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Section 14 applies in relation to a trust of proceeds of sale of land and trustees of such a trust as in relation to a trust of land and trustees of land.
In this section "trust of proceeds of sale of land" means (subject to subsection (5)) any trust of property (other than a trust of land) which consists of or includes—
any proceeds of a disposition of land held in trust (including settled land), or
any property representing any such proceeds.
The references in subsection (3) to a trust—
are to any description of trust (whether express, implied, resulting or constructive), including a trust for sale and a bare trust, and
include a trust created, or arising, before the commencement of this Act.
A trust which (despite section 2) is a settlement for the purposes of the Settled Land Act 1925 cannot be a trust of proceeds of sale of land.
In subsection (3)—
"disposition" includes any disposition made, or coming into operation, before the commencement of this Act, and
the reference to settled land includes personal chattels to which section 67(1) of the Settled Land Act 1925 (heirlooms) applies.