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Apportionment and redemption of annuities and charges.
21 & 22 Vict. c. 72.
48 & 49 Vict. c. 73.
45 & 46 Vict. c. 38.
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16.—(1) When any land sold under the Land Law (Ireland) Acts is subject with other lands to any annuity or rentcharge, the Land Commission may, if they think it expedient, by order apportion the same as between such land and the other lands subject thereto, and thereupon such part of the annuity or rent-charge as is apportioned on the land to be sold shall alone be deemed to be the annuity or rentcharge chargeable on such land.
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(2) When the Land Commission exercise the power of apportionment conferred on them by this section, and also when the Land Commission exercise the power of apportionment of rent conferred on them by the seventy-second section of the Landed Estates Court (Ireland) Act, 1858, as extended by the tenth section of the Purchase of Land (Ireland) Act, 1885, then the part of an annuity, rentcharge, or rent which is apportioned upon any land sold shall cease to be a charge upon the land, and shall be transferred to the purchase money thereof; the last-mentioned power of apportionment may be exercised in any case notwithstanding that it may have been agreed that the sale shall be carried into effect by means of a conveyance.
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(3) The Land Commission shall, on the application of the person entitled to a part of an annuity, rentcharge, or rent, which part shall have been apportioned by them upon land sold, and may, if they think it expedient, without such application, order the redemption of such annuity, rentcharge, or rent, or of an apportioned part thereof, and may, notwithstanding the fact that no apportionment has been made, order the redemption of any annuity, rentcharge, or rent affecting land sold, at a price to be fixed by agreement between the parties, or to be determined by the Land Commission.[1]
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A person who is tenant for life of an estate in any annuity, rentcharge, or rent to which this section applies, or who has as respects such annuity, rentcharge, or rent, the power of a tenant for life within the meaning of the Settled Land Act, 1882, shall be deemed to be a person entitled thereto; and if such annuity, rentcharge, or rent is redeemed under this section, the purchase money shall be dealt with as capital moneys arising under the said Act.
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[S. 17 rep. 59 & 60 Vict. c. 47, s. 52.]
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[1 As to the determination of the redemption price of a superior interest by the Judicial Commissioner or the Land Judge, in default of agreement by the parties, see 3 Edw. 7. c. 37, s. 64.] |
