Victorian Current Acts Victorian Current Acts(1) Any deed, will, agreement for a settlement or other agreement, Act of Parliament, or other instrument, or any number of instruments, whether made or passed before or after, or partly before and partly after, the commencement of this Act, under or by virtue of which instrument or instruments any land, after the commencement of this Act stands for the time being—
(a) limited to or in trust for any persons by way of succession; or
(b) limited to or in trust for any person in possession—
(i) for an entailed interest;
(ii) for an estate in fee-simple or for a term of years absolute subject to an executory limitation, gift, or disposition over on failure of his issue or in any other event;
(iii) for a determinable fee;
S. 8(1)(b)(iv) amended by Nos 9075 s. 5(1), 9427 s. 5(Sch. 4 item 10).
(iv) being a minor, for an estate in fee-simple or for a term of years absolute; or
(c) limited to or in trust for any person for an estate in fee-simple or for a term of years absolute contingently on the happening of any event; or
(d) [3] limited to or in trust for a married woman of full age in possession for an estate in fee-simple or a term of years absolute or any other interest with a restraint on anticipation; or
(e) charged, whether voluntarily or in consideration of marriage or by way of family arrangement, and whether immediately or after an interval, with the payment of any rentcharge for the life of any person, or any less period, or of any capital, annual, or periodical sums for the portions, advancement, maintenance or otherwise for the benefit of any persons, with or without any term of years for securing or raising the same—
create or is for the purposes of this Act settlement and is in this Act referred to as a settlement, or as the settlement, as the case requires:
Provided that, where land is the subject of a compound settlement, references in this Act to the settlement shall be construed as meaning such compound settlement, unless the context otherwise requires.
S. 8(2) amended by Nos 9075 s. 5(1), 9427 s. 5(Sch. 4 item 10).
(2) Where a minor is beneficially entitled to land for an estate in fee-simple or for a term of years absolute and by reason of an intestacy or otherwise there is no instrument under which the interest of the minor arises or is acquired a settlement shall be deemed to have been made by the intestate, or by the person whose interest the minor has acquired.
(3) An estate or interest not disposed of by a settlement and remaining in or reverting to the settlor, or any person deriving title under him, is for the purposes of this Act an estate or interest comprised in the subject of the settlement and coming to the settlor or such person under or by virtue of the settlement.
(4) Where—
(a) a settlement creates an entailed interest or a determinable fee; or
(b) the subject of a settlement is an entailed interest, or a determinable fee—
the reversion or right of reverter upon the cesser of the interest so created or settled shall be deemed to be an interest comprised in the subject of the settlement, and limited by the settlement.
No. 3771 s. 9.