Section 2Part 1 — Introductory
Definitions and interpretation
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In this Law — "building purposes" include the erecting and the improving of, the adding to and the repairing of buildings; and a "building lease" is a lease for any building purpose or purposes connected therewith; "Court" means the Grand Court; "income" includes rents and profits; "land" includes incorporeal hereditaments, also an undivided share in land; "mines and minerals" mean mines and minerals whether already opened or in work or not, and include all minerals and substances (other than such minerals, mineral oil and substances as may be vested in the Crown) in, on or under the land, obtainable by underground or by surface working; and "mining purposes" include the sinking and searching for, winning, working, getting, making merchantable, smelting or otherwise converting or working for the purposes of any manufacture, carrying away and disposing of mines and minerals, in or under the settled land or any other land, and the erection of buildings and the execution of engineering and other works suitable for those purposes; "mining lease" is a lease for any mining purposes or purposes connected therewith, and includes a grant or licence for any mining purposes; "possession" includes receipt of income; "Record Office" means the office of the Public Recorder; "rent" includes yearly or other rent, and toll, duty, royalty or other reservation, by the acre or the ton or otherwise; and, in relation to rent, "payment" includes delivery; and "fine" includes premium or fore-gift, and any payment, consideration or benefit in the nature of a fine, premium or fore-gift; "securities" include stocks, funds, and shares; and "will" includes codicil and other testamentary instrument, and a writing in the nature of a will.
Any deed, will or agreement for a settlement or other agreement, covenant to surrender, Act of the United Kingdom, law of the Islands or other instrument, or any number of instruments, under or by virtue of which instrument or instruments, any land, or any estate or interest in land, stands for the time being limited to or in trust for any persons by way of succession, creates or is for purposes of this Law a settlement, and is in this Law referred to as a settlement, or as the settlement, as the case requires.
An estate or interest in remainder or reversion not disposed of by a settlement, and reverting to the settlor or descending to the testator's heir, is for purposes of this Law an estate or interest coming to the settlor or heir under or by virtue of the settlement, and comprised in the subject of the settlement.
Land and any estate or interest therein, which is the subject of a settlement, is for purposes of this Law settled land, and is, in relation to the settlement, referred to in this Law as the settled land.
The determination of the question whether land is settled land, for purposes of this Law or not, is governed by the state of facts and the limitations of the settlement, at the time of the settlement taking effect.
Whoever is, for the time being, under a settlement, beneficially entitled to possession of settled land, for his life, is for purposes of this Law the tenant for life of that land and the tenant for life under that settlement.
If, in any case, there are two or more persons so entitled as tenants in common, as joint tenants or for other concurrent estates or interests, they together constitute the tenant for life for purposes of this Law.
A person being tenant for life within the foregoing definitions shall be deemed to be such notwithstanding that, under the settlement or otherwise, the settled land, or his estate or interest therein, is incumbered or charged in any manner or to any extent.
The persons, if any, who are for the time being, under a settlement, trustees with power of sale of settled land, or with power of consent to or approval of the exercise of such a power of sale, or if under a settlement there are no such trustees, then the persons, if any, for the time being, who are by the settlement declared to be trustees thereof for purposes of this Law, are for purposes of this Law trustees of the settlement.
Capital money arising under this Law and receivable for the trusts and purposes of the settlement is in this Law referred to as capital money arising under this Law.
Defined Terms
building purposesbuilding leaseCourtincomelandmines and mineralsmining purposesmining leasepossessionRecord Officerentpaymentfinesecuritieswill