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TO USES OF A SETTLEMENT.
Conveyance have, with the consent of the said C. B., (testified by this
writing under her hand), contracted with the said A. B. for the purchase of the said hereditaments hereinafter particularly mentioned, and intended to be hereby appointed and released, and the inheritance thereof in fee simple in possession, free from incumbrances, at or for the price of £593; and it is intended that the said suin of £593, received from the said Railway Company, shall be the sum of money paid
to the said A. B. as the said price of the said hereditaWitnesseth. ments (c): NOW THIS INDENTURE WITNESSConsideration. ETH, that, in pursuance of the said agreement and in con
sideration of the said sum of £593, at or immediately be. fore the execution of these presents to the said A. B. paid by the said E. F. and G. H., with the consent of the said
C. B., (testified by her being a party to and executing these Receipt. presents), (the receipt of which said sum of £593, the said
A. B. doth hereby admit and acknowledge, and of and from the same and every part thereof doth acquit, release, and discharge the said E. F. and G. H., and each of them, their
and each of their heirs, executors, and administrators for Appointment
ever, by these presents), he the said A. B., with the consent of the said E. B., (testified as aforesaid), and pursuant to, and by force and virtue, and in exercise and execution of the power or authority to him the said A. B. for this purpose given by the said indenture of the 15th day of April, 1837, as hereinbefore is mentioned, and of all and every other power or authority in anywise enabling him in this behalf, doth, by this present deed, appoint that the said lands and hereditaments hereinafter particularly mentioned, and intended to be hereby released, shall henceforth go, remain, and be to the uses, upon the trusts, to and for the intents
Tenant fo• life may deal with his trustees.
(c) It is now well settled, that a tenant for life, although a necessary party to the exercise of a power of sale or exchange, can take the settled estate under an exercise of the power, either by way of purchase or exchange; (Howard v. Ducane, 1 Turn. & Russ. 81; 2 Sugd. Powers, 517); and, of course, he may on the same principle sell to the trustees. In the case in the text, it is recited, that A. B. gave £700 for the property he sells to the trustees for £593, in order to shew on the face of the conveyance that the transaction is fair, as regards the settled estate,
TO USES OF A
and purposes, and with, under, and subject to the powers, coNVEYANCE provisoes, conditions, and agreements hereinafter limited, declared, and contained, or referred to (d), of and concern- — ing the same: AND THIS INDENTURE ALSO WIT. Witnesseth, NESSETH, that, in further pursuance of the said agree- secondly. ment and for the considerations aforesaid, he the said A. B., with the consent of the said E. B., (testified as hereinbefore is mentioned), hath granted, aliened, released, and confirmed, Grant, and reand by these presents doth grant, alien, release, and confirm lease. unto the said E. F. and G. H., (in their actual possession, &c., see Precedent XVI. p. 198), and their heirs, [par. Parcels. cels-general words]: To HAVE AND TO HOLD the said Habendum. closes, pieces, or parcels of land and hereditaments, and all and singular other the premises hereby released or expressed, and intended so to be, unto the said E. F. and G. H. and their heirs, to the uses, upon the trusts, to and for the intents and purposes hereinafter limited, declared, and contained, or referred to, of and concerning the same: AND IT IS Declaration of
uses by referHEREBY agreed and declared, between and by the parties to e
mo paruc e nce to settle, these presents, that the appointment and the grant, release, ment. and confirmation hereinbefore contained, shall respectively operate and enure to, for, and upon such uses, trusts, intents, and purposes, and with, under, and subject to such powers, provisoes, conditions, and agreements as were in and by the said indenture of the 6th day of February, 1837, limited, expressed, declared, and contained of and concerning the said manors, messuages, and other hereditaments therein comprised, or as near thereto as the circumstances of the case will now admit, (but not so as to increase or multiply charges] (e): And the said A. B. doth hereby for himself, his heirs, executors, and administrators, covenant with the said E. F. and G. H. and their heirs (f), by these presents,
(d) The limitations, powers, &c., are only declared by reference to those of the settlement. Hence the employment of the words, “or referred to."
(e) The words in brackets are generally used in conveyances of this description, but they can hardly be deemed essential.
(f) The covenants are properly entered into with E. F. and G. H.,
TO USES OF A SETTLEMENT.
conveyance in manner following; (that is to say), (that the power exer
cised by A. B. was well created, and is in force-for right to appoint and convey-for quiet enjoyment-free from incumbrances—and for further assurance; see Precedent XVII. p. 216]. IN WITNESS &c.
