(1) Subject to section 44 of this Act, the provisions of this Act shall apply to equitable estates in land, including interests in the proceeds of the sale of land held upon trust for sale, in like manner as they apply to legal estates in land, and accordingly a right of action to recover the land shall, for the purposes of this Act but not otherwise, be deemed to accrue to a person entitled in possession to an equitable estate in land in the like manner and like circumstances and on the same date as it would accrue if his estate were a legal estate in the land.

(2) Where any land is held upon trust, including a trust for sale, and the period fixed by this Act has expired for the bringing of an action to recover the land by the trustees, the estate of the trustees shall not be extinguished if and so long as the right of action to recover the land of any person entitled to a beneficial interest in the land or in the proceeds of sale either has not accrued or has not been barred by this Act, but, if and when every such right of action has been so barred, the estate of the trustees shall be extinguished.