Part IIF1... Power to Control Felling of Trees
Supplementary
29F4 Provisions relating to mortgages F2... and settled land.
1
Where the interest of the owner of trees in England or Wales is for the time being subject to a mortgage—
a
b
in either case the compensation or sum shall be paid to the mortgagee or, if more than one, to the first mortgagee, and shall be applied by him as if it were proceeds of the sale of the trees.
F32
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3
Subject to the foregoing provisions of this section, where the owner of trees comprised in a settlement within the meaning of the M1Settled Land Act 1925 is a tenant for life who is impeachable for waste in respect of the trees, any compensation or sum payable under section 11 F6or section 26F6, 26, 26D, 26E or 26F of this Act in respect of the trees shall be paid to the trustees of the settlement, and shall be applied by them in accordance with section 66(2) of the Settled Land Act 1925 as if it were proceeds of sale of timber cut and sold with the consent of the trustees under that section.
Word in Pt. II cross-heading omitted (1.4.2013) by virtue of The Natural Resources Body for Wales (Functions) Order 2013 (No. 755), art. 1(2), Sch. 2 para. 52 (with Sch. 7)