THE CONSTRUCTION OF A WILL. effect of the disposition made of the re sidue; a legacy, to be vested in and payable to them at the death FOR SETTLING of the said testator, or were to be taken by them as part of their share of the residuary estate of the said A. B., deceased, and to be subject to the same directions as to the age or time at which their respective shares thereof should vest respectively, and the same incidents in every respect, to which their share of the said residuary estate is subject and liable: AND WHEREAS doubts have also arisen whether and as to the the effect of the said will and first codicil of the said A. B., deceased, was to divide the respective moieties of his said residuary estate into as many shares respectively as there should be children of the said C. B., deceased, and T. S. respectively, living at the death of the said testator, and to leave undisposed of such and so many of the said shares as should fail to become vested according to the conditions of the said codicil (c), or whether the effect of the said will and codicil was to constitute each moiety of the said residuary estate an entire fund to be divisible amongst all such and so many of the said children of the said C. B., deceased, and T. S. respectively, as had attained, or should attain the age of twenty-three years, or had been or should be married with such consent as aforesaid: AND WHEREAS it has also been doubted whether the gift of the said moiety of the said residuary estate to the children of the said T. S. might not, by the effect of the said codicil, in postponing the time of vesting thereof, be rendered void for remoteness (d): (c) There cannot be much doubt on the point mentioned in this recital, as, in fact, the effect of the will and codicil seems to be the same as that of the common trust in settlements for all the children, the shares to vest at twenty-one. A clause of survivorship, giving the shares of those who die under twenty-one amongst the survivors, is always deemed needful after such a trust, it being considered that the effect of the trust standing alone is to divide the fund into as many shares as there are children born, and that such shares respectively vest only on the children who are respectively entitled to them attaining twenty-one. Consequently, the shares of those who die under twenty-one are undisposed of in the absence of the survivorship clause. and as to validity of gift to children of T. S.; Effect of a trust for all children born, the shares to be vested at twenty-one. (d) As the codicil referred to in the text postpones the vesting of Effect of postthe shares of the children of T. S. until they attain the age of twenty- poning the THE CON STRUCTION OF A WILL. -and agreement to settle the construction FOR SETTLING AND WHEREAS, for the purpose of obviating the inconveniences arising from the aforesaid doubts, and of enabling the said executors of the said A. B., deceased, safely to administer and divide his estate and effects according to the construction which the said parties hereto have agreed shall to be put on the be considered the true construction of the said will and will. codicils of the said A. B., deceased, it has been agreed, that the said several persons, parties to these presents, shall enter into and make the agreements and declarations hereinafter contained, and that the said D. E., A. B., party hereto, M. B. and R. S., should enter into such covenants with the said N. P., G. H., and C. B., party hereto, as are hereinafter contained, and that the said N. P., G. H., and C. B., party hereto, respectively, should enter into such covenants with the others and other of them as are hereinafter contained: NOW THIS INDENTURE WITNESSagreement and ETH, and it is hereby agreed and declared between and by the parties to these presents, that the said legacy of £1,000 37. per cent. consolidated bank annuities, by the said will of the said A. B., deceased, given to the said T. S. -and was pro- to be added to her marriage settlement, was not satisfied by Witnesseth declaration, that legacy to settlement of T. S. was not satisfied. perly paid by the executors of A. B. vesting of the shares till the age of twentythree. three THE CONSTRUCTION OF A WILL. Agreement and children of c. B. are to be taken by them as residue. the said A. B., deceased, having, subsequently to the date FOR SETTLING of his said will, transferred the said sum of £3,000 like annuities into the names of the trustees of the said settlement, and that the said transfer of £1,000 like annuities, hereinbefore mentioned to have been made by the said executors of the said A. B., deceased, to the trustees of the said settlement in satisfaction of the said legacy, was properly made and in conformity with the will of the said A. B., deceased: AND IT IS HEREBY further agreed and declared between and by the parties to these presents, that the said sums of £3,000 31. per cent. consolidated bank annuities, and £2,500 37. 