PURCHASE MONEY OF REAL ESTATE CONVEYED IN SALE BY SAME TRUST FOR DEED. and for her widowhood only if there be a surviving child. -after deter mination of preceding trusts, in trust for children, as husband shall appoint; her life, BUT IN CASE the said A. B. shall die, leaving a child or children of the said intended marriage him surviving, 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 for her life or until she shall again marry; AND FROM AND AFTER the determination of the trust herein before declared for the benefit of the said C. D., whether such determination shall happen by her death or by her second marriage, 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, IN TRUST for all and every or such one or more exclusively of the other or others of the children of the said intended marriage, at such age, day, or time, or respective ages, days, or times, if more than one, in such parts, shares, and proportions, and with such annual sum or sums of money and future or executory or other trusts over, such annual sum or sums of money and future or executory or other trusts over being for the benefit of some or one of the said children, and with such provision for their respective maintenance and education or advancement, and upon such conditions, with such restrictions, and in such manner as the said A. B. shall from time to time, by any deed or deeds, instrument or instruments in writing, with or without power of revocation and new appointment, to be by him sealed and delivered in the presence of and attested by two or more credible witnesses, or by his last will and testament, or any codicil or codicils thereto, direct or appoint; AND IN in default of appointment, DEFAULT of any such direction or appointment, and so for the children far as no such direction or appointment shall extend, IN TRUST &c. [for all the children equally, supra, p. 318. Hotchpot clause, supra, p. 319, referring, however, only to a single power.—Advancement, maintenance, and accumulation clauses, altering the two former to suit the nature of C. D.'s interest, see supra, pp. 319-321, and also pp. 377, 378]: PROVIDED ALWAYS, and it is hereby declared and agreed between and by the parties to these presents, that if there shall be no child of the said intended marriage, who, being a son, shall attain the age equally. Usual clauses. Trust, in dechildren becoming entitled, for the husband fault of any of absolutely. PURCHASE MONEY OF REAL ESTATE CONVEYED IN TRUST FOR SALE BY SAME DEED. Rents and pro fits until sale to go as income of the purchasemoney. Power of leas ing for twenty one years. twenty-one years, or, being a daughter, shall attain that age or marry (d), then and in such case the said E. F. and G. H., or the survivors or survivor of them, or the executors or administrators of such survivor, shall, from and after the determination of the trust herein before declared for the benefit of the said C. D., and such default or failure of children of the said intended marriage as aforesaid, which shall last happen, stand and be possessed of and interested in all and singular the trust monies, stocks, funds, and securities, and the interest, dividends, and annual produce thereof, or such part or parts 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, administrators, and assigns: PROVIDED ALWAYS, and it is hereby declared and agreed by and between the parties to these presents, that, until the said messuage, piece, or parcel of land and other hereditaments and premises hereby released, or expressed and intended so to be, shall be so sold as aforesaid, the said E. F. and G. H., their heirs and assigns, shall stand and be seised of the said messuage, piece, or parcel of land, hereditaments and premises, or the unsold part thereof, for the time being, UPON TRUST that the said E. F. and G. H., and the survivor of them, and the heirs of such survivor, do and shall pay and apply the rents, issues, and profits of the same (after payment thereout of all rates, taxes, repairs, and other necessary outgoings) to the person or persons, upon and for the trusts, intents and purposes, and in the manner to, upon, for, and in which the interest, dividends, and annual produce of the money to arise by a sale thereof, or of the stocks, funds, and securities in or upon which the same is herein before directed to be invested would be payable and applicable in case a sale thereof had been made, and the money arising from such sale had been invested as aforesaid: PROVIDED ALSO, and it is hereby agreed and declared between and by the parties to these presents, that in the meantime and until the said messuage, piece or parcel of land and other heredi (d) See supra, p. 322, n. (n). PURCHASE MONEY OF REAL ESTATE TRUST FOR SALE BY SAME DEED. taments and premises shall be sold in pursuance of the trust herein before contained, it shall be lawful for the said A. B. and C. D., as and when and by virtue of the trusts herein- CONVEYED IN before contained, they shall successively and respectively be in the actual possession of or entitled