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CONVEY

MORT

MORT

GAGEE.

mortgagee

cumbrances.

assured or expressed, and intended so to be, with their appur

ANCE BY tenances, unto the said G. H., his heirs and assigns, To THE GAGOR AND USE of the said G. H., his heirs and assigns for ever, absolutely freed and discharged from the said mortgage sum of 10007., and all interest for the same, and all monies and demands on account thereof respectively, AND IT IS hereby declared by the said C. D. that his widow shall not be entitled to dower out of Covenant by the premises: AND THE SAID A. B. doth hereby for himself, against in- his heirs, executors and administrators, covenant with the said G. H., his heirs and assigns, that he the said A. B. hath not at any time heretofore made, done, committed or executed, or knowingly or willingly permitted or suffered, or been party or privy to any act, deed, matter, or thing, whereby or by reason or means whereof he is in anywise prevented from assuring the said hereditaments and premises hereby assured, or expressed or intended so to be, unto and to the use of the said G. H., his heirs and assigns, in manner aforesaid, or whereby or by reason or means whereof the said hereditaments and premises, or any of them, or any part or parts thereof, are, is, can, shall, or may be in anywise impeached, charged, affected, or incumbered in title, estate, or otherwise howsoever: AND THE SAID C. D. doth hereby for himself, his heirs, executors and administrators, covenant with the said G. H., his heirs and assigns, that notwithstanding any act, deed, matter, or thing by him the said C. D., or by any person or persons claiming from, under, or in trust for him, made, done, omitted, committed, executed, or knowingly or willingly suffered to the contrary, they the said C. D. and E. F., and A. B., or some of them, now have in themselves good right and absolute authority to convey the said hereditaments and premises hereby assured or expressed, and intended so to be, with their appurtenances, unto and to the use of the said G. H., his heirs and assigns, in manner aforesaid, according to the true intent and meaning of these presents: AND THAT it shall be lawful for the said G. H., his heirs and assigns, from time to time, and at all times hereafter, peaceably and quietly to hold, possess and enjoy the said hereditaments and premises hereby assured or expressed, and intended so to be, with their appur tenances, and receive the rents and profits thereof, and of every

Covenants by vendor,

for right to convey,

for oniet enjoyment.

part thereof to and for his and their own benefit, without any lawful let, sut, trouble, eviction, claim or demand whatsoever,

the said A. B. or his heirs,

CONVEY

MORT

at or by him the said C. D. and his heirs, or the said E. F., OF GAGOR AND or by any other person or persons or to claim by, from, or under or in trust for them, or any of them: AND THAT free and clear, and freely Freedom

lawfully claiming

MORT-
GAGEE.

and clearly and absolutely acquitted, exonerated, released and brances.

for ever

discharged or otherwise by the said C. D., his heirs,

from incum

executors and administrators, well and sufficiently saved, defended, kept harmless and indemnified, of, from and against all estates, titles, troubles, charges, debts and incumbrances whatsoever, either already or to be hereafter had, made, executed, occasioned or suffered by the said C. D. or his heirs, or the said E. F., or the said A. B. or his heirs, or by any other person or persons lawfully claiming or to claim by, from, or under or in trust for them, or any of them: AND FURTHER And for furthat he the said C. D. and his heirs, and the said E. F., and the a said A. B. and his heirs, and all and persons having or claiming, other every person and any estate, right, title or interest, at law or in equity, in, to, or or who shall or may have or claim, out of the said hereditaments and premises hereby assured or expressed, and intended so to be, or any of them, or any part

or in trust for him the said C. D.

ther assurance.

thereof, by, from or under, or his heirs, or the said E. F., or the said A. B. or his heirs, shall and will from time to time, and at all times hereafter, upon the reasonable request, and at the costs and charges of the said G. H., his heirs or assigns, make and perfect, or cause to be made and perfected, all such further and other lawful and reasonable acts, deeds, things, devices and assurances in the law whatsoever, for the further, better, more perfectly and absolutely conveying, releasing and assuring of the said hereditaments and premises hereby assured or expressed, and intended so to be, every part thereof, with their appurtenances, unto and to the use of the said G. H., his heirs and assigns, in manner aforesaid, and according to the true intent and meaning of these presents, as by the said G. H., his heirs or assigns, or his or their counsel in the law, shall be reasonably devised, advised and required. IN WITNESS, &c.

and

CONVEY-
ANCE BY

MORT

GAGOR AND

MORTGAGEE.

