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THE STUDENT'S STATUTES.
STATUTES RELATING TO THE COMMON LAW,
ACCUMULATION OF PROPERTY.
The Thellusson Act.
39 & 40 GEO. 3, c. 98.
1. No person shall, after the passing of this Act, settle or Periods allowed dispose of any real or personal property so that the rents, issues, tion. profits, or produce thereof shall be wholly or partially accumulated for any longer than (1) the life of any such grantor or settler, or (2) twenty-one years from the death of any such grantor, settler, devisor, or testator; or (3) during the minority or respective minorities of any person or persons who shall be living, or in ventre sa mère at the time of the death of such grantor, devisor, or testator; or (4) during the minority or respective minorities only of any person or persons who, under the uses or trusts of the instrument directing such accumulations, would, for the time being, if of full age, be entitled to the rents, issues, and profits, or the interest, dividends, or annual produce so directed to be accumulated. (a)
Any accumulation directed otherwise shall be null and void (b), and the rents, &c., shall, so long as the same shall be directed to be accumulated contrary hereto, go to such person or persons as
(a) Only one of the four periods can be taken: (Wilson v. Wilson, 1 Sim. N. S. 288; Rosslyn's Trust, 16 Sim. 391; Ellis v. Maxwell, 3 Beav. 595; Griffiths v. Vere, 9 Ves. 126.)
(b) A disposition directing an accumulation for a longer period than allowed by the Act is void only as to the excess, but should it exceed the time allowed for the creation of executory interests, it would be absolutely void: (Griffiths v. Vere, sup.)
would have been entitled thereto if such accumulation had not been directed.
2. The Act does not extend to provisions for payment of debts, for raising portions for children, or any direction touching the produce of timber or wood.
The Apportionment Act, 1870.
33 & 34 VICT. c. 35.
2. After the passing of this Act, rents, annuities, dividends ments to be ap- and other periodical payments, in the nature of income (reserved by writing or otherwise), shall be considered as accruing from day to day, and shall be apportionable in respect of time accordingly. (a)
3. The apportioned part of any such rent or other payment shall be payable in the case of a continuing rent or other such payment when the entire portion, of which such apportioned part shall form part, shall become payable, and in the case of a rent or other such payment determined by re-entry, death, or otherwise, when the next entire portion would have been payable if the same had not so determined.
4. All persons and their respective heirs, executors, administrators, and assigns, and also the executors, administrators, and assigns respectively of persons whose interests determine with their own deaths, shall have such or the same remedies for recovering such apportioned parts as aforesaid when payable (allowing proportionate parts of all just allowances) as they respectively would have had for recovering such entire portions as aforesaid if entitled thereto respectively, provided that persons liable to pay rents reserved out of or charged on lands or other hereditaments of any tenure shall not be resorted to for any such apportioned part forming part of an entire or continuing rent as aforesaid specifically, but the entire or continuing rent, including such apportioned part, shall be recovered and received by the heir or other person who, if the rent had not been apportionable under this Act, or otherwise, would have been entitled to such entire or continuing rent, and such apportioned part shall be recoverable from such heir or other person by the executors or other parties entitled under this Act to the same by action.
(a) The Act applies to a will executed before and confirmed by a codicil executed since the passing of the Act: (Constable v. Constable, 11 Ch. D.
5. In the construction of this ActThe word "rents" includes rent service, rent charge, and rent of terms seck, and also tithes and all periodical payments or renderings in lieu of or in the nature of rent or tithe. The word "annuities" includes salaries and pensions. The word "dividends" includes (besides dividends strictly so called) all payments made by the name of dividend, bonus, or otherwise out of the revenue of trading or other public companies, whether such payments shall be usually made or declared at any fixed times or otherwise.
6. Nothing in this Act contained shall render apportionable Exemptions, any annual sums made payable in policies of assurance of any description.
7. The provisions of this Act shall not extend to any case in which it is or shall be expressly stipulated that no apportionment shall take place.
ASSIGNMENT OF PAY.
