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In page History of the Isle of Man:

"

The agrarian question subsided only in 1704, when James Stanley, 10th Earl of Derby, William's brother and successor, largely through the influence of Bishop Wilson, entered into a compact with his tenants, which became embodied in an Act, called the Act of Settlement. Their compact secured the tenants in the possession of their estates in perpetuity subject only to a fixed rent, and a small fine on succession or alienation. From the great importance of this act to the Manx people it has been called their Magna Carta. As time went on, and the value of the estates increased, the rent payable to the Lord became so small in proportion as to be almost nominal,[1] being extinguished by purchase in 1916.[citation needed]