to the receipt of the rents, issues, and profits of the said hereditaments and premises, or of the unsold part thereof for the time being, during the continuance of either of the same trusts, and also to and for the said E. F. and G. H. and the survivors of them, and the executors or administrators of such survivor, from time to time and at all times after the determination of the aforesaid trusts for the benefit of the said A. B. and C. D., and in the meantime and until the said premises shall be sold, by any indenture or indentures, to be by him, her, or them sealed and delivered in the presence of two or more credible witnesses, to limit or appoint, by way of demise or lease, or in case of the said E. F. and G. H. or the survivor of them executing this power, to demise or lease all or any part or parts of the said hereditaments and premises to any person or persons for any term &c. [usual power of leas- Trustee clauses. ing for twenty-one years, supra, p. 351.-Trustees' receipt clause, supra, p. 352.-Clauses for the appointment of new trustees and the indemnity and reimbursement of trustees, supra, pp. 324, 328]. IN WITNESS &c. IN EXCLUSION OF AN ELDEST OR ONLY SON OR ELDEST DAUGHTER ENTITLED TO SETTLED REAL ESTATE. Parties. X. SETTLEMENT of PERSONALTY (subject to the THIS INDENTURE, made &c., BETween A. B., of &c., [intended husband], of the first part; C. D., of &c., [intended wife], of the second part; and E. F., of &c.; and G. H., of &c., [trustees], of the third part: [Recital that the wife is entitled to a sum of stock; that the marriage has been agreed upon; that the stock was agreed to be transferred to the trustees on the trusts of this settlement; and that Witnesseth, de- it has been transferred; supra, pp. 309, 310]. NOW THIS INDENTURE WITNESSETH, that &c.: [Declaration of trust for the wife till marriage; after marriage to permit the varying of securities, supra, p. 311]: AND IT IS HEREBY agreed and declared between and by the parties to claration of trusts. Who are enti tled under a children. (a) The question who are entitled under a gift to "younger children," and under similar gifts, is discussed at considerable length, 2 Powell on gift to younger Devises, by Jarman, pp. 333 et seq. Many of the points decided in the cases there referred to cannot arise on formal trusts in marriage settlements; but questions as to the period at which the children entitled are to be ascertained, and as to the effect of clauses of survivorship and accruer have frequently arisen. (See Spencer v. Spencer, 8 Sim. 87 ; Peacock v. Pares, 2 Kee. 689, and the cases there cited). OF AN ELDEST OR ELDEST TITLED TO ESTATE. After the death the funds to be in trust for the an eldest or children, except only son, or an eldest daughter for the time being entitled estate, as the husband and of the survivor to settled real these presents, that the said E. F. and G. H., their executors, IN EXCLUSION administrators, and assigns, shall stand possessed of and interested in the said trust monies, stocks, funds, and securities, and the interest, dividends, and annual produce thereof, upon trust, that the said E. F. and G. H., and the SETTLED REAL survivor of them, and the executors or administrators of such survivor, do and shall, &c., [during the joint lives of the husband and wife pay an annuity to the wife for her separate use, and the residue of the income to the husband, and pay the whole income to the survivor for life. See supra, pp. 396, 397]: AND after the death of the survivor of them the said A. B. and C. D., do and shall stand and be possessed of and interested in the said trust monies, stocks, funds, and securities, and the interest, dividends, and annual produce thereof, IN TRUST for all and every, or such one or more exclusively of the others or other of the children of the said A. B. by the said C. D., (other than an eldest or only son or an eldest daughter for the time being entitled to the first estate in tail in the estates of the said A. B. in the parishes of and in the county of under the limitations of an indenture bearing even date herewith, and made or expressed to be made between [parties],) with such provision for their respective maintenance and education &c., [as the husband and wife, or the survivor, shall appoint, supra, p. 317]: AND IN DEFAULT of Trusts in deany such direction or appointment as aforesaid, and so far fault of appointas no such direction or appointment shall extend, do and shall stand and be possessed of and interested in 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, agreements, and declarations hereinafter expressed, declared, and contained of and concerning the same, (that is to say) (b), If there SHALL BE if one such (b) The following trusts in default of appointment are used instead of the simpler form, (supra, p. 318), whenever the child who shall become entitled to the real estate is to be excluded. Formerly, indeed, these trusts, with the clause of survivorship and accruer, were employed on all wife or the sur vivor appoint. ment; Ancient trusts |