115Abolition of interesse termini as to reversionary leases and

115 Abolition of interesse termini as to reversionary leases and leases for lives (1) The doctrine of interesse termini is abolished. (2) On the commencement of this Act, all terms of years absolute are, whether the interest is created before or after that commencement, capable of taking effect at law or in equity, according to the interest or powers of the grantor, from the date fixed for commencement of the term without actual entry. (3) On the commencement of this Act, a term at a rent or granted in consideration of a fine that is limited to take effect more than 21 years from the date of the instrument purporting to create it is void. (4) A contract made after the commencement of this Act for the purpose of creating a term referred to in subsection (3) is void. (5) Subsections (3) and (4) do not apply to a term that: (a) takes effect in equity under a settlement; or (b) is created out of an equitable interest under a settlement or under an equitable power for mortgage, indemnity or other like purpose. (6) Nothing in subsections (1) and (2): (a) prejudicially affects the right of a person to: (i) recover rent; or Law of Property Act 2000 76 (ii) enforce or take advantage of any covenants or conditions; or (b) in the case of terms or interests created before the commencement of this Act – operates to vary statutory or other obligations imposed in respect of those terms or interests. (7) The rule of law that a legal term, whether or not being a mortgage term, may be created to take effect in reversion expectant on a longer term is confirmed and nothing in this Act affects the operation of that rule. (8) In this section term of years includes: (a) a term for less than a year; (b) a term for a year, or years, and a part of a year; and (c) a term from year to year.