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Reservations.
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69.— (1) A reservation of a legal estate or interest in a conveyance of land operates, without execution of the conveyance or of any regrant by the grantee, to—
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[CA 1881, s. 62]
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(a) vest that estate or interest in the grantor or other person for whose benefit it is made, and
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(b) annex it to the land, if any, for the benefit of which it is made.
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(2) A conveyance of land expressed to be subject to a legal estate or interest which is not in existence immediately before the date of the conveyance operates as a reservation within the meaning of subsection (1), unless a contrary intention is expressed in the conveyance.
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(3) For the purpose of construing the effect of a conveyance of land, a reservation shall not be treated as taking effect as a regrant.
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(4) This section applies only to reservations made after the commencement of this Part.
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