Land And Conveyancing Law Reform Act 2009
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—
[CA 1881, s. 62]
( a) vest that estate or interest in the grantor or other person for whose benefit it is made, and
( b) annex it to the land, if any, for the benefit of which it is made.
(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.
(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.
(4) This section applies only to reservations made after the commencement of this Part.