« AnteriorContinuar »
of the survivor of them, the said J. C. and H. T. his intended wife, to the use [of children, according to appointment of gentleman and lady, or survivor, see p. 53,) and in default of such direction, limitation, or appointment, and, in the meantime, subject thereto, and to such part or parts of the said messuage, farm lands, and hereditaments, whereof no such direction, limitation, or appointment shall be made, to the use [if it is intended to give the estate in default of appointment to the first and other sons in tail, with remainder to the daughters as tenants in common, the forms in p.51 will come in here ; but if it is intended that, in default of appointment, all the sons, or all the children, should take jointly in tail or otherwise, the form of limitation to the daughters may be used by substituting for daughters the word“ sons" or "children," and his for her, &c.;] and in default of such issue, to the use of the said J. C., his heirs and assigns for ever, [if the property be the lady's, and it is intended that, in default of issue, it should return to her family, or be at her disposal, the limitation in default of issue should be to such uses as she may appoint, see p. 52, and in default of appointment to her in fee.] Provided always, &c. (Add power to lease, see p. 63; to sell or exchange, see p. 65 ; and lay out the moneys to arise thereby, p. 67 ; to give receipts, pp. 57, 58; and power to appoint new trustees, p. 69; and proviso for indemnity of trustees, p. 77 ;' and covenants by gentleman with trustees for quiet enjoyment, and for further assurance, see pp. 87 and 88.] In witness, &c.
Trust in a Settlement of the Property of the Lady,
for Gentleman, till Bankruptcy, Insolvency, or attempt to alienate. Upon trust, that they, the said (trustees,] or other
This proviso may be omitted, if brevity is desired, trustees being entitled to all proper indemnities in the absence of such a provision.
the trustees or trustee, for the time being, of these presents, shall and do pay unto, or permit and suffer the said A. B. to receive and take for his own use and benefit, (the interest, dividends, and annual produce of the said trust-moneys, stocks, and premises ; (or, in case of real estate,) the rents and profits of the said messuages, lands, and hereditaments,] during his life, or until he shall be found and duly declared a bankrupt, or shall take the benefit of any act or acts of Parliament now in force, or at any time hereafter to be made for the relief of insolvent debtors, or shall make, do, execute, permit, or suffer any act, deed, matter, or thing whatsoever, whereby, or by reason or means whereof, [the same interest, dividends, and annual produce, (or the said messuages, lands, and hereditaments, or the rents and profits thereof,] or any part thereof, would or might, if hereby (vested in him, or] made payable to, or receivable by himself, be forfeited to, or become vested in, any other person or persons, or become subject to the debts of him, the said A. B., in anywise soever, and from and after the decease of the said A. B., or any such other earlier determination of the trust hereinbefore declared, for the benefit of the said A. B., as aforesaid. Upon trust, &c.
Trusts for renewal of Leaseholds, and the Payment
of Rent, and performance of Covenants. Upon trust, that they, the said (trustees,] or other the trustees or trustee, for the time being, of these presents, shall and do, from time to time, during the continuance of the trusts hereby created, by, with, and out of the improved yearly rents and profits of the said leasehold premises, hereby assigned, or intended so to be, pay and satisfy the yearly rent and rents, ["or a proportionate share of the yearly rent or rents,] which shall, for the time being, become
^ The passages within brackets would be proper if the parties had not the entirety of the premises.
