Section 61 — Protection of Personal and Property Rights Act 1988: Termination of notional preservation of character of assets

61 Termination of notional preservation of character of assets (1) Section 58 of this Act shall cease to apply to any capital money, and any charge on property created under an order of the Court made under section 59 of this Act shall be extinguished, and any order of the Court made under section 60 of this Act shall cease to have effect, if, at any time after section 58 of this Act became applicable to the capital money, or the charge came into existence, or the order was made, as the case may be (in this section referred to as a subsequent time), the person subject to a property order has been entitled for any continuous period of 12 months to manage the capital money, or the property charged, or the money or other property affected by the order, as the case may be. (2) If the person subject to a property order has not been so entitled, section 58 of this Act shall continue to apply to any of his or her capital money to which it has become applicable, and any such charge or order shall continue to exist and have effect, except so far as the person has, at any subsequent time, while having the necessary capacity to do so,— (a) Made a valid testamentary disposition of, or paid or transferred to any other person beneficially, the capital money or the property charged or the money or other property affected by the order, as the case may be; or (b) In the case of property charged, released the charge. (3) This section shall not limit or affect any power of the Court under section 59 or section 60 of this Act to vary or discharge any such charge or order. (4) Subsection (2) of this section shall have effect whether or not the person continues to be subject to a property order or to be entitled to manage all or any of his or her money and other property.