TY, THE HUS- TERMINING ON BANKRUPTCY, &c. Witnesseth, further cove nant by the husband that his executors or administrators shall, after his death, pay a for the distribution of the personal estate of intestates, OF PERSONALin case the said C. D. had died possessed thereof intestate and without having been married, such persons, if more than INTEREST DEone, to take as tenants in common in the shares in which they would have been entitled under the same statute (n). AND THIS INDENTURE ALSO WITNESSETH, that, in pursuance of the said agreement in this behalf, he the said A. B. doth, for himself, his heirs, executors, and administrators, covenant with the said E. F., G. H., and I. K., their executors, and administrators, that in case the said intended marriage shall take effect, the executors or sum of money administrators of him the said A. B. shall, within six calen- to the trustees. dar months from the day of his death, pay or cause to be paid to the said E. F., G. H., and I. K., their executors, administrators, or assigns, the sum of £, with interest for the same at the rate of -l. per cent. per annum, from the day of the death of him the said A. B. (0): AND IT IS Trusts of the HEREBY agreed and declared between and by the parties to these presents, that the said E. F., G. H., and I. K., their executors, administrators, and assigns, shall stand possessed of and interested in the said sum of £- -, [the sum assured by the policy of assurance], and all and singular other the monies (if any) to become payable under or by policy of assurhusband's life ance on the and of the mo ney, to be paid by his repre sentatives; (n) See supra, p. 323, n. (q). under the husband's bankruptcy a debt secured to the trustees by his (0) When a husband covenanted with the trustees of his marriage As to proving settlement to pay an annual sum of £80 during his life, and that his heirs, executors, or administrators should, within twelve calendar months after his death, pay to the trustees the sum of £4000 on various trusts, it was held that the sum of £4000 was not a debt capable of valuation by the commissioners in bankruptcy; and that, therefore, the trustees could not prove for it under a fiat against the husband under the statute 6 Geo. 4, c. 16, s. 56. (Ex parte Eagle re Gibbons, Mont. & M'A. 422: see, too, Hill v. Cock, 1 Rose, 323; S. C. 1 Ves. & B. 176; Ex parte Granger, 10 Ves. 349). bond or covenant, and to be paid after his death. It may be proper to observe, that a covenant contained in the settle- Covenant better ment is a cheaper and more convenient expedient than a bond for securing monies to be paid after the marriage, as it avoids the ad valorem duty on bonds, and the risk of the bond being separated from the settlement and lost. than bond for securing future payment to trustees of marriage settlement. TY, THE HUS- TERMINING ON BANKRUPTCY, &c. OF PERSONAL- Virtue of the said policy of assurance hereinbefore mentioned to have been effected on the life of the said A. B., INTEREST DE and of and in the said sum of £ herein before covenanted to be paid by the executors or administrators of the said A. B., and of and in the interest and annual produce of the said monies, or of the stocks, funds, or securities in or upon which the same may be laid out or invested, UPON AND FOR the trusts, intents, and purposes, and with, reference to the under, and subject to the powers, provisoes, agreements, and declarations hereinbefore declared, expressed, and contained of and concerning the monies to arise by the calling in, payment, sale, transfer, or disposition of the aforesaid sums and £, and the said sum of £,-. per --declared by preceding trusts; -with a variation in the trust in case of no child of the marriage becoming entitled. of £ cent. and £ per cent. Bank Annuities, and the said fourth part of the said sum of £—, Bank Annuities, and of and concerning the interest and annual produce thereof, or of the stocks, funds, and securities in or upon which the same may be laid out or invested, or as near thereto as the deaths of parties and other circumstances will admit of; SAVE AND EXCEPT that in case there shall be no child of the said intended marriage, who, being a son, shall attain the age of twenty-one years, or, being a daughter, shall attain that age or marry, then, from and after the death of the said C. D., and such default or failure of children of the said intended marriage as aforesaid, which shall last happen, the said E. F., G. H., and I. K., their executors, administrators, and assigns, shall stand possessed of and interested in the said policy of assurance, and of and in the said sum of £- and all and singular other the monies (if any) to become payable under or by virtue of the said policy of assurance, and of and in the said sum of £ hereinbefore covenanted to be paid as aforesaid, or so much thereof respectively as shall not have become vested or been applied under any of the trusts or powers herein contained, In trust for the said A. B., his executors, Proviso that if administrators, and assigns (p): PROVIDED ALWAYS never 9 Convenience of (p) Monies secured by an assurance on the husband's life, or secured to be OF PERSONAL- TERMINING ON BANKRUPTCY, &c. theless, and it is hereby agreed and declared between and by the parties to these presents, that if the said A. B. shall at any time during his life pay to the said E. F., G. H., and INTEREST deI. K., their executors, administrators, or assigns, the sum of £- then and in such case, from and after such payment shall have been so made, the said E. F., G. H., and I. K., their executors, administrators, and assigns, shall stand and be possessed of and interested in the said policy of assurance, the policy shall and all monies to become payable under or by virtue of the belong