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said, only so long as the said C. B. or such other person as Strict

e ., • „ , i . , SF.TTLEMKNT.

atoresaid shall not make any grant, bargain, sale, mortgage,

assignment of, or charge upon the said annual sum of £ ,

or any part thereof, or attempt, or enter into any covenant or agreement so to do, or commit or suffer any act whereby

the same annual sum of £ , or any part thereof, would

or might, if hereby made payable to him the said C. B. or such other person as aforesaid, absolutely in his own name, be forfeited to, or vested in, any other person or persons, but if any such grant or other act shall be made, committed, or suffered, then and in any of the said cases the said trustees or trustee do and shall pay, apply, and dispose of the said annual sum of £ , so long as the same shall be payable as aforesaid, not to or for the benefit of the person or persons to whom, or in whose favour, or with whom he shall or may have made or attempted to make any such grant, bargain, sale, mortgage, assignment, charge, covenant, or agreement, or to or in whom the same annual sum, or any part thereof, would or might be forfeited or become vested as aforesaid, but to or for such ends, intents, and purposes, for the maintenance and support of the said C. B. or such other person as aforesaid, or of his respective wife and issue, or any of them, as they or he the said trustees or trustee for the time being shall think fit 'b); [Similar proviso as to the

annual sum of£ , or surplus rents, issues, and profits {as

the case may be) to which the said A. B. shall for the time being be entitled, <yc]: Provided Always, and it is hereby Proviso that if further agreed and declared between and by the said parties p^fitsbe insufto these presents, that if in any year, until the period shall fitient t0 Pay have arrived when such conveyance as aforesaid is hereinafter 8Umj, they may directed to be made, the rents, issues, and profits of the here- ^ v^ °.ut,of

* . ,ne principal

ditaments and premises, which, under or by virtue of the monies raised, lastly hereinbefore recited indenture of release, and of the said term of nine hundred years hereby created, shall for the time being be vested in the trustees or trustee thereof respectively, shall be insufficient to discharge the said several

(i) As to the validity of a provision of this nature, see supra, p. 367, n. (a).

Stkict payments hereinbefore directed to be made with and out of

.—'- the same, including the said several annual sums of £

and £ , or such of them as shall for the time being be

payable, then the deficiency shall from time to time be supplied and made good out of monies which (exclusively of rents, issues, and profits) may otherwise be received under the same indenture of release, or be borrowed under the trusts of Power to dcpo- the same term of nine hundred years: Provided Always, banTsT'or'to'in- AND it Is HEREby Agreed and declared between and by the ve,t the same parties to these presents, that the said respective trustees or

till thcv can be , , •

applied for the trustee lor the time being do and shall, lrom time to time, tiustsSeS °f unt'l sucn period as aforesaid, as and when they or he shall think fit, deposit any monies which may come to their or his hands under the lastly hereinbefore recited indenture of release, or the said term of nine hundred years hereby created, till the same can be paid and applied as hereinbefore directed, in the hands of such banker or bankers as they or he may think proper, for safe custody, in their or his own names or name (c), or lay out and invest the same in the parliamentary or public stocks or funds of Great Britain, or at interest upon government securities(cT), in their or his own names or name, and shall or may from time to time alter, vary, and transpose, sell or transfer, the same stocks, funds, and securities as they or he shall think fit; And Do And Shall stand and be possessed of and interested in the said stocks, funds, and securities, and of and in the monies to arise and be produced by such sale or transfer thereof as aforesaid, and of and in the interest, dividends, and annual produce of such

(c) Trustees may without any special authority deposit monies in the hands of bankers, if such deposit be necessary or expedient for the due execution of their trusts; but the monies ought to be deposited on a trust account, and not simply in the names of the trustees. (Levin's Law of Trusts and Trustees, pp. 299,302,322; see, too, the cases cited supra, pp. 327, 328.

(J) There is no power to invest on real securities, because the investment is intended to be but temporary. It may be a question, whether trustees should be empowered to invest monies arising under powers of Bale and exchange, or other monies which are to be laid out in the purchase of land, on real securities.

Trust monies may be deposited in banks.

stocks, funds, and securities, upon such trusts, and for such Strict intents and purposes, as are hereby expressed and declared SETTLFMENTof and concerning the monies so to be laid out and invested

as aforesaid: Provided Always, and it is hereby further Power for the agreed and declared between and by. the parties to these withered

