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Op Personal- tee for the time being of these presents shall not be in auySion And wise chargeable for a breach of trust for any omission to Reversion, enforce the covenants hereinbefore entered into by the said

WITH SPECIAL . .

Clauses. A. B. or any of them, or to apply any interest, dividends, or annual produce, stocks, funds, or securities, for any of the purposes for which they are authorized to apply the same under the power and direction in that behalf hereinbefore contained, the said trustees, parties hereto, having accepted the trusts aforesaid upon the express condition that they shall not be liable in respect of any such omisPower to the sion (p): And It is Hereby Agreed and declared bepoUundrarrange", tween and by the parties to these presents, that it settle ac- ' shall be lawful for the said E. F., G. H., and I. K., and the survivors and survivor of them, and the executors or administrators of such survivor, to compromise or compound any action, suit, or proceeding, which may be brought, instituted, or taken, in anywise relating to the said trust premises, or any part thereof, and to accept any sum or sums of money that may be offered by way of compromise or composition, whether any such action, suit, or other proceeding shall have been commenced, instituted, or taken, or not, and to refer any dispute or difference in anywise relating to any part of the said trust premises to arbitration or reference, and to do all acts, and execute all instruments necessary for such purpose, And, in all cases in which any question of law or equity shall arise in relation to any part of the said trust premises, to settle and arrange the same in such manner as they or he shall be advised by their or his counsel, and to abandon or relinquish any claim in relation to any part of the said trust premises which their or his counsel shall advise them or him so to do, and to adjust, settle, and approve all accounts in relation to the said trust premises or any part thereof, and in doing so to settle as to whether any money ought to be, and shall be, considered annual income for the purposes of this present

(p) See the clause for the same object, supra, p. 386, exonerating the trustees in an ampler manner, and see p. 387, n. (<]).

indenture or otherwise, and such accounts so settled shall, to Of Personalall intents and purposes, be final and conclusive, and shall 'vion'and8' be deemed and taken to be settled accounts, and generally Reversion,

, , ii i • WITH SPECIAL

to compromise, settle, and adjust all claims, accounts, Clauses. demands, and questions in anywise relating to, affecting, or arising as to the said trust premises or any part thereof, and to execute and perform all acts, deeds, matters, and things in relation to the said trust premises, or any part thereof, as fully and absolutely, to all intents and purposes, as the said trustees or trustee could or might do, in case they or he were or was the absolute owners or owner of the said trust premises (q). [Trustees' receipt clause, supra, Trustee clauses. p. 323.—Clause for the appointment of new trustees, supra, p. 324.— Clause for indemnity and reimbursement of trustees, supra, pp. 326, 327]. In Witness &c.

(q) The common power to the trustees to give receipts only enables them Advantage and to give a discharge for monies actually paid to them; it confers no authority effect of giving to settle and arrange accounts or matters in dispute, or to give general re- {"settle ^cleases on the payment of the money estimated to be payable. Thus, in counts and arthe present case, it would empower them to give a release for the monies range disputes, actually paid them by the trustees of the wife's father's settlement; but it would not enable them to examine and settle the accounts of those trustees, and give them a general release in respect of their dealings with their trust funds. Hence it is not unusual, and is very convenient, when choses in action, whether reversionary or otherwise, are the subject of settlement, to empower the trustees, not only to give a receipt for the money paid them, but to decide that the money so paid was that to which they were entitled, i. e. to examine the accounts and dealings of the parties who have to make the payment, and, if satisfactory, to give them a complete release in the same manner as the beneficial owners could do. The power in the text is very extensive, and authorizes the trustees to enter into compromises and compositions, and to refer matters to arbitration, and to act in every respect as the absolute owners. These additional powers may obviously be useful, and will seldom injure the cestuis que trust; for the discretion thus given to the trustees is like any other discretion given them, only to be exercised in a proper and prudent manner, and the trustees must at their own peril act as an absolute owner of sound judgment would act in similar circumstances for his own advantage. The additional power is not an additional protection, but an additional burden to the trustees.

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PURCHASEMONEY OP REAL ESTATE CONyKYED IN

TIIUST FOR SALE BY SAME DEED.

Parties.

Recital of agreement for marriage.

—and of the agreement for the settlement.

SETTLEMENT of the Purchase Money of Real Estate conveyed in Trust for Sale by the Same DEED(a). Trusts for the Husband for Life; for the Wife for Life, or for WidowHood only if there be Issue of the Marriage; for the Children as Husband shall appoint, with usual Trusts in default of Appointment. If No Child the Fund to belong to the HusBand. Rents and Profits till Sale to be applied as the Interest of the Purchase Money would be applicable. Power Of Leasing.

