法律英语词汇“settled land”的翻译、意思、用法、释义-法律词典

settled land
Land that is the subject of a settlement under the Settled Land Act 1925, i.e. land in which two or more beneficial interests exist in succession to one another or land that is subject to certain other fetters on the owner’s powers. No such settlements can be created after 1996; most of the arrangements described below can now exist as trusts of land with the exception of entailed interests, which can no longer be created. Existing settlements continue until coming naturally to an end. The categories were as follows:

1. Land held in trust for any persons by way of succession; for example, in trust for A for life then B for life then C in fee simple.

2. Entailed interests.

3. Land owned subject to a gift over on a specified event.

4. Land owned for a determinable interest.

5. Land conveyed to a person under 18 years (a minor cannot own or convey a legal estate in land).

6. Land in which a future interest may come into possession on a specified event. For example, when land is left to A and B provided they respectively attain the age of 18, the elder is absolutely entitled to a half share on reaching 18 but may become entitled to the whole of the land absolutely if the younger dies during minority.

7. Land charged voluntarily (i.e. without consideration) or in consideration of marriage or by way of family arrangement with payment of any rentcharge or capital sum; for example, when the owner charges his land with payment of income to his wife during her life or widowhood.

A settlement made during the life of the settlor was effected by a trust instrument and a vesting deed. The trust instrument declared the beneficial interests in the land and appointed two or more individuals, or a trust corporation (e.g. a bank), as trustees of the settlement (see Settled Land Act trustees). The vesting deed transferred the legal estate in the settled land to the immediate beneficiary; it also had to identify the trustees of the settlement. A will that effected a settlement constituted the trust instrument; the legal estate devolved upon the testator’s personal representatives on trust to vest it, by deed or assent, in the immediate beneficiary. When the legal estate could not be transferred to the immediate beneficiary (e.g. because he was under 18), it had to be vested in a statutory owner.

The purpose of the 1925 Act was to balance the protection of beneficiaries with future interests against the principle that the person immediately entitled in possession should not be prevented by the existence of future interests from prudently managing and dealing with the land. Thus the Act conferred on the immediate beneficiary powers to sell the land at the best price reasonably obtainable, to exchange it for other land, and to grant certain leases (up to 50 years, or 100 years for mining, or 999 years for building or forestry). These transactions overreached the interests of the subsequent beneficiaries, who acquired corresponding interests in the capital money or income arising from them. The immediate beneficiary could also mortgage the land to raise money to pay off other encumbrances, to give equality of value on an exchange, and to pay for certain improvements. He could insist that the cost of certain improvements (such as rebuilding the principal mansion house and installation of drainage and electricity) be paid out of capital. His statutory powers could be extended by the terms of the settlement but could not be excluded or restricted. The Act imposed on the immediate beneficiary, in exercising these powers, the duties of a trustee for all parties having a beneficial interest in the land. The beneficiary thus had a dual role. When the immediate beneficiary sold or otherwise disposed of settled land, the vesting deed formed the basis of his title. The purchaser was not concerned with the interests of beneficiaries whose rights are overreached (see curtain principle) but had to pay the price to the trustees of the settlement or, at the direction of the immediate beneficiary (the tenant for life or the person exercising the powers of the tenant for life), into court.