428. Legal estate in settled land.

428.     Legal estate in settled land.

For the purposes of determining, where the estate owner of any settled land1 is bankrupt, whether the legal estate in the settled land is comprised in, or is capable of being claimed for, the bankrupt's estate, the legal estate in the settled land is deemed not to vest in the estate owner2, unless and until the estate owner becomes absolutely and beneficially entitled to the settled land free from all limitations, powers and charges taking effect under the settlement3.