Chat with AIExam 5: Successive Interests in Land
Under which of the following sections of the Settled Land Act 1925 does the tenant for life gain a power to exchange the settled land for other land?
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VerifiedB
a tenant for life under the Settled Land Act 1925 can release his powers (contrast with his beneficial interest)
(39) VerifiedFalse
What is meant by the trust instrument and the vesting deed in the case of a settlement between 1925 and 1997?
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Answered by Examlex AI CopilotIn the context of English law, particularly between the years 1925 and 1997, the terms "trust instrument" and "vesting deed" have specific legal meanings in relation to the creation and operation of a trust, often in the case of a property settlement.
**Trust Instrument:**
A trust instrument is a formal legal document that creates a trust and outlines the terms and conditions under which it operates. It is the foundational document that establishes the trust's existence and provides the framework for its administration. The trust instrument typically includes:
- The identification of the settlor (the person who creates the trust).
- The appointment of trustees (those who will manage the trust).
- The identification of the beneficiaries (those who will benefit from the trust).
- The trust property (the assets placed into the trust).
- The purpose of the trust (what the trust is intended to achieve).
- The powers and duties of the trustees.
- The duration of the trust (how long it is intended to last).
Between 1925 and 1997, trusts in England and Wales were governed by various pieces of legislation, including the Trustee Act 1925, the Settled Land Act 1925, and the Trusts of Land and Appointment of Trustees Act 1996. These laws provided the legal framework within which trust instruments operated.
**Vesting Deed:**
A vesting deed is a legal document that transfers legal title of property into a trust or from one trustee to another. It is used to 'vest' the legal ownership of the trust's assets in the trustees, while the beneficial interest remains with the beneficiaries. The vesting deed is an essential step in the creation of a trust involving property because it formalizes the transfer of ownership necessary for the trust to hold and manage the property.
In the case of a settlement, which is a type of trust often used for the management and distribution of family assets, the vesting deed would ensure that the property is legally held by the trustees in accordance with the terms of the trust instrument. This is particularly important for real property (land and buildings), as the legal title must be properly vested for the trustees to deal with the property on behalf of the beneficiaries.
During the period between 1925 and 1997, the use of vesting deeds would have been a common practice in the administration of trusts, ensuring that the legal formalities were observed and that the trust property was correctly managed in line with the trust instrument and the prevailing trust law.
By what method is the preference of the beneficiaries calculated under section 11 Trusts of Land and Appointment of Trustees Act 1996 - according to the number in favour of an action, or according to the total percentage of the property that each beneficiary has?
(36) it has been possible to create new settlements within the ambit of the Settled Land Act 1925 after 1 January 1997.
(43) a tenant for life grants a lease for money in accordance with his powers (which is duly registered), and he then sells the property to a purchaser for value and the purchase money is paid to the two trustees. The lease will bind the purchaser.
(40) a tenant for life under the Settled Land Act 1925 is able to mortgage the legal interest for his own benefit (subject to any contrary provision in the settlement)
(39) Section 107 of the Settled Land Act 1925 specifies that the tenant for life is a ___ of his statutory powers for those entitled under the settlement. (5.2.4)
(32) True of false: section 106 Settled Land Act 1925 prevents a settlor from attempting to forbid a tenant for life to exercise his statutory powers.
(42) Which sections of Trusts of Land and Appointment of Trustees Act 1996 allow the settlor to ensure that the consent of the equitable owners is required before the trustees can exercise their powers?
(40) If there are no trustees is a tenant for life able to sell the property?
(41) the interests of a life tenant can be the subject of a notice on the register.
(41) In which of the following situations does a tenant not have to give notice to the trustees of the settlement under the Settled Land Act 1925?
(44) Which section of Trusts of Land and Appointment of Trustees Act 1996 would be used by the trustees to ensure that the current life tenant pays the expenses in relation to the land?
(36) trustees of land over which there are successive interests can use section 14 Trusts of Land and Appointment of Trustees Act 1996 as a means to regulate disputes.
(44) Does overreaching still operate where there are two trustees and an equitable owner, but the equitable owner has a life interest?
(34) the effect of section 13 Settled Land Act 1925 is to prevent people from trying to get round the requirement that there be a vesting deed by ensuring that it is impossible to deal with the land where there ought to have been a vesting deed.
(41) If the interest of a life tenant is overreached, how is their life interest 'compensated' out of the proceeds of sale?
(32) If a tenant for life dies and the land remains settled, who becomes legal owner of the land immediately following the death under the Settled Land Act 1925?
(34) Which section of Trusts of Land and Appointment of Trustees Act 1996 gives a life tenant a right to occupy the property?
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