2Definitions

2 Definitions

[Section 2 Amended by 25 Geo. V No. 78 ]

(1)  *[Section 2 Subsection (1) amended by 2 Geo. V No. 33, s. 15 ]*Any deed, will, agreement for a settlement, or other agreement, Act, or other instrument, whether made or passed before or after, or partly before and partly after, the commencement of this Act, under or by virtue of which any land, or any estate or interest in land, stands for the time being limited to or in trust for any persons by way of succession, or is so limited that no person is presently entitled beneficially in possession or to the receipt of the rents and profits thereof, creates or is for purposes of this Act a settlement, and is in this Act referred to as a settlement, or as the settlement, as the case requires.

(2)  An estate or interest in remainder or reversion not disposed of by a settlement, and reverting to the settlor or any person deriving title under him, is, for purposes of this Act, an estate or interest coming to the settlor or such person under or by virtue of the settlement, and comprised in the subject of the settlement.

(3)  Land, and any estate or interest therein which is the subject of a settlement, is for purposes of this Act settled land, and is, in relation to the settlement, referred to in this Act as the settled land.

(4)  The determination of the question whether land is settled land for purposes of this Act or not is governed by the state of facts and the limitations of the settlement at the time of the settlement taking effect.

(5)  The person who is for the time being under a settlement beneficially entitled to possession of settled land for his life is for purposes of this Act the tenant for life of that land and the tenant for life under that settlement.

(6)  If, in any case, there are two or more persons so entitled as tenants in common, or as joint tenants, or for other concurrent estates or interests, they together constitute the tenant for life for purposes of this Act.

(7)  A person being tenant for life within the foregoing definitions shall be deemed to be such notwithstanding that under the settlement or otherwise the settled land, or his estate or interest therein, is encumbered or charged in any manner or to any extent.

(8)  The persons, if any, who are for the time being, under a settlement, trustees with power of sale of settled land, or with power of consent to or approval of the exercise of such a power of sale, or if under a settlement there are no such trustees, then the persons, if any, for the time being, who are by the settlement declared to be trustees thereof for purposes of this Act, are for purposes of this Act trustees of the settlement.