The Naval and Marine Pay and Pensions Act, 1865. 28 & 29 VICT. c. 73.
4. Any assignment, sale, or contract by an officer, seaman, or marine entitled to any naval pension, or by a person entitled to a pension as the widow of an officer, or to an allowance from the Compassionate Fund, or to any marine half-pay, of or in relation to the same, shall be void.
5. Any assignment, sale or contract of or relating to any pay, wages, bounty money, grants, or other allowances in the nature thereof, payable in respect of services in the navy or marine force to a person being or having been a subordinate officer, seaman, or marine, shall be void.
The Bank Holiday Act, 1871.
34 Vicт. c. 17.
1. Easter Monday, the Monday in Whitsun week, the first Monday in August, and the 26th December, if a week day, shall be bank holidays, and bills of exchange and promissory notes due on any such bank holiday shall be payable on the following day.
2. If the day on which notice of dishonour should be given, or
bill or note presented for acceptance, be a bank holiday, such acts may be done on the following day.
3. No person shall be compellable to make any payment or do any act upon bank holidays which he would not be compellable to make or do on Christmas Day or Good Friday.
4. This Act shall apply to special bank holidays by Royal proclamation.
The Holidays Extension Act, 1875.
38 VICT. c. 13.
2. Whenever the 26th December shall fall on a Sunday, the Monday immediately following shall be a holiday under this Act, and also under the 34 Vict. c. 17: (sup.)
Provision for protection of banker.
Interpretation of terms.
BILLS OF EXCHANGE, PROMISSORY NOTES,
An Act to repeal certain Stamp Duties and to grant
16 & 17 VICT. c. 59.
19. Any draft or order drawn upon a banker for a sum of money payable to order on demand, which shall when presented for payment purport to be indorsed by the person to whom the same shall be drawn payable, shall be a sufficient authority to such banker to pay the amount of such draft or order to the bearer thereof; and it shall not be incumbent on such banker to prove that such indorsement, or any subsequent indorsement, was made by or under the direction or authority of the person to whom the said draft or order was or is made payable either by the drawer or any indorser thereof.
Bills of Exchange Act, 1882.
45 & 46 VICT. c. 61.
2. In this Act, unless the context otherwise requires: "Acceptance means an acceptance completed by delivery or notification.
"Action" includes counter-claim and set-off.
'Banker" includes a body of persons whether incorporated or not who carry on the business of banking.
Bankrupt" includes any person whose estate is vested in a trustee or assignee under the law for the time being in force relating to bankruptcy.
means the person in possession of a bill or note which is payable to bearer.
"Bill" means bill of exchange, and "note" means promissory note. 'Delivery" means transfer of possession, actual or constructive, from one person to another.
"Holder" means the payee or indorsee of a bill or note who is
"Indorsement means an indorsement completed by delivery.
"Person" includes a body of persons whether incorporated or not.
"Written" includes printed, and "writing" includes print.
PART II.-Bills of Exchange.
Form and Interpretation.
3. (1.) A bill of exchange is an unconditional order in writing, Bill of exchange addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to or to the order of a specified person, or to bearer.
(2.) An instrument which does not comply with these conditions, or which orders any act to be done in addition to the payment of money, is not a bill of exchange.
(3.) An order to pay out of a particular fund is not unconditional within the meaning of this section; but an unqualified order to pay, coupled with (a) an indication of a particular fund out of which the drawee is to reimburse himself or a particular account to be debited with the amount, or (b) a statement of the transaction which gives rise to the bill is unconditional.
(4.) A bill is not invalid by reason
(a.) That it is not dated;
(b.) That it does not specify the value given, or that any value has been given therefor;
(c.) That it does not specify the place where it is drawn or
the place where it is payable.
4.-(1.) An inland bill is a bill which is or on the face of it Inland and purports to be (a) both drawn and payable within the British foreign bills. Islands, or (b) drawn within the British Islands upon some person resident therein. Any other bill is a foreign bill.
For the purposes of this Act "British Islands" mean any part of the United Kingdom of Great Britain and Ireland, the