No. III. POST OBIT BOND IN CONSIDERATION OF THE RELEASE OF 1. Recital of debt, and of obligor's post obit bond payable upon his father's decease. 2. That obligee has released obligor from the debt. 3. Condition. Recital of debt, and of obligor's inability to discharge the father's lifetime; of agreement to release obligor therefrom, upon his giving a [INSERT exordium, ut ante, Part V., Section XI., No. I., clause 1, p. 405.] 1. WHEREAS upon an account this day made up and stated, between the above-bounden (obligor) and the above-named (obligee), same during his the said (obligor) appeared to be justly and truly indebted to the said (obligee) in the sum of 3,750l. which the said (obligor) being unable to discharge until the decease of his father (father's name), the said (obligee), in consideration that the said (obligor), his heirs, post obit bond, executors or administrators, will, within six calendar months next after the decease of the said (father), pay unto the said (obligee), his executors, administrators or assigns, the sum of 7,4007., hath agreed to release the said (obligor) from the said sum of 3,750%; and also to authorize the said (obligor) to buy up such expectant sum, or any part or parts thereof, at any time during the lifetime of the said (father), as hereinafter mentioned. payable upon his father's decease. That obligee has released obligor from the debt. 2. AND WHEREAS, in pursuance of the said agreement, the said (obligee) hath, by deed poll under his hand and seal, bearing date No. III. the day next before the day of the date of the above-written bond, released the said (obligor) from the said debt or sum of 3,7501, Post obit Bond and of and from all actions, suits, claims and demands, in respect of the release of of the same. in consideration a Debt. 3. Now THE CONDITION of the above-written bond is such Condition. that if the above-bounden (obligor), his heirs, executors, administrators or assigns, shall, within the space of six calendar months next after the decease of the said (father), well and truly pay, or cause to be paid, unto the said (obligee), his executors, administrators or assigns, the sum of 7,4007. sterling; or, if the said (obligor) shall, at any time during the lifetime of the said (father), be desirous to redeem the said expectant sum of 7,4007. or any part of the same, and shall give days previous notice thereof in writing to the said (obligee), his executors, administrators or assigns, or leave the same at his or their last or usual place of abode or business in England, and shall at the end of days after which such notice shall be given, well and truly pay or cause to be paid unto the said (obligee), his executors, administrators or assigns, such sum or sums of money as the Actuary for the time being of the LAW PROPERTY ASSURANCE AND TRUST SOCIETY shall deem a reasonable price for such total or partial redemption, as the case may be, at the time of such redemption; AND ALSO, in the event of any such total or partial redemption as aforesaid, if the said (obligor), his heirs, executors or administrators, shall, within six calendar months after the decease of the said (father), well and truly pay or cause to be paid unto the said (obligee), his executors, administrators or assigns, so much of the said sum of 7,4007. as shall not have been so redeemed as aforesaid, THEN, or in either of the above-mentioned cases, the above-written bond to be void, otherwise to continue in full force and virtue. No. IV. MEMORANDUM OF THE DELIVERY OF A POST OBIT BOND, 1. Recital of bond. 2. Of agreement that bond shall be 3. Declaration that bond shall be time of the party upon whose decease it is to become payable, unless sooner redeemed. 4. Proviso, that if partially redeemed, the amount shall be endorsed upon the bond. Recital of bond. Of agreement be sealed up day of , became condi 1. WHEREAS (obligor), of, &c., by bond in writing under his hand and seal, dated on or about the bound to (obligee), of, &c., in the penal sum of £ tioned to be void if the said (obligor) should be living at the time of the decease of his father, (father's name), and should pay or cause to be paid unto the said (obligee), his executors, administrators or assigns, within six months after the decease of the said (father), the sum of 1,000l. sterling, or if the said (obligor) should happen to die in the lifetime of the said (father.) 2. AND WHEREAS it has been agreed between the said (obligor) that bond shall and (obligee), that the said bond shall be sealed up in an envelope, and deposited. and delivered into the custody of (depositary), of, &c., to be retained by him, subject to the conditions and restrictions hereinafter mentioned, which hath been done accordingly. No. IV. Memorandum of the delivery of a Post obit Bond into bond shall be 3. NOW THEREFORE BE IT REMEMBERED, that the said (obligor) and (obligee) do hereby testify, declare and agree, that the said bond is so delivered to the said (depositary) as aforesaid, TO THE INTENT that he the said (depositary), his executors or the Custody of a administrators, shall and will keep and preserve such bond so sealed Depositary. up in the same state that it was so delivered to him as aforesaid Declaration that during the lifetime of the said (father), unless in the meantime kept sealed up the said (obligor) should redeem the said sum of 1,000l. thereby dre of the during the secured, in pursuance of the power to that effect contained in the party upon condition annexed to the said bond, and in which case the said is to become bond shall be delivered over to the said (obligor) to be cancelled. payable, unless But in case the said sum of 1,000l. should remain unredeemed redeemed. at the time of the death of the said (father), THEN the said (depositary), his executors or administrators, upon such death as aforesaid, shall deliver over the said bond unto the said (obligee), his executors, administrators or assigns, for his and their own benefit. whose decease it sooner amount shall be 4. PROVIDED ALWAYS, AND IT IS HEREBY FURTHER DECLARED Proviso that if partially AND AGREED, that in case any part of the said sum of 1,000l. redeemed the shall happen to be redeemed by the said (obligor) in the lifetime endorsed upon of the said (father), in pursuance of the power to that effect the bond. contained in the conditions annexed to the said bond, then the said (depositary), his executors or administrators, shall, previously to delivering over the said bond to the said (obligee), his executors, administrators or assigns, endorse thereupon the amount or respective amounts of such part or parts of the said sum of 1,000Z. as shall have been so previously paid or redeemed by the said (obligor) as aforesaid. AS WITNESS the hands (a) of the said (obligor), (obligee) and (depositary), this day of A.D. (a) The above instrument should be under hand only, in which case it will Practical be covered by a 2s. 6d. agreement stamp. suggestions. |