Creation and disposition of equitable interests

(1) Interests in land validly created or arising after the commencement of this Act which are not capable of subsisting as legal estates, shall take effect as equitable interests. (2) Except as otherwise expressly provided by statute, interests in land which under the Statute of Uses, 27 Hen. 8, c.10 or otherwise could before the commencement of this Act have been created as legal interests shall be capable of being created as equitable interests, Provided that, after the commencement of this Act (and except as hereinafter expressly enacted), an equitable interest in land shall only be capable of being validly created in any case in 18 which an equivalent equitable interest in property real or personal could have been validly created before such commencement.