18Definitions

18 Definitions (1) In this Part unless inconsistent with the context or subject-matter— ***bankruptcy*** includes insolvency and liquidation by arrangement and also any other act or proceeding in law having under any law for the time being in force effects or results similar to those of bankruptcy[[4]](#endnote-5); ***building purposes*** includes the erecting and improving of and the adding to, and the repairing of buildings; and a ***building lease*** is a lease for building purposes or purposes connected therewith; ***conveyance*** includes a mortgage, charge, lease, assent, vesting declaration,[[5]](#endnote-6) disclaimer, release, surrender, extinguishment and every other assurance of property or of an interest therein by any instrument, except a will; ***convey*** has a corresponding meaning; ***disposition*** includes a conveyance and also a devise, bequest, or an appointment of property contained in a will; and ***dispose of*** has a corresponding meaning; ***income*** includes rents and profits; ***incumbrance*** includes a legal or equitable mortgage and a trust for securing money, and a lien, and a charge of a portion, annuity, or other capital or annual sum; and ***incumbrancer*** has a meaning corresponding with that of incumbrance, and includes every person entitled to the benefit of an incumbrance, or to require payment or discharge thereof; ***instrument*** includes deed and will but does not include a statute, unless the statute creates a settlement; ***land*** includes land of any tenure, and mines and minerals whether or not held apart from the surface, buildings or parts of buildings (whether the division is horizontal, vertical or made in any other way) and other corporeal hereditaments; also a rent and other incorporeal hereditaments,[[6]](#endnote-7) and an easement, right, privilege, or benefit in, over, or derived from the land and also an undivided share in land; and ***mines and minerals*** include any strata or seam of minerals or substances in or under any land, and powers of working and getting the same; ***limitation*** includes a trust; S. 18(1) def. of *lunatic* repealed by No. 55/1987 s. 57(3)(Sch. 5 item 43). ***mining lease*** means a lease for mining purposes, that is the searching for, winning, working, getting, making merchantable, carrying away, or disposing of mines and minerals, or purposes connected therewith, and includes a grant or licence for mining purposes; ***mortgage*** includes any charge or lien on any property for securing money or money's worth; ***mortgage money*** means money or money's worth secured by a mortgage; ***mortgagor*** includes any person from time to time deriving title under the original mortgagor or entitled to redeem a mortgage according to his estate interest or right in the mortgaged property; ***mortgagee*** includes any person from time to time deriving title under the original mortgagee; and ***mortgagee in possession*** is, for the purposes of this Act, a mortgagee who, in right of the mortgage, has entered into and is in possession of the mortgaged property; and ***right of redemption*** includes an option to repurchase only if the option in effect creates a right of redemption; ***notice*** includes constructive notice; ***personal representative*** means the executor, original or by representation, or administrator for the time being of a deceased person; ***possession*** includes receipt of rents and profits or the right to receive the same (if any); ***property*** includes any thing in action, and any interest in real or personal property; ***purchaser*** means a purchaser in good faith for valuable consideration and includes a lessee, mortgagee or other person who for valuable consideration acquires an interest in property except that where so expressly provided ***purchaser*** means a person only who acquires an interest in or charge on property for money or money's worth; and where the context so requires ***purchaser*** includes an intending purchaser; ***purchase*** has a meaning corresponding with that of ***purchaser***; and ***valuable* *consideration*** includes marriage but does not include a nominal consideration in money; ***registered land*** means land registered under the **Transfer of Land Act 1958**; and ***registrar*** means Registrar of Titles under that Act; ***rent*** includes a rent service or a rentcharge, or other rent toll, duty, royalty, or annual or periodical payment in money or money's worth, reserved or issuing out of or charged upon land, but does not include mortgage interest; ***rentcharge*** includes a fee farm rent; ***fine*** includes a premium or foregift and any payment consideration, or benefit in the nature of a fine, premium or foregift; ***lessor*** includes an under-lessor and a person deriving title under a lessor or under-lessor; and ***lessee*** includes an under-lessee and a person deriving title under a lessee or under‑lessee, and ***lease*** includes an under‑lease or other tenancy; ***sale*** means a sale properly so called; ***securities*** include stocks, funds and shares; S. 18 def. of t*enant for life, statutory owner, settled land, settlement, capital money, term of years absolute* and *trustees of the settlement* amended by No. 29/2011 s. 3(Sch. 1 item 74). ***tenant for life****,* ***statutory owner****,* ***settled land****,* ***settlement****,* ***capital money****,* ***term of years absolute*** and ***trustees of the settlement*** have the same meaning as in the **Settled Land Act 1958**; ***trustee company*** means a trustee company under the **Trustee Companies Act 1958**; ***trust for sale***, in relation to land, means an immediate binding trust for sale, whether or not exercisable at the request or with the consent of any person, and with or without a power at discretion to postpone the sale; ***trustees for sale*** means the persons (including a personal representative) holding land on trust for sale; and ***power to postpone a sale*** means power to postpone in the exercise of a discretion; ***will*** includes codicil and every other testamentary disposition. (2) Subject to the savings mentioned in section two of this Act this Part shall except where otherwise expressly provided apply to and in respect of instruments whether made or coming into operation before or after the commencement of this Act. Cf. [1289–90] 18 Edward I. (Quia Emptores) c. 1. S. 18A inserted by No. 9407 s. 6(a).