statutory owner

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A person having the powers of an immediate beneficiary of settled land, where the beneficiary himself is under 18 or there is no immediate beneficiary (for example, in a discretionary settlement in which no beneficiary has been appointed). The statutory owner is either the person of full age on whom the powers are conferred by the settlement; the trustees of the settlement (see Settled Land Act trustees); or, in a settlement made by will on a beneficiary under 18, the testator's personal representatives until a vesting instrument has been effected.

Subjects: Law.

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