39Implied trust for sale in personalty settlements

39 Implied trust for sale in personalty settlements (1) Where a settlement of personal property or of land held upon trust for sale contains a power to invest money in the purchase of land, such land shall, unless the settlement otherwise provides, be held by the trustees on trust for sale; and the net rents and profits until sale, after keeping down costs of repairs and insurance and other outgoings shall be paid or applied in like manner as the income of investments representing the purchase money would be payable or applicable if a sale had been made and the proceeds had been duly invested in personal estate. (2) This section shall apply to settlements (including wills) coming into operation after the thirty-first day of December One thousand nine hundred and thirteen, and shall not apply to capital money arising under the **Settled Land Act 1958** or any corresponding previous enactment or money liable to be treated as such. No. 3754 s. 40.