When a tenant in tail
of any land or rent shall have made an assurance thereof which shall not
operate to bar the estate or estates to take effect after or in defeasance of
his estate tail, and any person shall by virtue of such assurance at the time
of the execution thereof, or at any time afterwards, be in possession or
receipt of the profits of such land, or in receipt of such rent, and the same
person, or any other person whatsoever (other than some person entitled to
such possession or receipt in respect of an estate which shall have taken
effect after or in defeasance of the estate tail) shall continue to be in such
possession or receipt for the period of 12 years next after the commencement
of the time at which such assurance, if it had then been executed by such
tenant in tail, or the person who would have been entitled to his estate tail
if such assurance had not been executed, would, without the consent of any
other person, have operated to bar such estate or estates as aforesaid, then,
at the expiration of such period of 12 years, such assurance shall be and be
deemed to have been effectual as against any person claiming any estate,
interest, or right, to take effect after or in defeasance of such estate tail.