enrolment; and the addition of the words "money's worth" does not appear to have made a very great alteration in the law. It has been decided, upon the existing act, that an annuity is within the act so as to require enrolment only when there is an actual sale of the annuity for money, bills, or goods; and that an annuity granted as the purchase-money or consideration for an estate, or as part of a family arrangement, is not within the act. Thus, where an annuity was granted as the consideration for the grantee's giving up her life interest in certain veins of coal to the grantors, no enrolment was required (a); and a bond to secure an annuity, part of the consideration for the purchase of a house and land, was held not to require enrolment (a). And where a man secured a debt due from his father, in consideration of an annuity secured to him by the bond of his father's executors, the bond was not deemed to need enrolment (b). So, too, in the case of a bond given to receive an annuity to the obligor's father and mother for their lives, in consideration of their giving up a farm and farming stock (c). And where A., being indebted to B., agreed, in lieu of paying the debt, to secure an annuity to B.'s widow after his decease, during the joint lives of A. and the widow, (a) Mestayer v. Biggs, 1 Cro. Mee & Ros. 110. See, too, Browne v. Like, 14 Ves. 302, where the dividends of stock were sold and assigned, in consideration of an annuity. VOL. I. (b) Blake v. Attersoll, 2 B. & C. 875; S. C., 4 Dow. & Ry. 479. (c) Tetley v. Tetley, 4 Bing. 214; S. C., 12 Moore, 441. K K Assignments of annuities not within the act. and three years after B.'s death A. executed an annuity deed in pursuance of the agreement, no memorial was held necessary (a). In a recent case, an attempt was made to maintain that an annuity deed executed in consideration of a former annuity given up, and containing a covenant not to redeem for five years, did not require enrolment, but this was overruled (b). The assignment of an annuity does not require to be enrolled (c). The Annuity Act, 53 Geo. III., c. 141. such annuity or rent-charge shall (a) Frost v. Frost, 3 B. & head, Ib.; Henderson v. GlenAd. 612. cairn, 2 Taunt. 235; See, how(b) Earle v. Browne, 2 Per. ever, Duke of Bolton v. Williams, 2 Ves. jun. 138; S. C., 4 Bro. C. C. 297. & Dav. 393. (c) Dixon v. Birch, 2 H. Blackst. 307; Bromley v. Great Sect. 3. Provided always, and be it further enacted, that if any such annuity shall be granted by, or to, or for the benefit of any company, exceeding in number ten persons, which company shall be formed for the purpose of granting or purchasing annuities, it shall be sufficient in any such memorial to describe such company by the usual firm or name of trade. Sect. 4. And be it further enacted, that in every deed, bond, instrument, or other assurance, whereby any annuity or rentcharge shall, from and after the passing of this act, be granted, or attempted to be granted, for one or more life or lives, or for any term of years, or greater estate, determinable on one or more life or lives, where the person or persons to whom such annuity shall be granted or secured to be paid, shall not be entitled thereto beneficially, the name or names of the person or persons who is or are intended to take the annuity beneficially shall be described in such or the like manner as is hereinbefore required in the enrolment, otherwise every such deed, instrument, or other assurance shall be null and void. charge shall be returned to the person advancing the same, or in case such consideration, or any part of it, shall be paid in notes, if any of the notes, with the privity and consent of the person advancing the same, shall not be paid when due, or shall be cancelled or destroyed without being frst paid, or if such consideration is expressed to be paid in money, but the same or any part of it shall be paid in goods, or if the consideration, or any part of it, shall be retained, on pretence of answering the future payments of the annuity or rent-charge, or any other pretence, in all and every the aforesaid cases, it shall be lawful for the person by whom the annuity or rent-charge is made payable, or whose property is liable to be charged or affected thereby, to apply to the court in which any action shall be brought for payment of the annuity or rentcharge, or judgment entered by motion, to stay proceedings on the action or judgment; and if it shall appear to the court, that such practices as aforesaid, or any of them, have been used, it shall and may be lawful for the court to order every deed, bond, instrument, or other assurance, whereby the annuity or rentcharge is secured, to be cancelled, and the judgment, if any Sect. 6. And be it further enacted, that if any part of the consideration for the purchase of any such annuity or rent- has been entered, to be vacated. Sect. 8. And be it further enacted, that all contracts for the purchase of any annuity or rentcharge with any person, being under the age of twenty-one years, shall be and remain utterly void, any attempt to confirm the same, after such person shall have attained the age of twentyone years, notwithstanding. Sect. 10. And be it further enacted, that this act shall not extend to Scotland or Ireland, nor to any annuity or rent-charge given by will, or by marriage settlement, or for the advancement of a child, nor to any annuity or rent-charge secured upon freehold, or copyhold, or customary lands in Great Britain or Ireland, or in any of his Majesty's possessions beyond the seas, of equal or greater annual value than the said annuity, over and above any other annuity, and the interest of any principal sum charged or secured thereon, of which the grantee had notice, at the time of the grant, whereof the grantor is seised in fee-simple, or fee-tail in possession, or the fee-simple whereof in possession the grantor is enabled to charge, at the time of the grant, or secured by the actual transfer of stock in any of the public funds, the dividends whereof are of equal or greater annual value than the said annuity, nor to any voluntary annuity or rent-charge granted without regard to pecuniary consideration or money's worth, nor to any annuity or rent-charge granted by any body corporate, or under any authority or trust created by act of Parliament. 481 CHAPTER XI. OF COPARTNERSHIP DEEDS. In the introductory note to the precedents of copartnership deeds (a), a reference is made to this chapter as containing some observations on the law of partnership, so far as it relates to the construction of partnerthip deeds. But on reconsideration, it has been found that nothing of material value could be added to the suggestions in the short notes to the precedents, unless a complete treatise on the subject were introduced, which would of course be inconsistent with the nature and limits of the present work. The reader is therefore referred to Collyer on the Law of Partnership, particularly pp. 131—161, (2nd edit.), and Story's Commentaries on the Law of Partnership, ch. x., p. 284. (a) Infra, vol. v. p. 369. |