RECITALS first part; [trustees for transferee], of &c., of the second part; -of mortgage; day of Recent alterations of the usury laws. But here the practitioner's attention may be usefully called to an important alteration in the usury laws, as regards loans on the security of personal estate, by the recent act of 2 & 3 Vict. c. 37, which enacts, that “No bill of exchange or promissory note made payable at or within twelve months after the date thereof, or not having more than twelve months to run, nor any contract for the loan or forbearance of money above £10, shall, by reason of any interest taken thereon or secured thereby, or any agreement to pay or receive or allow interest in discounting, negotiating, or transferring any such bill of exchange or promissory note, be void, nor shall the liability of any party to any such bill of exchange or promissory note, nor the liability of any person borrowing any sum of money as aforesaid, be affected by reason of any statute or law in force for the prevention of usury; nor shall any person or persons or body corporate, drawing, accepting, indorsing, or signing any such bill or note, or lending or advancing or forbearing any money as aforesaid, or taking more than the present rate of legal interest, in Great Britain and Ireland, respectively, for the loan or forbearance of money as aforesaid, be subject to any penalties under any statute or law relating to usury, or any other penalty or forfeiture; anything in any law or statute relating to usury, or any other law whatsoever in force in any part of the United Kingdom, to the contrary notwithstanding; Provided always, that nothing herein contained shall extend to the loan or forbearance of any money upon security of any lands, tenements, or liveatif Usury laws hereditaments, or any estate or interest therein." This is to continue in force until 1st January, 1842, but unless it shall be found to operate injuriously, it will probably be made permanent; and then, by legalising loans at any rate of interest on the security of personal property, it will occasion many transactions, which have hitherto appeared under the disguise of life annuities, to assume their true character of loans at a rate of interest exceeding £5 per cent. 1854. For much valuable practical information on the various modes of framing mortgage securities, and on the relative rights of mortgagor and mortgagee, the student is referred to the preliminary dissertation and notes to the title "Mortgage" in Mr. Jarman's elaborate work on Conveyancing. (See Vol. 5 of 3rd ed. by Sweet). (142) Ante, n. (138). gagee], his executors, administrators, and assigns, for the term of 500 years, to be computed from the date thereof, without impeachment of waste; And, subject to the said term, to the use of the said [trustees for mortgagee], their heirs and assigns, in trust for the said [mortgagee], his heirs and assigns, subject to a declaration that the use therein before limited to the said [mortgagee], his executors, administrators, and assigns, and the use therein before limited to the said [trustees for mortgagee], their heirs and assigns, should be deemed in equity to be so limited by way of mortgage only for securing to the said [mortgagee], his executors, administrators, and assigns, the payment of the sum of £ day of day of in the after the rate of £5 on the year and of interest for the same per cent. per annum, half-yearly, on the day of and the without deduction; And by the said indenture, as a further and concurrent security for the said sum of £ and interest, power was given to the said [trustees for mortgagee], and the survivor of them, his executors and administrators, at any time after the expiration of six calendar months from the said day of, in the year , at the request in writing of the said [mortgagee], his executors, administrators, or assigns, and notwithstanding the dissent of the said [mortgagor], his heirs or assigns, to sell the said hereditaments, together or in parcels, by public auction or private contract, subject to such conditions as to the title and the evidence of title, and the mode and time of payment of the purchase-money, and other matters relating to the sale, as the said [trustees], or the survivor of them, his executors or administrators, should in their or his discretion think expedient; and power was also given to the [mortgagee], his executors, administrators, and assigns, thereupon, by deed attested by one or more than one witness, to appoint the use of the hereditaments so sold, (discharged from the limitations thereinbefore contained, and from all right and equity of redemption, under the reciting indenture), in such manner as should be requisite or expedient for completing the sale; And the said [mortgagor] thereby declared that the receipts of the said [trustees], or the survivor of them, his executors or administrators, for