to him; same, upon trust for the said A. B., his executors, adminis paid after his decease, are most conveniently handled by declaring the trusts of them separately from, and by reference to, the trusts of the other funds; by this means we are secure that all such of the principal trusts as are applicable thereto will apply to these monies; and we avoid embarrassing ourselves in the declaration of the principal trusts with the consideration which of the trusts can, and which cannot, apply to these monies. We have provided, too, for the event of any monies becoming payable under the assurance by way of bonus during the husband's life, which, although, from the practice of insurance offices, not a probable, is yet a possible event. In framing trusts by reference, we must take care that we refer to the former trust at the right point; i. e. that the funds of which we are declaring trusts are in the same state as those to which we refer. If, for example, we are declaring trusts of monies, we must refer, not to the trusts previously declared of stocks, but to those declared of the monies to arise from the sale of such stocks. We should likewise see that the parties intend that the trusts in default of children becoming entitled shall be the same with respect to both funds, which is seldom the case. The variation may be most safely made by an exception, as in the text, or by a proviso to the same effect. It is usual and proper to comprise in the assignment and trusts of the settlement the policies and all monies to become payable thereunder; but even though the settlement should, in words, apply only to the policy and the original sum assured, bonuses would, notwithstanding, be subject to the trusts of the settlement. (Courtney v. Ferrers, 1 Sim. 137, stated ante, Vol. 3, p. 371; Parkes v. Bott, 9 Sim. 388). If, on a bonus being declared on a settled policy, the office should give the option to the holder of having the bonus added to the principal sum assured, or applied in diminution of the future premium, the trustees could not adopt the latter alternative with safety. But it may be very proper to give the trustees a power of allowing the bonuses to be applied in diminution of premiums. the husband ed on his life, TY, THE HUS BAND'S LIFE INTEREST DE TERMINING ON &c. OF PERSONAL- trators, and assigns, AND SHALL stand possessed of and interested in the said last-mentioned sum of £—, [the sum so paid by the husband], and the interest and annual BANKRUPTCY, produce thereof, or of the stocks, funds, or securities in or upon which the same may be laid out or invested, upon and for the trusts, intents, and purposes, and with, under, and subject to the powers, provisoes, agreements, and declarations herein before declared, expressed, and contained of and concerning the monies to arise by the calling in, payment, sale, transfer, or disposition of the aforesaid sums of £ -and the money paid be held on the trusts of the other settled funds; -with a varia tion in the ultimate trust. Covenant by the husband to keep on foot the policy of assur ance, and to revive it if rendered void. and the said sum of £ per cent. and £- , (if any) as shall at any time or times become payable for keeping on foot the said policy of assurance, or restoring the same, if the same shall have become voidable, and shall and will make every such payment on the first day on which the same shall become due or ought to be made, or, in case TY, THE HUS- TERMINING ON &c. the said policy shall have become void, shall and will effect OF PERSONALa new policy or policies of assurance, with such office or of fices as the trustees or trustee for the time being of these INTEREST DEpresents shall select, on the life of him the said A. B., in such sum or sums of money as shall amount to the sum which would have been payable under the policies which shall have become void if the said A. B. had then died, and shall and will pay all expenses of effecting such policy or policies, and the annual premium or premiums, or other sum or sums of money (if any) which shall from time to time become payable for keeping on foot the same, or restoring the same or any of them which may have become voidable, and shall and will make every such payment on the first day on which the same shall become due or ought to be made, and so from time to time replace any such new policy or policies as aforesaid which may become void, it being the intent and meaning of these presents, and of the parties hereto, that the said A. B. shall at all times during his life, at his own expense, keep his life so assured, that at his death a sum may be payable, by virtue of such assurance, to the trustees or trustee for the time being of these presents, equal in amount to the sum which will then be payable in case the said now subsisting policy be kept on foot, and that the policy or policies subsisting for the time being, and the monies to become payable under or by virtue of the same respectively, shall be held and applied upon and for the trusts, intents, and purposes in and by these presents declared of and concerning the said policy now subsisting, and the monies to become payable under or by virtue of the same, and shall and will forthwith deliver the receipt for every such payment as aforesaid, and also any new policy or policies which may be effected as aforesaid, to the said E. F., G. H., and I. K., their executors, administrators, or assigns, and shall not nor will at any time hereafter do, or commit, or suffer any act or thing whereby the said subsisting policy of assurance, or any such new policies as aforesaid, shall or may be vitiated or become void or voidable, or the said E. F., G. H., and I. K., their executors, administrators, or assigns, or any of them, shall or may be prevented or hindered from |