ASSIGNMENT TO TRUSTEES, IN CONTEMPLA wise obliged or concerned to see to the application of the money therein mentioned and acknowledged to be received (f). [Power for the appointment of new trustees, TION OF MARsupra, p. 324 (g).] IN WITNESS &c. RIAGE, OF SUMS IV. IN CONTEMPLA- RIAGE, IN SALE. CONVEYANCE, in contemplation of MAR- CONVEYANCE, RIAGE, of a Moiety of a FREEHOLD ESTATE for LIVES, and of POLICIES OF ASSURANCE on the Lives, upon TRUST for SALE, with a DECLARATION of TRUST of the PURCHASE-MONEY by Reference to a SETTLEMENT of EVEN DATE. PROVISIONS for a RENEWAL of the LEASE and INSURING the NEW LIVES, in case it become necessary before the Sale. PoWER of LEASING 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). sertion in deeds of even date with settlements, of clau (g) 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 appointment could only be made by referring to the power in the settlement. Of course the power in this deed must correspond verbatim with that in the settlement, so that a new trustee of both deeds may always be appointed at the same time. It is sufficient to insert the clauses for the indemnity of trustees, and for the payment of their expenses, in the settlement, taking care that the 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 children of a marriage, equally, or as the father or mother shall appoint, by far the best mode of settlement is, to vest the land in the trustees, ses for the new appointment, indemnity, and payment of trustees. Land to be settled among the intended mar children of an CONVEYANCE, (one of the daughters of A. D., of &c.), [intended wife], of the second part; and E. F., of &c., and G. H., of &c., IN CONTEMPLA TION OF MAR- TRUST FOR SALE. riage should be impressed with a trust for sale; -by a deed of even date with, but executed before the settlement. Precedent applicable to he upon trust for sale, and declare the trusts of the purchase-money, adding a provision, that the rents of the land, until a sale, shall be applied 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. Of course, the land should be vested in the trustees by a deed of even date with, but executed before, the settlement, and the trusts of the purchase-money (for which the trustees must have power to give receipts) 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)). The precedent in the text deals with a lease for lives; but it may be easily applied to freeholds of inheritance, leaseholds for years, copyholds, [trustees], of the third part: WHEREAS, by an indenture bearing date the- — day of bearing date the effected with the CONVEYANCE, IN CONTEMPLA TION OF MAR RIAGE, IN SALE. Recital of a lease for lives; of policies of assurance having been effected on the lives of the cestuis que vie; of an equal lease and the moiety of the policies having become vested Assurance Office, in the name of the said M. N., on the life of the said X., for the sum of £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 in the law, one equal moiety or half part of the said parsonage, glebe houses, lands, and tithes, by the said indenture 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 be shortly had and solemnized, between the said A. B. and the said C. D.; AND WHEREAS, on the treaty for the said intended marriage, it was agreed that the said A. B. should convey and assign, in manner hereinafter mentioned, the said moiety of him the said A. B. of and in the said parsonage, glebe ment for the marriage; of the agreement that the husband's es tate in the lease and policies should be set 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. CONVEYANCE, houses, lands, and tithes, comprised in the said indenture of IN CONTEMPLA TION OF MAR RIAGE, IN TRUST FOR SALE. Witnesseth, conveyance to the trustees; -of the freehold hereditaments. Habendum for the lives of the cestuis que vie, upon trusts to be subsequently declared. Peculiarity of language occasioned by the property being held pur auter vie. the day of (b) See supra, p. 335, n. (b). (c) The property settled, being in this case freehold pur auter vie, can be limited to the trustees, "their executors and administrators;" which is obviously a great convenience, both with regard to the declaration of the trusts, and to future dealings under the trusts declared. If the land 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. AND IN CONTEMPLA- RIAGE, IN Witnesseth, further, assigntrustees; ment to the of the husband's interest in the policies of assurance. assigns, for and during the lives of the said X., Y., and Z., CONVEYANCE, and the lives and life of the survivors and survivor of them, nevertheless, 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. THIS INDENTURE ALSO WITNESSETH, that, in further 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 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 the said A. B. of and in the said policies of assurance, hereinbefore particularly mentioned, on the lives of the said X., 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 equal moiety or half part, and all and singular other the premises herein before assigned, or expressed and intended 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 said A. B., his executors, administrators, and assigns, in the meantime, and until the said intended marriage shall be solemnized; AND FROM AND AFTER the so- and after Habendum upon trusts to be subsequently declared." for the husband till marriage; (d) See supra, p. 335, n. (b). |