Remedies for the recovery of annual sums charged on land

(1) Where a person is entitled to receive out of any land, or out of the income of any land, any annual sum, payable half- yearly or otherwise, whether charged on the land or on the income of the land, and whether by way of rent charge or otherwise, not being rent incident to a reversion then, subject and without prejudice to all estates, interests and rights having priority to the annual sum, the person entitled to receive the annual sum, shall have the remedies for recovering and compelling payment thereof as are described in this section, as far as those remedies might have been conferred by the instrument under which the annual sum arises, but not further. (2) The right to receive any such annual sum may be created by will or instrument inter vivos under seal. (3) If at any time the annual sum or any part thereof is unpaid for twenty-one days next after the time appointed for any payment in respect thereof, the person entitled to receive the annual sum may apply to the court for an order for sale of the land, or the right or interest therein, charged with the payment of the annual sum to the intent that thereby or otherwise the annual sum and all arrears thereof, and all costs and expenses occasioned by non-payment thereof, may be fully paid. (4) Where an order for sale is applied for and granted, the person entitled to receive the annual sum shall be bound to accept a commuted sum in full satisfaction of his right to all annual payments to which he is entitled under the instrument creating the right to those annual sums, and the court shall have power in making the order for sale to determine the amount of the commuted sum to be paid to the person so entitled. 64 (5) On the application to the court for an order for sale of any land or right or interest therein charged with the payment of an annual sum on the ground of the failure to pay the sum after it has become due, the court may, instead of making the order for sale, appoint a receiver with the powers and for the purposes described in subsection (7) of this section. (6) All provisions relating to the sale of mortgaged property under this Act shall apply mutatis mutandis to the sale of the land, or the right or interest therein, charged with the payment of the annual sum. (7) In the like case of default in payment of any such annual sum, the person entitled to the annual sum may in the alternative apply to the court for an order appointing a receiver to take possession of the land charged with the payment of the annual sum, or to exercise or appropriate the right or interest therein, and to receive the rents, profits and income arising therefrom for the purpose of paying the annual sum and all arrears thereof due or to become due, and the court shall have power to make such order and to direct that all costs and expenses occasioned by non-payment of the annual sum, or incurred in compelling or obtaining payment thereof, or otherwise relating thereto, including the costs of the application to the court, the remuneration of the receiver and all other costs and expenses incidental to his appointment and the execution of the order of the court, be paid and discharged out of the rents, profits and income of the land. (8) The surplus proceeds of sale of the land or the right or interest therein charged with the payment of the annual sum, or of the rents, profits and income received by the receiver (if any) shall be paid to the person for the time being entitled to the land or the right or interest therein which was charged with the payment of the annual sum. (9) The rule of law relating to perpetuities shall not apply to any powers or remedies conferred by this section, nor to the same or like powers or remedies conferred by any instrument for recovering or compelling the payment of any annual sum within the meaning of this section.