presents, that it shall be lawful for the said respective trus- ditors, and sub

c \ . i i • • rnit to arbitra

tees or trustee tor the time being to make any composition tion. for or touching or concerning any of the said mortgages, annuities, and incumbrances, mentioned in the said seventh and eighth schedules respectively to these presents, or any sum or sums of money which may be borrowed or taken up under or by virtue of the lastly hereinbefore recited indenture of release, or the trusts of the said term of nine hundred years hereby created, and to submit any difference or dispute thereon to arbitration, and to abide by and perform or dispute the award or determination to be made in consequence of such submission, and also for them the said A. B. and C. B., or either of them, and in their or either of their names, in any matter relating to the trust premises, to appear, and the persons of them, or either of them, to represent and personate in all courts and before all judges and magistrates, both at law and in equity, as to the said respective trustees or trustee shall seem fit (e): And It Is Trusts for the Hereby Further Agreed and declared between and by "'"f^of'the the said parties to these presents, that, in the meantime, estates to be and until the period shall have arrived when such convey- sold' ance as aforesaid is hereinafter directed to be made, the trustees or trustee for the time being of the lastly hereinbefore recited indenture of release shall, by such ways or means as they or he shall in their or his discretion think fit and most advantageous, order or direct the management, cultivation, and improvement of the hereditaments and premises for the time being vested in them or him under or by virtue of the same indenture, and stock and keep up the same or such of them as shall not be tenanted, and, in order thereto, that it shall be lawful for the said trustees or

(e) See a power of this nature in a settlement of personalty, supra, p. 426.

vOL. Iv. V V

STRICT SETTLEMENT.

—including powers to cat and sell timber;

—and to hold manorial courts;

—and employ agents, bailiffs, &c;

.—and to grant leases.

trustee to purchase any horses, waggons, live or dead stock, or any articles or things whatsoever, for the use of the said hereditaments and premises, or any of them, and to sell all or any of the same again, and to pay such sum or sums of money for the salary or salaries, allowance or allowances, of such person or persons as they or he, the said trustees or trustee for the time being, shall think proper to employ as hereinafter mentioned, And to cause the produce of the hereditaments and premises, the cultivation and management of which are to be ordered and directed as aforesaid, or such part of such produce as shall not be used thereon for the purposes of such cultivation and management as aforesaid, to be sold and disposed of in such manner and by such ways and means as they or he shall think proper and advantageous; And That it shall be lawful for the said trustees or trustee for the time being to fell or cut down any timber or wood that now is or hereafter shall or may be growing upon or within the same manors, lands, hereditaments, and premises, and to employ the same in or for the benefit of the same hereditaments and premises, or any part or parts thereof, or to sell the same, and the money arising from the sale thereof, as well as any other money arising under this present trust or provision, shall be considered as part of the rents, issues, and profits of the said manors, lands, hereditaments, and premises, and shall be applied accordingly; And Also, that it shall be lawful for the said trustees or trustee for the time being to hold the courts of and belonging to the several manors, or of any of them, And for the several purposes aforesaid, or any of them, to employ from time to time such agents, stewards, bailiffs, and workmen, upon such terms and with such salaries as they or he shall think proper, and generally to do or cause to be done all such acts, deeds, matters, and things, respecting the management, cultivation, and improvement of the said hereditaments and premises, as they or he could or might do if they or he were the owners or occupiers thereof; And Also, that it shall be lawful for the said trustees or trustee for the time being, at their and his discretion, to grant, demise, lease, or let the said manors, lands, hereditaments,

STRICT SETTLEMENT.

and premises, or any part or parts thereof, for any term or terms of years not exceeding twenty-one years in possession, at such rent, and upon such terms, stipulations, and agreements, in all other respects, as the said trustees or trustee shall in their or his discretion think fit (/). Witnessed AND THIS INDENTURE ALSO WITNESSETH, rentf"

that, in consideration of the premises, he the said A. B. in arrear. hath assigned, and by these presents doth assign, unto the said C. B., E. F., and G. H., their executors, administrators, and assigns, All the rents and arrears of rent now due, and h iceforth to become due, from the tenants of the hereditaments described or mentioned in the fourth schedule to these presents, or any of such hereditaments, or any part o parts thereof, And All The Estate &c: To Habendum to

, , , , the trustees on

Have, Hold, receive, and take the same rents and arrears tne same ^usta of rent unto the said C. B., E. F., and G. H., their exe- "^e TMnts, cutors, administrators, and assigns, upon the trusts hereinbefore declared of and concerning the rents, issues, and profits of the said hereditaments and premises : And The Said Power of attor

. . i-i neyto receive

A. B. hath made, constituted, and appointed, and in his place and recover and stead put, and by these presents doth make, constitute, TM* ^°tsin and appoirand in his place and stead put, the said C. B., E. F., and G. H., and the survivors and survivor of them, and the executors and administrators of such survivor, their or his assigns, his true and lawful attornies and attorney, in their or his names or name, either jointly with, or separately from, the names or name of the said A. B., his executors or ad- • ministrators, or otherwise, as they the said trustees or trustee shall think proper and convenient, to ask, demand, sue for, levy, recover, and receive of and from all and every the said tenants, and of and from all and every other persons and person whomsoever, liable, obliged, or interested to pay the same, the said rents and arrears of rent hereby assigned, or expressed and intended so to be; And in case of nonpayment of all or any part or parts of the same rents or arrears of rent, or any of them, or any part thereof, to enter and dis

(/) See the regular form of a power of leasing, supra, p. 530; and the other powers of leasing in the same Precedent.

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