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wise obliged or concerned to see to the application of the AssiGNMENT money therein mentioned and acknowledged to be re- iNCONT ceived (f). [Power for the appointment of new trustees, TION OF MARsupra, p. 324 (g).] IN WITNESS &c.
RIAGE, OF SUMS
RIAGE, IN TRUST FOR
CONVEYANCE, in contemplation of Mar- CONVEYANCE,
TION OF MAR-
until Sale. Usual Clauses and Covenants (a). THIS INDENTURE, made &c., Between A. B., of Parties. &c., [intended husband), of the first part; C. D., of &c.,
(f) This power for the trustees to give receipts for the monies assigned, is essentially necessary. (See ante, Vol. 3, p. 293, n. (g).; supra, p. 324, n. (r).
(9) The power of appointing new trustees is a necessary part of a As to the indeed of this nature, because the object would be defeated if a new sertion in deeds
of even date appointment could only be made by referring to the power in the with cott
the with settlesettlement. Of course the power in this deed must correspond verbatim ments, of clau. with that in the settlement, so that a new trustee of both deeds may ses for the new
appointment, always be appointed at the same time.
indemnity, and It is sufficient to insert the clauses for the indemnity of trustees, and payment of for the payment of their expenses, in the settlement, taking care that the trustees. words of these clauses are sufficiently extensive to cover the trusts of the deed of assignment.
(a) Whenever land is intended to be settled in trust for all the chil- Land to be setdren of a marriage, equally, or as the father or mother shall appoint, thed among the
le children of an by far the best mode of settlement is, to vest the land in the trustees, intended mar.
conveyance, (one of the daughters of A. D., of &c.), [intended wife], IN CONTEMPLAtion of mar- of the second part; and E. F., of &c., and G. H., of &c.,
RIAGE, IN TRUST FOR SALE.
upon trust for sale, and declare the trusts of the purchase-money, addriage should be ing a provision, that the rents of the land, until a sale, shall be applied impressed with a trust for sale;
as the income of the purchase-money would be applicable, in case the sale had then been made, and the money invested; for the nature of land renders it extremely inconvenient to vest the legal inheritance in an indefinite number of children. The management of the land during the minority of the children, or after the majority of some and the minority of others, is difficult to provide for; and the needful provisions for the accruer and survivorship of children's shares, and for their advancement and maintenance, cannot be adapted satisfactorily, or otherwise than in a very cumbersome form, to settlements of real property. A precedent of such a settlement will be given farther on, because many settlors will not hear of their land being directed to be sold; but, in truth, this direction for sale is merely fictitious, and is given in order that the trusts may be conveniently and satisfactorily framed. The consent of the husband and wife or the survivor is always made requisite to a sale during their lives, and, even after their deaths, the trustees never sell, unless the cestuis que trust or those who are of age desire it: and then is the time at which one of the great advantages of this mode of trust is felt; for, if the legal estate be limited to the children, no sale can be made till all the children have attained twenty-one; and if, in the meantime, any of them die leaving infant heirs at law, or settle their shares by will or deed in an improper manner, the time for effecting a sale may be indefinitely postponed. Every solicitor should strongly impress upon his clients the advantages of a mode of settlement which enables a sale to be effected at any moment that the situation of the family requires it, without rendering it imperative a day before the convenient time.
It is to be observed, that the only proper way is, to impress the land with an actual trust for sale ; a mere declaration, that it shall be held as money or deemed personal estate, is awkward and unmeaning, and, perhaps, ineffectual ; at least, it is not possible to say what construction would be put on such a declaration, or how it would amalgamate with the
usual trusts and clauses of a settlement of personal estate. - by a deed of Of course, the land should be vested in the trustees by a deed of even even date with, date with but executed hof,
date with, but executed before, the settlement, and the trusts of the purbut executed before the set
chase-money (for which the trustees must have power to give receipts) tlement.
declared by reference to the settlement; for, otherwise, the settlement would form part of the title deeds of the estate,—a circumstance which would cause perhaps greater inconvenience to the settlor than in the case
of a mortgage debt intended to be settled. (See supra, p. 333, n. (a)). Precedent ap
The precedent in the text deals with a lease for lives; but it may be plicable to he- easily applied to freeholds of inheritance, leaseholds for years, copyholds,
lease for lives:
(trustees], of the third part: WHEREAS, by an indenture CONVEYANCE, bearing date the day of — , and made or expressed to tion of marbe made between the Dean and Chapter, of &c., of the one RIAGE, IN part, and M. N., of the other part: For the considerations SALE. therein mentioned, the said Dean and Chapter did demise Recital of a and grant unto the said M. N. ALL THAT, &c. [parcels from lease the lease, consisting of a parsonage, glebe lands, houses and tithes, with an exception of the right of presentation to the vicarage, of timber, gc.]; To hold the same unto the said M. N., his heirs and assigns, for the lives of X. then aged - years, Y. then aged — years, and Z. then aged — years, and for the life of the longest liver of them, at the yearly rent of £- , and under and subject to the covenants, conditions, and agreements in the said indenture contained, and on the part of the lessee, his heirs or assigns, to be observed and performed; AND WHEREAS a policy of assurance, —of policies of bearing date the day of — , and numbered — , was
, was ing been effecteffected with the Assurance Office, in the name of the ed on the lives
of the cestuis said M. N., on the life of the said X., for the sum of £- ,
, que vie; and under the actual premium of £— , now reduced to £- ; [Recitals of similar policies on the lives of Y. and Z.]; AND WHEREAS, by divers mesne assurances and acts -of an equal in the law, one equal moiety or half part of the said par
par lease and the sonage, glebe houses, lands, and tithes, by the said indenture policies having
become vested of the day of — , demised, or expressed and intended in the intended so to be, for the lives aforesaid, and also one equal moiety husband; or half part of the said policies of assurance on the lives of the said X., Y., and Z., and of the monies to become payable thereunder, became vested in the said A. B.; AND —of the agreeWHEREAS a marriage has been agreed on, and is intended to ment for
marriage; be shortly had and solemnized, between the said A. B. and . the said C. D.; AND WHEREAS, on the treaty for the said -of the agreeintended marriage, it was agreed that the said A. B. should me
husband's esconvey and assign, in manner hereinafter mentioned, the said tate in the lease moiety of him the said A. B. of and in the said parsonage, glebe should be set
and policies tled.
