Land Act 2005
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Discharge of redemption price. |
11.—(1) Where— | |
(a) a person discharged the arrears of annuity payments, if any, due in respect of a land purchase annuity, on or before 1 December 1992, and | ||
(b) an amount of not less than half of the amount required to redeem the land purchase annuity on the redemption calculation date was paid after 18 March 1993 and before 1 June 1993, | ||
the land purchase annuity is deemed to stand discharged with effect from the date of such payment. | ||
(2) Subsection (1) also applies in a case where a determination of a type referred to in section 6 of the Land Act 1984 was made under that section. | ||
(3) This section has effect notwithstanding the provisions of section 12 of the Land Act 1950 . | ||
(4) In this section “redemption calculation date” means— | ||
(a) 1 May 1993, in the case of a land purchase annuity where the annuity purchase payment was payable on 1 May of each year, or | ||
(b) 1 June 1993, in the case of a land purchase annuity where the annuity purchase payment was payable on 1 June of each year. |