78Personal estate settled by reference to capital money or trusts

78 Personal estate settled by reference to capital money or trusts (1) Where money or securities or the proceeds of sale of any property is or are by any instrument coming into operation either before or after the commencement of this Act directed to be held on trusts declared by reference to capital money arising under this Act or any corresponding previous enactment from land settled by that instrument or any other instrument, the money, securities or proceeds shall be held on the like trusts as if the same had been or represented money which had actually arisen under this Act from the settled land. This subsection operates without prejudice to the rights of any person claiming under a disposition for valuable consideration of any such money, securities or proceeds made before the commencement of the **Settled Land Act 1928**. (2) Where money or securities or the proceeds of sale of any property is or are by any instrument coming into operation after the commencement of the **Settled Land Act 1928** directed to be held on the same trusts as, or on trusts corresponding as nearly as may be with the limitations of land settled by that instrument or any other instrument, the money, securities or proceeds shall be held on the like trusts as if the same had been or represented capital money arising under this Act from the settled land. (3) Such money, securities or proceeds of sale shall be paid or transferred to or retained by the trustees of the settlement of the settled land, or paid or transferred into court, and invested or applied accordingly. (4) Where the settled land includes freehold land, the money, securities or proceeds of sale aforesaid shall be held on the like trusts as if the same had been or represented capital money arising from the freehold land. (5) This section shall have effect notwithstanding any direction in the instrument creating the trust that the trust property is not to vest absolutely in any tenant in tail or in tail male or in tail female under the limitations of the settled land who dies under a specified age, or before the happening of a specified event, but, save as aforesaid, shall have effect with any variations and subject to any contrary intention expressed in the instrument creating the trust. No. 3771 s. 79.