the money to arise as aforesaid, should exempt the person or persons paying the same from all liability in respect of the application thereof; AND WHEREAS, by an indenture, bearing date of transfer of mortgage. -of sale by auction. TESTATUM. Transferee of mortgage appoints, , and made between the the day of in the (143) Ante, 144. To uses to pre vent dower in favour of the purchaser. transferee against incum and hereditaments, comprised in the same indenture, with their appurtenances, shall henceforth be discharged from the uses by the same indenture limited thereof, and stand limited To such uses as the said [purchaser] shall by any deed or deeds appoint; And in default of such appointment, To the use of the said [purchaser] and his assigns for his life, without impeachment of waste; and on the determination of his estate in his lifetime, To the use of the said [trustee for purchaser], his executors and administrators, during the life of, and in trust for, the said [purchaser]; and on the determination of the lastly limited estate, To the use of the said [purchaser], his heirs and assigns for ever; and the said [purchaser] hereby declares that his widow, if any, shall not be entitled to dower out of the said messuages, lands, tenements, and hereditaments hereinbefore appointed. And the said [transferee], for himself, Covenant by his heirs, executors, and administrators, hereby covenants with the said [purchaser], his appointees, heirs, and assigns, That brances. he the said [transferee], has not done or permitted any act, matter, or thing whereby the said hereditaments and premises hereinbefore appointed, or any part thereof, are, is, or may be aliened, incumbered, or prejudicially affected. And the said [mortgagor], for himself, his heirs, executors, and administrators, hereby covenants with the said [purchaser], his appointees, heirs, and assigns, That, notwithstanding any act, matter, or thing done or permitted by the said [mortgagor], or any person or persons lawfully claiming through or under him, to the contrary, the said [transferee] is well entitled by these presents to appoint the said hereditaments and premises to the uses and in manner aforesaid; And also, that at all times hereafter the said hereditaments and premises may be quietly enjoyed, and that the rents and profits thereof may be taken accordingly, without any eviction or denial whatsoever by the said [mortgagor] or any person or persons lawfully claiming through or under him; Free from, or by the said [mortgagor], his heirs, executors, or administrators, kept indemnified against all former and other estates, rights, titles, and incumbrances created or occasioned by the said [mortgagor], or any person or persons claiming as aforesaid; And, lastly, that the said [mortgagor], and every person claiming as aforesaid, will, at the request and costs of the said [purchaser], his appointees, heirs, or assigns, make and execute such acts, Qualified cove nants by mortgagor for title. deeds, and assurances, by appointment or otherwise, for better assuring the said hereditaments and premises to the uses and in manner aforesaid, or otherwise, as the person or persons making such request shall reasonably require and shall tender to be done or executed. Parties. RECITALS No. 29. RECONVEYANCE by APPOINTMENT, on Redemption of a Mortgage in Fee. [A New Form, founded on No. 26]. THIS INDENTURE, made the day of in the year of our Lord ———, BETWEEN [transferee of mortgagee], of &c., of the first part; [mortgagor] of &c., of the second part; and [trustee for mortgagor], of &c., of the third part. WHEREAS, by an indenture bearing date the day of of mortgage; in the year, and made between the said [mortgagor], of the first part; [mortgagee], of the second part; and [trustees for mortgagee], of the third part; in consideration of the sum of £- paid by the said [mortgagee], to the said [mortgagor], All [parcels], with their appurtenances, were limited by the said [mortgagor] To the use of the said [mortgagee], his executors, administrators, and assigns, for the term of 500 years, to be computed from the date thereof, without impeachment of waste, And subject to the said term, To the use of the said [trustees for mortgagee], their heirs and assigns, In trust for the said [mortgagee], his heirs and assigns, Subject to a declaration that the use therein before limited to the said [mortgagee], his executors, administrators, and assigns, and the use therein before limited to the said [trustees for mortgagee], their heirs and assigns, should be deemed in equity to be so limited by way of mortgage only for securing to the said [mortgagee], his executors, administrators, and assigns, the payment of the sum of £- on the day of in the year and of interest for the same after the rate of £5 per cent. per annum, half-yearly, on the day of and the day of, without deduction; And by the now |