10s. per cent. reduced bank annuities, by the said codicil of the 8th day of May, 1834, directed to be taken by or amongst the children of the said C. B., deceased, as aforesaid, were and are to be taken by them as part of their share of the residuary estate of the said A. B., deceased, and are to be subject to the same directions as to the age or time at which their respective shares thereof should vest respectively, and to the same incidents in every respect to which their share of the said residuary estate is subject and liable: AND IT IS HEREBY further agreed and Agreement and declared between and by the parties to these presents, that the effect of the said will and first codicil of the said A. B., deceased, was to give one moiety or equal half part of his said residuary estate, unto and amongst all such and so many of the children of the said C. B., deceased, as were living at the death of the said A. B., deceased, and had attained or should attain their ages of twenty-three years, or had been or should be married with consent as aforesaid, and to give the other moiety or equal half part of his said residuary estate, unto and amongst all such and so many of the children of the said T. S. as were living at the death of the said A. B., deceased, and had attained or should attain their ages of twenty-three years, or had been or should be married with such consent as aforesaid: AND IT IS HEREBY further agreed and declared that the payments hereinbefore mentioned to have been made to the said C. B., party hereto, F. E. and I. H., of their shares of the said sums of £3,000 37. per cent. consolidated bank C. B., and de declaration as to what is to be deemed the disposition made by the will and codicil of A. B. of his residuary estate. Agreement and declaration, ra tifying the appropriation made for the children of claring the THE CON STRUCTION OF A WILL. trusts of the been retained. FOR SETTLING annuities, and £2,500 31. 10s. per cent. reduced bank annuities, and of their shares of one moiety or equal half part of the said sums of £9,000 31. per cent. reduced bank annuities, and £1,800 new 37. 10s. per cent. bank annuities, parts which had and of the shares of the said two children of the said T. S. of the other moiety of the said sums of £9,000 31. per cent. reduced bank annuities, and £1,800 new 37. 10s. per cent. bank annuities, were properly made, and in conformity with the will and codicils of the said A. B., deceased; and that the said N. P., G. H., and C. B., party hereto, their executors, administrators, and assigns, shall stand and be possessed of and interested in the said several sums of £1,200 31. per cent. consolidated bank annuities, £1,000 37. 10s. per cent. reduced bank annuities, £1,800 31. per cent. reduced bank annuities, and £360 new 31. 10s. per cent. bank annuities hereinbefore mentioned to have been retained by them the said N. P., G. H., and C. B., party hereto, and of and in all the dividends and annual proceeds of the said several sums upon the trusts following; (that is to say), as to three equal eighth parts (e) of the said funds, stocks, dividends, and proceeds, in trust for the said C. B., party hereto, F. E., and I. H., and their respective executors, administrators, and assigns, equally as tenants in common, and as to the remaining five equal eighth parts of the said funds, stocks, dividends, and proceeds, in case the said A. B., party hereto, shall attain his age of twenty-three years, or marry with consent as aforesaid, then in trust for the said A. B., party hereto, his executors, administrators, and assigns, but in (e) It may be necessary to explain this division into parts. The funds which had been thus retained were, it will be recollected, retained in trust to answer the expectant equal shares of L. B. and A. B., the parties. But L. B. having died, her share becomes divisible into fourths between her brothers and sisters. Therefore, on the whole, A. B. is entitled to his own half, that is four-eighths of the entire fund, and to a fourth of L. B.'s half, i. e. an eighth of the entire fund, i. e. five-eighths altogether. The other brother C. B., and the sisters F. E. and I. H., are each entitled to a fourth of L. B.'s half, that is to an eighth of the whole, so that three-eighths are divisible amongst them equally. THE CONSTRUCTION OF A WILL. declaration as to the funds re children of T. S. case the said A. B., party hereto, shall not attain his age FOR SETTLING of twenty-three years, nor marry with consent as aforesaid, then in trust for the said C. B., party hereto, F. E., and I. H., and their respective executors, administrators, and assigns, equally as tenants in common: AND IT IS HEREBY Agreement and further agreed and declared that the said N. P., G. H., and C. B., party hereto, their executors, administrators, tained for the and assigns, shall stand and be possessed of and interested in the said sums of £3,000 31. per cent. reduced bank annuities, and £600 new 3l. 10s. per cent. bank annuities hereinbefore mentioned to have been retained by them the said N. P., G. H., and C. B., party hereto, and of and in the dividends and annual proceeds thereof, in trust for all such and so many of the said six children of the said T. S. as shall attain their age of twenty-three years, or be married with such consent as aforesaid, but so that neither of the children of the said T. S. who have already received their shares of the moiety of the said sums of £9,000 37. per cent. reduced annuities, and £1,800 new 3l. 10s. per cent. bank annuities shall have or be entitled to any share of or in the said sums of £3,000 31. per cent. reduced bank annuities, and £600 new 37. 10s. per cent. bank annuities, or either of them, without bringing the share or shares already received by them as aforesaid into hotchpot, and accounting for the same accordingly AND IT IS HEREBY further agreed and declared between and by the parties to these presents, that the said N. P., G. H., and C. B., party hereto, their executors, administrators, and assigns, shall stand and be possessed of, and interested in, all and singular the residue of the personal estate of the said A. B., deceased, not appropriated or disposed of for the purposes aforesaid, and of and in all monies to arise or be produced by the same and every part thereof, and of and in the stocks, funds, and securities, in or upon which the same may be invested, and the interest, dividends, and annual proceeds thereof, upon the trusts following; (that is to say), as to one moiety or equal part of the said trust monies, stocks, funds, and securities, interest, dividends, annual proceeds, and accu Agreement and declaration as priated residue. to the unappro As to one |