Manner of giving effect to equitable interests and powers

All equitable interests and powers in or over land shall be enforceable against the estate owner of the legal estate affected in manner following, (a) where the legal estate affected is settled land, the tenant for life or statutory owner shall be bound to give effect to the equitable interests and powers in manner provided by the Settled Land Act, 1925, c. 18; (b) where the legal estate affected is vested in (i) the trustees shall stand possessed of the net proceeds of sale after payment of costs and of the net rents and profits of the land until sale after payment of rates, taxes, costs of repairs and outgoings, upon such trusts and subject to such powers and provisions as may be requisite for giving effect to the equitable interests and powers affecting the same respectively, of which they have notice, and whether created before or after the disposition upon trust for sale, according to their respective priorities; (ii) where, by reason of the exercise of any equitable power or under any trust affecting the proceeds of sale, any principal sum is required to be raised, or any person of full age becomes entitled to require a legal estate in the land to be vested in him in priority to the trust for sale, then, unless the claim is satisfied out of the net proceeds of sale, the trustees for 16 sale shall (if so requested in writing) be bound to create such charge by way of legal mortgage as may be necessary for raising the money, or to transfer such legal estate as may be necessary to give possession of the land to the person entitled to the legal estate therein in priority to the trust Provided that, if the proceeds of sale are held in trust for persons of full age in undivided shares absolutely free from encumbrances affecting undivided shares, those persons cannot require the land to be conveyed to them in undivided shares, but may (subject to effect being given by way of legal mortgage to encumbrances affecting the entirety) require it to be vested in any of them (not exceeding four) as joint tenants on trust for sale, and if the conveyance purports to transfer the land to any of them in undivided shares or to more than four such persons, it shall operate only as a transfer to them or (if more than four) to the first four persons named therein as joint tenants on trust for sale; (c) where the legal estate affected is neither settled land nor vested in trustees for sale, the estate owners shall be bound to give effect to the equitable interests and powers affecting his estate of which he has notice according to their respective priorities, Provided that this provision does not affect the priority or powers of a legal mortgagee, or the powers of personal representatives for purposes of administration.