]

(1)  Lands to be sold, whether freehold or leasehold, where the money arising from the sale thereof shall be subject to be invested in the purchase of lands to be settled, so that any person, if the lands were purchased, would have an estate tail therein, and also money subject to be invested in the purchase of lands to be settled, so that any person if the lands were purchased would have an estate in tail therein, shall for all the purposes of this Act be treated as the lands to be purchased, and be considered subject to the same estates as the lands to be purchased would if purchased have been actually subject to.

(2)  All the foregoing provisions of this Act, so far as circumstances will admit, shall, in the case of the lands to be sold as aforesaid being either freehold or leasehold, apply to such lands in the same manner as if the lands to be purchased with the money to arise from the sale thereof were directed to be freehold, and were actually purchased and settled; and shall in the case of money subject to be invested in the purchase of lands to be so settled as aforesaid, apply to such money in the same manner as if such money were directed to be laid out in the purchase of freehold lands, and such lands were actually purchased and settled.

(3)  Where under this section a disposition shall be made of leasehold lands for years absolute or determinable, so circumstanced as aforesaid, such leasehold lands or money shall, as to the person in whose favour or for whose benefit the disposition is to be made, be treated as personal estate, and the assurance by which the disposition of such leasehold lands or money shall be effected shall be an assignment by deed which shall have no operation under this Act unless a copy thereof be registered in the office of the Registrar of Deeds within 12 months after the execution thereof.