OBSERVATIONS ON THE DISPOSITION OF THE PROPERTY
OF BANKRUPTS AND INSOLVENTS.

Bankrupt
Consolida-

tion Act.

Assignees

may execute powers,

THE whole of the old Bankrupt Act (9 Geo. 4. c. 106.) is repealed, and the law of Bankruptcy is now principally regulated by the Bankrupt Law Consolidation Act, 1849 (12 & 13 Vict. c. 106.) Appointment By ss. 141 & 142 of that act, the real and personal of assignees. property of the bankrupt vests in the assignees by virtue of their appointment. By section 147, all powers vested in the bankrupt which he might legally execute for his own benefit (except the right of nomination to any vacant ecclesiastical benefice), may be executed by the assignees for the benefit of the creditors, in like manner as the bankrupt might have executed the same. And by section 149, the assignees can redeem any real or personal estate of the bankrupt which has been granted by him upon condition, or subject to a power of redemption, as fully as the bankrupt might have done.

and redeem

conditional estates.

Sales to purchaser after

No sale by the bankrupt can be avoided as act of bank- against a bonâ fide purchaser advancing his money with notice that the vendor had committed an act of bankruptcy, unless a fiat or petition for adju

ruptcy.

dication of bankruptcy should be sued out or filed within twelve months after the act of bankruptcy (12 & 13 Vict. c. 106. s. 134.) And by the 133rd section it is declared that all payments, conveyances, and contracts, &c., bonâ fide made or executed and entered into by the bankrupt, and all executions against his lands if executed by seizure, and against goods if executed by seizure and sale, before the date of the fiat or the filing of the petition, shall be valid, notwithstanding a prior act of bankruptcy, provided the purchaser had no notice thereof at the time of such payment, conveyance, contract, transaction, execution, &c.

rupt's lease

or refusal

assignees.

The leaseholds of the bankrupt vest in the The bankassignees by virtue of their appointment, and they holds. may accept the lease and take possession, or decline it, as they may think proper. If they accept the Acceptance lease, then the bankrupt is no longer liable to the thereof by rents and covenants, and if they decline it, his liability will cease in case he delivers up the lease or agreement within fourteen days after he has had notice of the refusal of the assignees. (12 & 13 Vict. c. 106. s. 145.)

Court to

holds of

bankrupt.

The Court is empowered to sell the copyholds of Power of the bankrupt and to authorize any person on behalf sell copyof the Court of Bankruptcy to surrender the same for the purpose of any purchaser being admitted. thereto (12 & 13 Vict. c. 106. s. 209.); but in such case the purchase money must be paid to the official assignce, and he should therefore join in the deed of covenant.

The assignees generally sell the property of the Mode of sale

by assignees bankrupt

of bankrupt.

Sale of real

estate of insolvent.

Vesting of

insolvent's:

bankrupt by public auction, but there is nothing in the statutes to prevent their selling by private contract. If they adopt the latter course they should be careful to ascertain that the full market value is obtained. (Sug. Conc. V. & P. 42). Assignees are unable to purchase the estate of a bankrupt, even though the sale be made by public auction; but there are instances in which the Court has sanctioned such a purchase.

By the 47th section of 1 & 2 Vict. c. 110. the real estate of an insolvent must be sold within six months after the appointment of assignees, or within such other time as the Court shall direct, by public auction, in such manner and at such place or places as the creditors shall direct. But if this scheme has been tried and fails, the assignees are entitled to sell by private contract. (Mather v. Priestman, 9 Sim. 352).

Notwithstanding the direction which the statute contains, that the real estate shall be sold within a given time, it does not follow that a sale after the time would be invalid. The clauses of the statute are not mandatory, but are only directory, and accordingly, in a case where the assignees of an insolvent omitted to sell his real estate for a period of nineteen years after the insolvency, it was decided that their title was not affected by a mortgage which had been made by the insolvent in the meantime, and that they could, at that distance of time, make a good title to a purchaser. (Cole v. Coles, 6 Hare, 517).

After the passing of the final order, the whole

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