day of purposes; deceased for sale. business, and the said [deceased partner] should be entitled to the remaining of partnership; third part of such assets; AND WHEREAS the said [partners] purchased for of purchase purposes of their said business the hereditaments hereby conveyed, and by an of lands for indenture dated, &c., and made between [parties], the said hereditaments partnership were granted or assured to the use of [partners], their heirs and assigns, as joint tenants in trust for the said [partners], their executors, administrators, and assigns, as part of their partnership estate and property; AND WHEREAS of will of the said [deceased partner] died on the 19, without partner; having revoked or altered his will, dated, &c., whereby he appointed the said [executor] to be his sole executor, and the said will was proved by the said [executor] on the day of ——, 19—, in the Principal Probate Registry; of agreement AND WHEREAS the said [surviving partners] and [executor] have agreed with the said [purchaser] for the sale to him of the said hereditaments at the price of £6,000. NOW THIS INDENTURE WITNESSETH that, in pursuance of Testatum. the said agreement, and in consideration of the sum of £4,000 now paid to the said [surviving partners] by the said [purchaser], and of the sum of £2,000 now paid to the said [executor] by the said [purchaser], making together the sum of £6,000 (of which several sums of £4,000 and £2,000 the said [surviving partners] and the said [executor] respectively acknowledge the receipt), the said [surviving partners] as beneficial owners convey, and the said [executor] as the personal representative of the said [testator] deceased conveys and confirms unto the said [purchaser], ALL THAT [describe parcels], TO HOLD all the premises unto and to the use of the said [purchaser], his heirs and assigns. [Add statement as to value if appropriate, as in Form 1, ante.] IN WITNESS, &c. Form 12. Conveyance of Freeholds to Partners as Joint Tenants (o). day of THIS INDENTURE, made the 19, BETWEEN [vendor], of, &c. (hereinafter called "the vendor "), of the one part, and [partner], Parties. (0) Stamp, ad valorem: see Preliminary Note, ante, p. 459. The form in the text is Conveyances in common use for conveying freehold property to partners as part of their partnership of land to estate, and in most cases it suffices to carry out its object without any difficulty arising. partners. Thus if a partner dies the surviving partners in whom the legal estate is vested can sell for now Testatum. of, &c. [second partner], of, &c., and [third partner], of, &c., carrying on [Add statement as to value if appropriate, as in Form 1, ante.] the purposes of the partnership and give a good title to a purchaser who is not concerned, in that case, to enquire as to propriety of the sale or to require the concurrence of the personal representatives of the deceased partner (see Bourne, In re, [1906] 2 Ch. 427); but when a partner retires the legal estate in his share remains vested in him, and to vest this share in the continuing partners requires a duly stamped conveyance or release, the transaction being treated, for stamp duty, as a sale of the outgoing partner's share to the other partners. It was thought that this difficulty might be avoided by conveying the property in the first instance "unto and to the use of the purchasers" (the partners) their heirs and assigns as joint tenants, In trust for the purchasers their executors administrators and assigns, as part of their copartnership estate," and adding a proviso to the following effect: 66 66 PROVIDED ALWAYS, and it is hereby agreed and declared, that it shall be lawful for the purchasers, or in case any one or more of them shall have ceased to be a partner or partners in the said firm, then for the surviving or continuing partners or partner at any time or times to appoint a new trustee or new trustees of these presents, and in particular to appoint a new trustee in the place of any trustee who shall have ceased to be a member of the said firm as if such trustee were dead. And, further, that the trustees or trustee for the time being hereof shall have full power, without the concurrence of any beneficiary, to sell, mortgage, charge, lease, or otherwise dispose of the premises hereby conveyed or any of them, and to receive and give effectual receipts or discharges for any moneys payable under or by virtue of any such disposition." And this form of conveyance is sometimes adopted. But it is at least open to question whether a conveyance in this form would, in the case of a subsequent retirement of one of the partners, render it unnecessary to obtain the concurrence of the retiring partner on a sale by the other partners-see as to this the remarks of the learned editor of the last (7th) edition of Elphinstone's Introduction, pp. 366, 367. Power to appoint new power to trustees to sell, &c. (e) trustees, and |