TRUST TO EFFECTUATE A CONTRACT FOR
CONVEYANCE by a VENDOR to Trustees
upon Trust, to carry into Effect an existing Contract for Sale, with Power to vary it, or to RESCIND it and RESELL the Estate.
tees of vendor:
Parties. THIS INDENTURE, made &c. BETWEEN A. B., of
&c., and C. D., of &c. (trustees for the vendor), of the first part; G. H., of &c. [vendor], of the second part;
E. F., of &c. [releasee), of the third part; and the said Recital of con- A. B. and C. D., of the fourth part: WHEREAS, by inveyance to trus
dentures of lease and release, bearing date respectively the
and — days of — , the release being made, or expressed to be made between (parties], the messuage or tenement, farm, lands, and hereditaments hereinafter particularly described, and intended to be hereby released, were conveyed and assured to the use of the said A. B. and
C. D., their heirs and assigns, in trust for the said G. H., -of vendor his heirs and assigns: And WHEREAS the said G. H. hath having contracted to sell. contracted and agreed with M. N., of &c., for the absolute
sale to him of the said messuage or tenement, farm, lands, and other hereditaments, and the inheritance thereof in fee
as the releasees to uses; the covenants will thus run with the land, for the benefit of all the persons who take under the limitations of the settlement, if the appointment should happen to be inoperative. (See ante, p. 232, note (o)).
desire to convey to the trus
vendor and his trustees.
simple in possession, free from incumbrances, at or for the TRUST TO price or sum of £- , the timber, upon the same premises, el to be taken by the purchaser at a valuation : AND WHERE- SALE. As the said G. H. having occasion to be absent from – of vendor's England, is desirous that the said messuage or tenement, farm, lands, and hereditaments hereinafter particularly de- tees, upon
trusts to be described, and intended to be hereby released, should be tas vested in the said A. B. and C. D., upon and for the trusts, intents, and purposes hereinafter declared and contained: AND WHEREAS, for better effectuating his said desire, -and agree
ment to enter the said G. H. hath agreed to enter into such cove- into nants as are hereinafter contained: NOW THIS IN- Witnesseth. DENTURE WITNESSETH, that, for effectuating the said desire, and in consideration of the premises, they the Conveyance by said A. B. and C. D., at the request and by the di- ve rection of the said G. H., (testified by his being a party to and executing these presents), have, and each of them hath released, and by these presents do, and each of them doth release, and the said G. H. hath granted, released, and confirmed, and by these presents doth grant, release, and confirm unto the said E. F., (in his actual possession now being, by virtue of a bargain and sale to him thereof made by the said A. B., C. D., and G. H., in consideration of five shillings a-piece, by indenture &c., [see Precedent XVI. p. 198]), and to his heirs, All &c., (parcels-general words]: TO HAVE AND TO hold the said Habendum. messuage or tenement, farm, lands, and hereditaments, and all and singular other the premises hereinbefore released or expressed, and intended so to be, unto the said E. F. and his heirs, To THE USE of the said A. B. and C. D., their To use of trusheirs and assigns, nevertheless, upon the trusts, and for the tees, intents and purposes, and with, under, and subject to the powers, provisoes, agreements, and declarations hereinafter expressed or declared of and concerning the same ; (that is to say), UPON TRUST, that they the said A. B. and C. D., Declaration and the survivor of them, and the heirs of such survivor, trust—to carry
into effect the do and shall, as soon as conveniently may be, and when contract; and as they or he shall think fit, and without any further consent or concurrence of the said G. H., or of any person
TRUST TO or persons claiming through or under him, complete the
said contract so entered into with the said M. N., for the sale of the said messuage or tenement, farm, lands, and hereditaments hereinbefore released or expressed or in
tended so to be, with the timber thereon as aforesaid, or --or to vary or do and shall, at their or his discretion, alter, vary, rescind, rescind it;
or abandon the said contract, without being in anywise
answerable for any loss which may happen thereby; and in —and to con case the said contract shall not be rescinded or abandoned vey accordingly;
as aforesaid, do and shall, in pursuance of the said contract, (either with or without any such alteration or variations as aforesaid), well and effectually convey and assure the said messuage, tenement, farm, lands, and hereditaments hereby released, or expressed or intended so to be, unto
the said M. N., his heirs and assigns, or unto such uses and and if contract in such manner as he or they shall direct; but in case the be rescinded,
said contract shall be so rescinded or abandoned as aforesaid, then, upon trust, that they the said A. B. and C. D., or the survivor of them, or the heirs of such survivor, do and shall, as soon as conveniently may be after such contract shall be so abandoned and rescinded, absolutely sell and dispose of the said messuage or tenement, farm, lands, and hereditaments hereinbefore released, or expressed and intended so to be, either entirely and altogether, or in parcels (a), and either by public auction or private contract (6), for such price or prices, or sum or sums of money
(a) The power to sell in lots is always given to trustees expressly; but, even in the absence of an express power to that effect, there seems to be nothing to prevent trustees from selling in lots, if they think a sale in that manner will be most advantageous. See Ord v. Noel, 5 Madd. 438, where, however, the terms of the trust do not appear. Assignees of a bankrupt may sell in lots. (Ex parte Lewis, 1 Glyn & Jam. 69).
Manner of sale by trustees.
(6) If the manner of sale is not prescribed by the trust, it is proper for the trustees to sell by public auction, because a sale in that way is evidence of the market price of the estate, (3 Madd. 232; 5 Madd. 440), and relieves the trustees from the burden of shewing that they got a fair price for it. But on a sale by auction, it is the duty of the trustees to see that due notice and advertisement of the sale is given,