104Powers not assignable and contract not to exercise powers void

104 Powers not assignable and contract not to exercise powers void

(1) The powers under this Act of a tenant for life shall not be capable of assignment or release, and shall not pass to a person as being, by operation of law or otherwise, an assignee of a tenant for life, and shall remain exercisable by the tenant for life after and notwithstanding any assignment, by operation of law or otherwise, of his estate or interest under the settlement.

This subsection shall apply notwithstanding that the estate or interest of the tenant for life under the settlement was not in possession when the assignment was made or took effect by operation of law.

(2) A contract by a tenant for life not to exercise his powers under this Act or any of them shall be void.

(3) Where an assignment for value of the estate or interest of the tenant for life was made before the commencement of the Settled Land Act 1928, this section shall operate without prejudice to the rights of the assignee, and in that case the assignee's rights shall not be affected without his consent, except that—

(a) unless the assignee is actually in possession of the settled land or the part thereof affected, his consent shall not be requisite for the making of leases thereof by the tenant for life or statutory owner provided the leases are made at the best rent that can reasonably be obtained, without fine, and in other respects are in conformity with this Act; and

(b) the consent of the assignee shall not be required to an investment of capital money for the time being affected by the assignment in securities authorized by statute for the investment of trust money.

(4) Where such an assignment for value is made or comes into operation after the commencement of the Settled Land Act 1928, the consent of the assignee shall not be requisite for the exercise by the tenant for life of any of the powers conferred by this Act:

(a) the assignee shall be entitled to the same or the like estate or interest in or charge on the land, money or securities for the time being representing the land money or securities comprised in the assignment, as he had by virtue of the assignment in the last-mentioned land money or securities; and

(b) if the assignment so provides, or if it takes effect by operation of the law of bankruptcy or insolvency, and after notice thereof to the trustees of the settlement, no investment or application of capital money for the time being affected by the assignment shall be made without the consent of the assignee, except an investment in securities authorized by statute for the investment of trust money; and

(c) notice of the intended transaction shall, unless the assignment otherwise provides, be given to the assignee, but a purchaser shall not be concerned to see or inquire whether such notice has been given.