37Interpretation

37 Interpretation (1) In this Division: co-owner has a corresponding meaning to co-ownership and includes an encumbrancee of the interest of a joint tenant or tenant in common.

Law of Property Act 2000 20 co-ownership means ownership, whether at law or in equity, in possession by 2 or more persons as joint tenants or as tenants in common. intellectual disability means a disability resulting from an illness, injury, congenital disorder or organic deterioration, or of unknown origin, and by reason of which the person appears to be unable to make reasonable judgements or informed decisions relevant to daily living. intellectually disabled person means a person with an intellectual disability. patient means a person admitted to an approved treatment facility as a voluntary or involuntary patient under the Mental Health and Related Services Act 1998. statutory trust for partition means a trust to partition the property held on trust, and to: (a) provide (by way of mortgage or otherwise) for the payment of equality money; and (b) on the partitioning of the property becoming effective, give effect to the partition by assuring the partitioned property in severalty (whether or not subject to a mortgage created for raising equality money) to the persons entitled under the partition. statutory trust for sale means a trust to sell the property held on trust and to hold the: (a) net income derived from the property until the sale after payment of costs, expenses, rates, cost of insurance, repairs properly paid out of income and other outgoings of the trust; and (b) net proceeds of the sale after payment of the costs and expenses of the sale. (2) Property held on trust under this Division is, subject to this Division, held on trust subject to the powers and provisions that may be necessary to give effect to the rights of the co-owners of the (3) This Division, in applying to and in relation to statutory trusts for partition, is subject to the Planning Act 1999.

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