Under the will, A was to be permitted to reside in a house, part of residue held upon trust for sale. A was also tenant for life of residue. Subject to A’s life interest, residue was given as to one-third to B and two-thirds to others. A codicil provided that B was to be entitled to the house in specie in due course in satisfaction of his one-third share in remainder, even though it should then exceed one-third in value of the estate. It was proposed to sell the house, A not objecting: the house was already worth more than the one-third, and B objected.
Held: The Order protected B’s interests by requiring his consent to the exercise of the trust for sale in A’s lifetime. It also avoided the situation of the house being settled land with A tenant for life by requiring also the consent of A to such exercise, which would not negative an immediate binding trust for sale. It will be noted that A, being tenant for life of residue, required no further protection: she would be entitled to the nett rents of any letting by the trustees.
Citations:
[1986] 1 WLR 583
Jurisdiction:
England and Wales
Equity
Updated: 24 November 2022; Ref: scu.650710