Dealings with life interests, reversions and other equitable interests

(1) Subject to this Act, 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. (2) Subsection (1) of this section, shall apply whether or not the money or securities are in court.