capital money

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Money arising from the sale, mortgage, etc. of land held on a {trust of land} or from settled land. It is important that capital money is paid to two or more trustees of land: if it is paid to a sole trustee, equitable interests in the land may not be overreached, and the purchaser may be bound by them (Williams & Glyn's Bank Ltd v Boland [1981] AC 487). Capital money arising from settled land must be paid to the trustees of the settlement, not the tenant for life.

Subjects: Law.

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