Section 30 Property and Conveyancing Law of the Western Region of Nigeria 1959

Section 30 of the Property and Conveyancing Law of the Western Region of Nigeria 1959 is about Implied trust for sale in personalty settlements. It provides as follows:

(1) Where a settlement of personal property or of land held upon trust for sale
contains a power to invest money in the purchase of land, such land shall, unless the settlement otherwise provides, be held by the trustees on trust for sale; and the net rents and profits until sale, after keeping down costs of repairs and insurance and other outgoings, shall be paid or applied in like manner as the income of investments representing the purchasemoney would be payable or applicable if a sale had been made and the proceeds had been duly invested in personal estate.

(2) This section applies to settlements coming into operation after the commencement of this Law.