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Settled Land Act 1911
8Sale by tenants for life on credit terms
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8 Sale by tenants for life on credit terms
On a sale by a tenant for life such sale may be made on credit terms, provided –
(a) the credit terms are first submitted to and approved by the trustees for the purposes of the settled estate;
(b) the contract of sale is made with the tenant for life jointly with the trustees, and the instalments of purchase-money are by the contract of sale made payable to the trustees;
(c) the contract of sale reserves full power for the trustees and the tenant for life jointly, or the trustees severally, on a breach of any of the conditions of sale to determine the contract of sale and enter into possession of the land.