Section 50

Where any holding or any estate or interest therein is a pre-existing settled estate, then subject to Chapter 4 of Part V such person as may be entitled to the possession or to the receipt of the rents and profits of such settled estate for a term of years determinable on his death, or for any estate for life, or any person entitled to such possession or receipt as the assignee of any such person shall be registered in the Interim Register as the proprietor thereof for life, as trustee.