s.31Incidence of statutory trusts
31
Section 31Part 0 —

Incidence of statutory trusts

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For the purposes of this Act, the residuary estate of an intestate, or any part thereof, directed to be held upon the “statutory trusts” shall be held upon trust to sell the same and to stand possessed of the net proceeds of sale, after payment of costs, and of the net rents and profits until sale, after payment of insurance, repairs and other outgoings, upon such trusts and subject to such powers and provisions as may be requisite for giving effect to the rights of the persons (including an incumbrancer of a former undivided share or whose incumbrance is not secured by a legal mortgage) interested in the land.
Where —
an undivided share was subject to a settlement;
the settlement remains subsisting in respect of other property; and
the trustees thereof are not the same persons as the trustees for sale,
then the statutory trusts include a trust for the trustees for sale to pay the proper proportion of the net proceeds of sale or other capital money attributable to the share to the trustees of the settlement to be held by them as capital money arising under the Settled Land Act (1998 Revision).

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