Land Act 2005

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.