529 SETTLEMENTS. which settle contain, THE provisions which should be introduced into Provisions settlements will depend in great measure on the ments should nature and description of the property to be made the subject of trust, and on the objects intended to be effected and provided for. The difference between the construction of limitations in settlements and testamentary documents must be carefully borne in mind, and the deed should be prepared accordingly. property is estate. If the property to be settled is personal estate, where the the draftsman must provide for the investment of personal the trust funds and the change of the securities from time to time, and for the application of the income and the division of the trust funds amongst the objects for whom they are primarily intended, and for the destination of the property in default of such objects. The time for the vesting of the corpus of the funds must be unmistakeably defined, and the deed must contain all proper provisions for the maintenance of minors, for the accumulation of the surplus income, and for advancement, for making the receipts of trustees sufficient discharges, where the property is and for the appointment of new trustees from time to time, in the place of retiring, incompetent or deceased trustees, and for their indemnity, &c. If the property to be comprised in the settlement real estate. be freeholds, copyholds or leaseholds, besides the provisions which are equally applicable to settlements of real and personal estate, the trustees must be provided with powers applicable to the character of the particular property, such as powers of leasing for twenty-one years, and of granting building and mining leases, powers of sale and exchange, powers of felling timber and partitioning when necessary, provisions as to the application of the rents and profits during minorities, and powers for the payment of ground rents, for the renewal of leases, and for the enfranchisement of copyholds, &c., and in preparing all the limitations and provisions due attention must be paid to the nature of the respective properties, and the rules of law and construction which govern each. Rule against perpetuities. Settlements of property Whether the settlement relates to real or personal estate, the fact must not be lost sight of that our law abhors a perpetuity, and that it will frustrate every attempt to keep the property fettered beyond a life or lives in being, and twentyone years after wards. The 18 & 19 Vict. c. 43. ss. 1. 3. authorizes of infants infants in contemplation of marriage, with the sanction of the Court of Chancery, to be given on petition without the institution of a suit, (if males, at any time after the age of twenty, and if females, at any time after the age of seventeen) to make bind ing settlements on all or any part of their real or personal property, or property over which they may have any power of appointments. But as to appointments under a power, or any disentailing assurance which may have been executed by the infant tenant in tail under the provisions of the act, it is provided that in case the infant dies under twenty-one, such appointment or disentailing assurance shall be absolutely void. (Sect. 2). settlements. By the recent Stamp Act, 13 & 14 Vict. c. 97., Stamps on settlements are subject to the following stamp duties: Any deed or instrument, whether voluntary or gratuitous, or upon any good or valuable consideration other than a bona fide pecuniary consideration, whereby any definite and certain principal sum or sums of money (whether charged or chargeable on lands, or other hereditaments or heritable subjects, or not, or to be laid out in the purchase of lands or other hereditaments or heritable subjects or not) or any definite and certain share or shares in any of the government or parliamentary stocks or funds, or in the stocks and funds of the governor and company of the Bank of England, of the Bank of Ireland, or of the East India Company, or of the South Sea Company, or of any other company or corporation, shall be settled, or agreed to be settled, upon or for the benefit of any person or persons, either in possession or reversion, either absolutely or for life, or other partial interest, or in any other manner whatsoever. If such sum or sums of money, or the value of such share or shares, in all or any of the said stocks or funds, or of such one or more of the said articles as shall be so settled or agreed to be settled, or both such sum or sums of money, Policy of assurance does settlement stamp. and the value of one or more of such articles And all deeds or instruments chargeable with A settlement of a policy of insurance, and of all not require a monies assured and to become payable thereunder, does not require an ad valorem stamp under the title "Settlement," although the settlor should enter into a covenant for the payment of the premiums. (Sainville v. Commissioners of Inland Revenue, 2 W. R. 529; 23 L. T. 223). Voluntary settlements If the settlement is post nuptial, and not made of real estate. in pursuance of articles entered into before marriage, or if the settlement is not made with reference to marriage, and is not supported by a bonâ fide valuable consideration, or if in other respects it should be voluntary, then, under the 13 Eliz. c. 5. and the 27 Eliz. c. 4., such a settlement is void with respect to the real estate settled, including chattels real, as against a subsequent purchaser for value or mortgagee from the settlor, although the purchaser or mortgagee might be attached with notice, and would be void with respect to every kind of property, as to the settlor's creditors, if he was indebted at the date of the settlement to such an extent as to raise a presumption of fraud. (Lush v. Wilkinson, 5 Ves. 384; Townsend v. Westacott, 2 Beav. 340; Norcut v. Dodd, 1 Cr. & Phil. 100; Scarf v. Soulby, 16 Sim. 481). But after the execution of a voluntary conveyance a person could not be advised to take a conveyance from the grantor, as a prior purchaser from the voluntary grantee, whether he was aware that the conveyance was voluntary or not, would be entitled to priority. (Dart's Comp. 84, 2nd ed.) A contract for sale entered into by a person who has executed a voluntary settlement may be enforced against him, but cannot be enforced by him. (Buckle v. Mitchell, 18 Ves. 100; Smith v. Garland, 2 Mer. 123). A conveyance for the payment of debts generally, to which no creditor is a party, and in which no particular debts are expressed, is a fraudulent conveyance, within the 27 Eliz. c. 4., against a subsequent purchaser for a valuable consideration. (3 Sug. V. & P. 285, 10th ed.; Leech v. Leech, 1 Ch. Ca. 249; Wallwyn v. Coutts, 3 Merr. 707). will execute a contract. Equity will not give its assistance to execute a When equity voluntary contract or covenant. The property which is the subject of voluntary settlement must be so transferred as to create the relation of trustee and cestui que trust, or the Court will do nothing; but if the settlement does not rest in voluntary agreement, but an actual trust be created, the |