83Protection of interests in property of beneficiaries and other persons

83 Protection of interests in property of beneficiaries and other persons

83 Protection of interests in property of beneficiaries and other persons

(cf PE Act, s 48)

(1) Any managed person and any beneficiary of a managed person has the same interest in any surplus money or other property arising from any sale, mortgage or disposition of any property or other dealing with property under this Act as the managed person or beneficiary would have had in the property the subject of the sale, mortgage, disposition or dealing, if no sale, mortgage, disposition or dealing had been made.

(2) The surplus money or other property arising as referred to in subsection (1) is taken to be of the same nature as the property sold, mortgaged, disposed of or dealt with.

(3) Except as provided by subsection (4), money received on or for equality of partition and exchange, and all fines, premiums and sums of money received on the grant or renewal of a lease where the property the subject of the partition, exchange or lease was real estate of the managed person are to be considered as real estate.

(4) Fines, premiums and sums of money received on the grant or renewal of leases of property of which the managed person was the tenant for life are to be considered as personal estate of the managed person.

(5) The Court may make such orders as it thinks fit to give effect to this section.

(6) In this section—

beneficiary of a managed person means a beneficiary under a will of the person or an executor, administrator or assign of the managed person.

Note—

Mortgage includes a charge (see section 3 (1)).