Statutory Trusts - Definition - Law Dictionary Home Dictionary Definition statutory-trusts

Definition :

Statutory trusts. for the purposes of the (English) Law of Property Act, 1925, land held upon 'statutory trusts' shall be held upon trust for sale and to stand possessed of the net proceeds of sale after payment of costs and net rents and profits until sale subject to rates, taxes, and cost of insurance, repairs, and other outgoings, upon trust for the persons entitled under the settlement, including incumbrancers of former undivided shares, or not secured by a legal mortgage, and where an undivided share was subject to a settlement and the settlement remains subsisting in respect of other property and the trustees of the settlement are not the same persons as the trustees for sale the settled portion of the proceeds of sale is to be handed over to the settlement trustees as capital money under the (English) Settled Land Act, 1925 (s. 35 of the Law of Property Act, 1925). By s. 25, (English) L.P. Act, 1925, the trustees have power to postpone the sale unless a contrary direction appears in the trust instrument. By the (English) Law of Property (Entailed Interests) Act, entailed interests in undivided shares of land are to be treated and held as entailed interests in the proceeds of sale. As to the meaning of statutory trusts upon distribution in intestacy, in favour of the issue and other classes of relatives of the intestate per capita and per stripes (as provided) and other matters, see s. 47 of the Administration of Estates Act, 1925, and WIDOW.