TY IN POSSES SION AND REVERSION, WITH SPECIAL CLAUSES. OF PERSONAL- tended wife], spinster, the only daughter of B. D., of &c., of the second part; the said B. D., of the third part; and E. F., of &c., G. H., of &c., and I. K., of &c., [trustees], of the fourth part; [Recitals, whereby it appeared that, under Recital shewing the settlement made on the marriage of B. D. with his deceased wife, C. D., as one of the four children of the marperty expectant riage was entitled in reversion, expectant on the death of B. on the death of D., to an equal fourth share of a sum of £ -1. Bank Annuities, and of a policy of assurance on the wife's in terest in pro her father; -of the hus cent. , per the life of B. D]; AND WHEREAS the said A. B. is posband being possessed of a poli- sessed of or entitled to a policy of assurance on his own cy of assurance life, bearing date the on his own life; ment for the marriage; own name with the day of, and effected in his Assurance Office, in the sum of of the agree£, and under the annual premium of £(a); AND WHEREAS a marriage has been agreed upon, and is intended. to be shortly had and solemnized, between the said A. B. -of an agree- and C. D.; AND WHEREAS, upon the treaty for the said intended marriage, it was agreed that the sum of £ be paid by the said A. B., and the sum of £ ment that the wife's father and the husband should to to be paid contribute cer- by the said C. D., should be laid out in the purchase of the messuage or tenement, land, and hereditaments comprised tain monies to be laid out in messuage to be settled as after mentioned; the purchase of in the indenture of lease hereinafter recited, and of the fixa leasehold tures in the same messuage or tenement, and that the said messuage or tenement, hereditaments, and fixtures, should be assigned to the said E. F., G. H., and I. K., their executors, administrators, and assigns, upon the trusts and in manner hereinafter mentioned; AND WHEREAS, upon the husband should treaty for the said intended marriage, it was also agreed, that the said B. D. should pay to the said E. F., G. H., and I. K., the sum of £ at or before the solemnization of the said intended marriage, and that the said A. B. should by his covenant secure to the said E. F., G. H., and I. K., -of an agreement that the secure by his covenant, and the wife's father pay money to the trustees to be settled; above-mentioned grounds, or on any other competent, or which may emerge to her, she, with consent aforesaid, and the said [husband], for his own interest, hereby discharges, and his heirs and executors for ever." (a) If the policy be effected for the occasion, it should be in the names of the trustees, supra, p. 370, n. (b). TY IN POSSES- CLAUSES. of an agree the wife's reversionary interest; ment to settle and the policy of assurance су on the hus their executors, administrators, and assigns, the sum of OF PERSONAL£, with interest for the same, at the rate and in manner hereinafter mentioned, and that the said E. F., G. H., and I. K., their executors, administrators, and assigns, should stand possessed of and interested in the said sum of £, and the said sum of £, and the interest thereof, upon and for the trusts, intents, and purposes, and with, under, and subject to the powers, provisoes, agreements, and declarations hereinafter declared, expressed, and contained of and concerning the same respectively; AND WHEREAS, upon the treaty for the said intended marriage, it was also agreed, &c., [recital of the agreement to assign the reversionary interest of the wife under the former settlement, see supra, p. 370]; AND WHEREAS, upon the treaty for the said intended marriage, it was also agreed that the said A. B. should assign the said policy of assurance on his own life, and the monies to become payable under or by virtue of the same, to the said E. F., G. H., and I. K., 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, expressed, and contained of and concerning the same; [Recital of a lease granted to A. B. of —of the leasethe messuage, &c., referred to, in consideration of the build- hold messuage expenses and the covenants entered into by A. B.; of A. B. having paid the builder £ as the consideration for the purchase of his interest in the lease, and £ for for sale-the the fixtures; of the monies so paid, being the monies agreed money to be to be paid in that behalf by A. B. and C. D. as aforesaid, and of the assignment of the messuage and fixtures by A. B. er's to the trustees upon trusts for sale, and to stand possessed of the proceeds, upon the trusts declared by the settlement (b)]; band's life; having been purchased and vested in the trustees in trust purchase held on the trusts declared by the settle ment; (b) This transaction, perhaps, needs explanation. The builder contracts for a lease to be granted as soon as he has erected certain buildings. (See supra, Precedent II.). A. B., the building being completed, purchases the benefit of this contract, i. e. purchases the lease, and the lessor, by the builder's direction, grants the lease to A. B.; and A. B., having purchased, with the trust monies, assigns to the trustees upon An original lease should not be made to trustees. TY IN POSSES SION AND REVERSION, WITH SPECIAL CLAUSES. -of the wife's father having paid to the trustees the sum of money agreed to be paid by him. Witnesseth, covenant by pay a sum of money with in death. OF PERSONAL AND WHEREAS, in pursuance of the said agreement in this behalf, the said B. D. hath paid the said sum of £unto the said E. F., G. H., and I. K. NOW THIS INDENTURE WITNESSETH, that, in pursuance of the said agreement in this behalf, and in consideration of the said intended marriage, he the said A. B. doth hereby, 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 be had and solemnized, he the said A. B., his heirs, the husband to executors, or administrators, shall and will pay unto the said E. F., G. H., and I. K., their executors, administrators, terest from his and assigns, the sum of £- and in case the same sum shall not be paid in the lifetime of the said A. B., shall and will pay interest for the same, at the rate of -l. per cent. per annum, from the day of the decease of the said A. B. (c). AND THIS INDENTURE ALSO WITfurther, assign- NESSETH, that, in pursuance of the said agreement in this behalf, and in consideration of the said intended marriage, she the said