137 Dealings with life interests, reversions and other equitable interests
Law of Property Act 1925 (1925 c 20) | Legislation

137  Dealings with life interests, reversions and other equitable interests

(1)     The law applicable to dealings with equitable things in action which regulates the priority of competing interests therein, shall, as respects dealings with equitable interests in land, capital money, and securities representing capital money effected after the commencement of this Act, apply to and regulate the priority of competing interests therein.

This subsection applies whether or not the money or securities are in court.

(2)

(i)     In the case of a dealing with an equitable interest in settled land, capital money or securities representing capital money, the persons to be served with notice of the dealing shall be the trustees of the settlement; and where the equitable interest is created by a derivative or subsidiary settlement, the persons to be served with notice shall be the trustees of that settlement.

(ii)     In the case of a dealing with an equitable interest in [land subject to a trust of land, or the proceeds of the sale of such land, the persons to be served with notice shall be the trustees.]

(iii)     In any other case the person

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