payable in respect of the same leasehold premises ; and do and shall perform and keep all and singular the covenants and agreements contained in the ori. ginal lease or leases to be obtained of the said leasehold premises, or any part thereof, and on the lessee's part to be performed and kept, and pay all charges and expenses attending the same; and also do and shall, in the next place, from time to time, during the continuauce of the trusts hereby declared, when and as the same shall be necessary, or the trustee or trustees, for the time being, of these presents, shall deem it expedient or proper, but not otherwise, apply for and procure (or join and concur with the owners or proprietors for the time being, of any other part or share, parts or shares, of the said leasehold premises, in applying for and procuring] a new lease or new leases of the said leasehold premises, or such of them, or such part or parts thereof as are or shall be of a renewable nature, or which the said trustees or trustee for the time being shall, in their or his discretion, think advisable or proper to renew; and also shall and do make and execute (or join and concur with such owners or proprietors as aforesaid in making and executing] all such surrenders, acts, matters, and things, as shall be necessary or expedient for procuring such renewed lease or leases; and do and shall, out of the improved yearly rents and profits of the said leasehold premises, or by mortgage thereof, levy and raise all such sums of money as shall, from time to time, be found necessary or proper for the payment and satisfaction of the fines, fees, and other charges for or attending the procur. ing such new lease or leases; and in case any money shall, at any time or times, be raised by mortgage, for the purpose of obtaining such new lease or leases as aforesaid, then shall and do thenceforth, until the principal money so to be raised by mortgage shall be paid off, or until some person or persons shall become entitled to the absolute property and interest of and in the said leasehold premises, under the trusts
hereof hereinafter declared, apply all the improved yearly rents and profits of the said leasehold premises, when and as often as the same shall amount to a competent sum, or the mortgagee or mortgagees can be prevailed upon to accept the same, in, for, or towards payment and satisfaction of the money which shall be raised by mortgage as aforesaid, and the interest thereof; and subject and without prejudice to the trusts aforesaid, shall and do stand possessed of, and interested in, all and singular the said leasehold premises, and such renewed leases as aforesaid; upon and for the trusts, intents, and purposes, and under and subject to the powers, provisoes, declarations, and agreements hereinafter expressed, declared, and contained of and concerning the same.
OBSERVATIONS ON MARRIAGE-SETTLEMENTS.
Though the subject of marriage-settlements was altogether passed over in the first edition of this work, either from having escaped the attention of the author, or from having been thought by him too extensive to be admitted into it, the editor cannot but feel that the work would be imperfect if the subject were entirely omitted ; and under this impression, therefore, he has introduced a simple form applicable to the ordinary cases, where money in the funds, or other personal estate, or the produce to arise from the sale of real estates, are the subject of the settlement, and also two forms relating to the settlement of small real or leasehold estates, one subjecting them to the same trusts as a contemporaneous settlement of personalty by means of trusts for sale, and the other where, though the property is not of sufficient value to justify its being tied up by the limitations of a strict settlement, it is nevertheless wished to preserve it in the family of the proprietor.
Where the property to be settled consists of landed property of small value, which the parties have no desire to retain, in case it should become con
venient to convert it into money, it is generally considered advisable to convey it by a separate deed to the trustees of the settlement, upon trust for the proprietor till marriage, and afterwards upon trusts for sale with his consent, or at the request of any other parties to whom it may be wished to give the power of delaying the sale, and to stand possessed of the money to arise by such sale, upon the trusts declared by the settlement.
Such a conveyance should not disclose what those trusts are, but should contain such full powers for the trustees to receive and give discharges for the purchase-money, as would quite exonerate the purchaser from inquiring into them. The conveyance should also contain a power of appointing new trustees, a power to lease, and (in the case of renewable leaseholds or copyholds) a trust for renewal and payment of rents.
The advantage of this course on a sale of the property must be obvious, for the deed can be given up to the purchaser, and the property conveyed to him, without the concurrence of the parties interested under the trusts of the settlement; and no covenant for its production will be required, which would be the case if the property were conveyed to the trustees by the settlement itself.
If the property to be settled is at the time subject to any entail, the propriety of barring such entail by a distinct conveyance from the settlement is still more obvious, for the expense of enrolling a long deed of settlement must be very considerable. It may, indeed, be laid down as a general rule, that the real and personal estates should be settled by distinct assurances; and though, by so doing, some small extra expense may be occasioned at the time, it will ultimately be found to be the best course, even on economical grounds alone.
Where the gentleman is actually or likely to be- Provisions come engaged in any profession or business which against bank may subject him to the operation of the bankrupt ruptcy.