C. D., with the privity and approbation of the said A. B. and also of the said B. D., (testified by their respectively being parties to and sealing and delivering these presents), hath assigned, and by these presents doth assign, unto the said E. F., G. H., and I. K., their executors, administrators, and assigns, ALL THAT the undivided fourth part or share, or other the part or share and interest whatsoever of her the said C. D., as one of the four children of the said B. D., and his late wife, expectant upon the decease of the said B. D., OF AND IN the said policies of assurance on the life of the said B. D., and Witnesseth, ment of the wife's reversionary fourth share expectant on her father's death; -in a policy of assurance on his life; the trusts agreed on. The builder directs the lease to be made to A. B., because he thereby avoids himself entering into the covenants required from the lessee; and the trustees require A. B. to be the original lessee for a similar reason. A. B., as the original lessee, always remains personally liable on the covenants; but the trustees, as assignees, are only responsible for acts or defaults done or made during the continuance of their interest. (See ante, Vol. 1, Art. LEASES). (c) As to the superiority of a covenant to a bond for purposes of this nature, see supra, p. 386, n. (0). TY IN POSSES- CLAUSES. and in a sum of stock. Habendum to the trustees. Witnesseth, of and in all monies to arise or be received under or by vir- OF PERSONALtue of the same policy, AND ALSO of and in the said capital sum of £—,—l. per cent. -- Bank Annuities standing in the names of the said· and- or the trust monies, stocks, funds, or securities to arise from or be substituted for the same, or any part thereof, AND ALL THE ESTATE, &c.: TO HAVE, HOLD, receive, and take the said premises hereinbefore assigned, or expressed and intended so to be, unto the said E. F., G. H., and I. K., their executors, administrators, and assigns, nevertheless, upon and for the trusts, intents, and purposes, and with, under, and subject to the powers, provisoes, agreements, and declarations hereinafter declared, expressed, and contained of and concerning the same respectively: [Covenants by husband and wife for right Covenants for to assign, and for further assurance, supra, p. 372]. AND title. THIS INDENTURE ALSO WITNESSETH, that, in pursuance of the said agreement in this behalf, and in consideration of the said intended marriage, the said A. B., with the privity and approbation of the said C. D., and also of the said B. D., (testified by their respectively being parties to and sealing and delivering these presents), hath assigned &c., [Assignment of a policy of assurance on A. B.'s life to the trustees, ante, Vol. 3, p. 370: "Upon and for the trusts, intents, and purposes, and with, under, and subject to the powers, provisoes, agreements, and declarations, hereinafter declared, expressed, and contained of and concerning the same respectively:" [Covenants by Covenants for A. B. that the policies are good-for right to assignand for further assurance, ante, Vol. 3, p. 372 et seq.]: AND IT IS HEREBY agreed and declared between and Declaration of by the parties to these presents, that the said E. F., trusts; G. H., and I. K., their executors, administrators, and assigns, shall stand and be possessed of and interested in the said one fourth part or share, and all and singular other the premises hereinbefore assigned by the said C. D., or expressed or intended so to be, and of and in the said sum of £- so paid to the said E. F., G. H., and I. K. as aforesaid, and of and in the said policy of assurance, sums and sum of money, and all and singular other the premises herein before assigned by the said A. B., or further, assign ment of the policy of assurance on the husband's life to the trustees. title. TY IN POSSES SION AND REVERSION, WITH SPECIAL CLAUSES. -for the differ ent persons to whom the funds respectively belong, until marriage. OF PERSONAL- expressed and intended so to be; and of and in the monies to be produced by the sale of the said messuage or tenement, land and premises, and fixtures, And of and in the said sum of £— secured by the covenant of the said A. B., UPON AND FOR the trusts, intents, and purposes, and with, under, and subject to the powers, provisoes, agreements, and declarations hereinafter declared, expressed, and contained of and concerning the same respectively, (that is to say), AS TO, FOR, AND CONCERNING the said one fourth part or share, and all and singular other the premises hereinbefore assigned by the said C. D., or expressed or intended so to be, and the interest, dividends, and annual proceeds thereof, In trust for the said C. D., her executors, administrators, and assigns, in the meantime and until the said intended marriage shall be had and solemnized; AND AS TO, FOR, AND CONCERNING the said sum of £ —, [the sum paid by B. D.], In trust for the said B. D., his executors, administrators, and assigns, in the meantime and until the said intended marriage shall be had and solemnized; AND AS TO, FOR, AND CONCERNING the said policy of assurance, sum and sums of money, and all and singular other the premises hereinbefore assigned by the said A. B., or expressed and intended so to be, and the said sum of £secured by the covenant of the said A. B., and the interest and annual produce of the same trust premises respectively, IN TRUST for the said A. B., his executors, administrators, and assigns, in the meantime and until the said intended After the mar marriage shall be had and solemnized, AND FROM AND riage. AFTER the solemnization of the said intended marriage, AS TO, FOR, AND CONCERNING the said one fourth part or share, and all and singular other the premises hereinbefore assigned by the said C. D., or expressed or intended so to be, and the said sums and sum of money, and all and singular other the premises hereinbefore assigned by the said A. B., or expressed and intended so to be, Upon trust, that they the said E. F., G. H., and I. K., or the survivors or survivor of them, or the executors or administrators of such survivor, do and shall, as soon as conveniently may be after the decease of the said B. D., as to the said fourth part or share, and all and singular other Trusts for calling in, investing, and varying the securities as to such of the property as is outstanding on security; |