This INDENTURE, made &c, Between A. B., of &c, [intended husband], of the first part; CD., of &c, [intended wife], of the second part; and E. F., of &c, and G. H., of &c, [trustees], of the third part. Whereas a marriage has been agreed upon, and is intended shortly to be had and solemnized, between the said A. B. and C. D.; And Whereas, on the treaty for the said intended marriage it was, (among other things) agreed, that the said A. B. should convey and assure and settle the messuage, lands, and hereditaments, hereinafter particularly men

Case in which (a) It is always expedient to convey real estate to the trustees of a real estate may settlement upon trust for sale by a separate deed of even date with, but trust°forsalVoy executed before the settlement- See, supra, p. 333, n.(u). But, occathe settlement, sionally, from the smallness of the estate, and the narrow means of the parties, the additional expense of a separate deed is objected to, and therefore a precedent is given in the text in which the settlement and conveyance is made by the same deed. This plan, however, is never to be adopted unless there is an express prohibition to frame two deeds. Instructions are often given in cases of this kind for one deed, but as this generally happens from want of acquaintance with the subject, the conveyancer proceeds in the usual way and prepares two deeds, unless the instructions expressly forbid him so to do.

tioned, and intended to be hereby released, To the uses, Purchase

... . . , . , HONEY OP

upon and tor the trusts, intents, and purposes, and with, BEAL ESTATE under, and subject to the powers, provisoes, agreements, c0^"1fq^n and declarations hereinafter expressed, declared, and con- Sale By Same tained of and concerning the same. NOW THIS IN- DEBP. DENTURE WITNESSETH, that, in pursuance of the JJJJJJ^ ^ said agreement, and in consideration of the said intended husband of freemarriage, he the said A. B., with the privity of the said ^n^eredit" 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, &c, ante, Vol. 3, p. 198), and to their heirs, all that messuage, &c, [parcels-general words], To Have And To Hold the said Habendum to messuage, piece or parcel of land, and hereditaments, and the trustees, all and singular other the premises hereby granted and released, or expressed and intended so to be, unto the said E. F. and G. H., their heirs and assigns, To The Use of —to the use of the said A. B. and his heirs until the solemnization of the m'arr;age,

said intended marriage, And From And After the solem and after

nization thereof, To The Use of the said E. F. and G. H., of the trustee"

their heirs and assigns, for ever, Upon Trust, that they Upon trust to

the said E. F. and G. H., and the survivor of them, and the sel1,

heirs of such survivor, do and shall at any time or times

after the solemnization of the said intended marriage, (but

with the consent in writing of the said A. B. during his

life, or with the consent in writing of the said C. D., in

case she shall survive the said A. B., if there shall be no

child of the said intended marriage living at the death of

the said A. B., during her life, or if there shall be a child

or children of the said intended marriage living at the

death of the said A. B., during so long as she shall

continue a widow and unmarried), absolutely sell, &c,

[trust for sale, supra, p. 346], And Do And Shall —and invest

stand and be possessed of and interested in all the money to m0'npeyrchase

arise from such sale or sales, Upon Trust, that they the

said E. F. and G. H., and the survivor of them, and the

heirs of such survivor, do and shall, (but during the lives or

(4) See supra, p. 310, n. (d).

PURCHASEMONEY OF REAL ESTATE CONVEYED IN

TRUST FOR SALE BY SAME DEED.

Declaration of trust of the funds:

—to pay the income to the husband for life;

—and after his
death to the wife
—for her life
if there be no
surviving child
of the marriage.

period aforesaid with such consent as aforesaid), lay out and invest the same in the names or name of them the said E. F. and G. H., or the survivor of them, or the executors or administrators (c) of such survivor, in the purchase of a competent share or shares of any of the parliamentary stocks or public funds of Great Britain, or at interest upon government or real securities in England or Wales, (but not in Ireland), and from time to time alter, vary, and transpose the same into or for other stocks or securities of the same or a like nature, at their or his discretion, to be held 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: And It Is Hereby agreed and declared between and by the parties to these presents, that the said E. F. and G. H., and the survivor of them, and the executors or administrators of such survivor, do and shall stand and be possessed of and interested in all and singular the said trust monies, stocks, funds, and securities, and the interest, dividends, and annual produce thereof, upon and for the trusts, intents, and purposes, and with, under, and subject to the powers, provisoes, and declarations hereinafter contained, (that is to say), Upon Trust, that they the said E. F. and G. H., and the survivor of them, and the executors or administrators of such survivor, do and shall pay the said interest, dividends, and annual proceeds of the said trust monies, stocks, funds, and securities to, or permit the same to be received by, the said A. B. and his assigns during his life, And After his decease, in case there shall be no child of the said intended marriage then living, do and shall pay the said interest, dividends, and annual proceeds to, or permit the same to be received by, the said C. D. and her assigns during

(c) The estate being real estate, the heirs of the survivor of the trustees must be the parties to sell; but the investment is made in the names of his executors or administrators as more convenient and more conformable to the nature and subsequent devolution of personal estate. See supra, p. 359, n. (/).

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