Powers of personal representative for raising money, etc

(1) For giving effect to beneficial interests, the personal representatives may demise land for a term of years absolute, with or without impeachment for waste, to trustees on usual trusts for raising or securing any principal sum and the interest thereon for which the land, or any part thereof, is liable, and may grant a rent charge for giving effect to any annual or periodical sum for which the land or the income thereof or any part thereof is liable. (2) This section applies whether the testator or intestate died before or after the commencement of this Act.