or hereditaments of any tenure. A precedent of a similar deed, deal- reditaments of ing with a reversionary copyhold estate, is given infra. See Prece- any tenure. dent XI., and see too Precedent XII.
RIAGE, IN TRUST FOR
CONVEYANCE, houses, lands, and tithes, comprised in the said indenture of OF MARS the — day of — , [the lease], and of and in the said
policies of assurance on the lives of the said X., Y., and Z., respectively, unto the said E. F. and G. H., their executors, administrators, and assigns, upon and for the trusts, intents, and purposes, and with, under, and subject to the powers, provisoes, agreements, and declarations hereinafter
declared and contained or referred to of and concerning the Witnesseth, same respectively: NOW THIS INDENTURE WITconveyance to the trustees;
NESSETH, that, in pursuance of the said agreement, and in consideration of the said intended marriage, he the said A. B., with the privity and consent of the said C. D., (testified by her being a party to and executing these presents) (6), hath granted, released, and confirmed, and by these presents doth grant, release, and confirm, unto the said E. F. and G. H., (in their actual possession now being,
by virtue of a bargain and sale thereof to them made by the ---of the free. said A. B., in consideration, &c.), ALL THAT the equal hold heredita
moiety or half part of him the said A. B. of or in the said parsonage, glebe houses, lands, tithes, hereditaments, and premises demised, or expressed to be demised, by the said in
denture of the day of ---, with their appurtenances; Habendum for AND ALL THE ESTATE, &c. : TO HAVE AND TO HOLD the the lives of the cestuis que vie, sala equal motely or nani
said equal moiety or half part, and all and singular other upon trusts to the premises hereinbefore released, or expressed and inbe subsequently in declared.
tended so to be, unto the said E. F. and G. H., their executors, administrators (c), and assigns, To the use of the said E. F. and G. H., their executors, administrators, and
(6) See supra, p. 335, n. (6). Peculiarity of (c) The property settled, being in this case freehold pur auter vie, can be language oc- limited to the trustees, “their executors and administrators;" which is casioned by the obviously a great convenience, both with regard to the declaration of property being held pur auter the trusts, and to future dealings under the trusts declared. If the land vie.
settled be freehold or copyhold of inheritance, the limitation must, of course, be to the trustees and“ their heirs;" which will necessitate the substitution of “ heirs” for “executors and administrators ” throughout the deed whenever the land is spoken of, and will also require some slight alteration in the language of the trusts of the settlement. See infra, Precedent XI.
assigns, for and during the lives of the said X., Y., and Z., conveyance,
that in further, assign
ment to the further pursuance of the said agreement, and in considera- trustees; tion of the said intended marriage, he the said A. B., with the privity and consent of the said C. D., (testified as aforesaid) (d), hath assigned, and by these presents doth assign, unto said E. F. and G. H., their executors, administrators, and assigns, All That the equal moiety or half part of him of the hus
lining of common hom band's interest the said A. B. of and in the said policies of assurance, here
e in the policies inbefore particularly mentioned, on the lives of the said X., of assurance. Y., and Z., respectively, and of and in all and every the bonuses and additions, sum and sums of money to become payable or to be received under or by virtue of the same respectively, and the full benefit thereof, AND ALL THE EsTATE, &c.: TO HAVE, HOLD, RECEIVE, AND TAKE the said Habendum equal moiety or half part, and all and singular other the hope
be subsequently premises hereinbefore assigned, or expressed and intended declared. so to be, unto the said E. F. and G. H., their executors, administrators, and assigns, upon and for the trusts, intents, and purposes, and with, under, and subject to the powers, provisoes, agreements, and declarations hereinafter declared and contained or referred to of and concerning the same; AND IT IS HEREBY agreed and de- Declaration of clared between and by the parties to these presents, that trust; the said E. F. and G. H., their executors, administrators, and assigns, do and shall stand and be seised and possessed of and interested in the said moieties, hereinbefore released and assigned respectively, of the said hereditaments, policies of assurance, monies, and premises, IN TRUST - for the husfor the said A. B., his executors, administrators, and as- band till
riage; signs, in the meantime, and until the said intended marriage shall be solemnized; AND FROM AND AFTER the so- -and after
(d) See supra, p. 335, n. (b).