Page images
PDF
EPUB

AND IT IS HEREBY DECLARED that the receipt in writing of the trustees or trustee, for any stocks, funds, shares, or securities, paid or transferred to them or him, in pursuance of these presents, or of the trusts thereof, shall effectually discharge the person or persons paying or transferring the same therefrom, and from being concerned to see to the application thereof, or being accountable for the non-application or mis-application thereof.

AND IT IS HEREBY DECLARED that, if the said trustees hereby appointed, or any of them, or any trustee or trustees to be appointed as herein after is mentioned, shall die, or desire to be discharged, or refuse or become incapable to act, then and so often the said A. B. and C. D., or the survivor of them, or [after the death of such survivor] the surviving or continuing trustees or trustee for the time being, [and for this purpose retiring or refusing trustees, or a retiring or refusing trustee, shall, if willing to act in the execution of this power, be considered continuing trustees or a continuing trustee, or the acting executors or administrators of the last surviving or continuing trustee, may appoint any other person or persons to be a trustee or trustees in the stead of the trustee or trustees so dying, or desiring to be discharged, or refusing or becoming incapable to act; AND upon every such appointment the said trust premises shall be so transferred that the same may become vested in the new trustee or trustees, jointly with the surviving or continuing trustees or trustee, or solely, as the case may require; and every such new trustee shall [either before or after the said trust premises shall have become so vested] have the same powers, authorities, and discretion as if he had been hereby originally appointed a trustee.

AND IT IS HEREBY DECLARED that the trustees or trustee for the time being of these presents shall be chargeable only with such moneys as they or he respectively shall actually receive, and shall not be answerable the one for the other of them, nor for any banker, broker, or other person, in whose hands any of the trust moneys shall be placed, nor for the insufficiency or deficiency of any stocks, funds, shares, or securities, nor otherwise for involuntary losses; AND that the said trustees or trustee for the time being may reimburse themselves or himself, out of the moneys which shall come to their or his hands under the trusts aforesaid, all expenses to be incurred in or about the execution of the aforesaid trusts. IN WITNESS WHEREOF, &c., (as in n. 955.)

[blocks in formation]

967. SETTLEMENT of PERSONALTY.

THIS INDENTURE, made the

sand cight hundred and

day of

,

between A. B., of the

of

,

dollars

, in the county of and Province of Canada, carpenter, of the first part; C. D., of the same place, spinster, of the second part; and E. F., farmer, and G. H., gentleman, both of , in the county of of the third part, witnesseth that, in consideration of an intended marriage between the said A. B. and C. D., it is agreed as follows:(1.) THE SAID E. F. and G. H. shall hold dollars per cent. consolidated bank annuities transferred into their names by the said A. B., UPON TRUST that they, and the survivor of them, his executors or administrators, or their or his assigns, shall either retain or [subject, until the death of both the said A. B. and C. D., to the written consent of such of them as shall be living] realize the premises and the investments for the time being under this trust, and [subject as aforesaid] invest the moneys realized in or upon any stocks, funds, shares, or securities, not being (name any objected to,) or the personal security of any person.

(2.) THE SAID trustees or trustee shall [after the said marriage] pay the income of the said premises, during the joint lives of the said A. B. and C. D., to the said C. D., for her separate use [and so that no anticipation thereof shall be valid;] and, after the death of either of them, to the survivor, during his or her life.

(3.) SUBJECT to the foregoing trusts, the premises shall be HELD IN TRUST for such children or child of the marriage, and in such manner, as the said A. B. and C. D. shall, by deed, or the survivor shall, by deed, will, or codicil, appoint; and so far as the same shall be unappointed, IN TRUST for the children equally [or child, if but one,] of the marriage attaining twenty-one years, or [being daughters or a daughter] marrying, [but so that no child shall take any unappointed share without bringing his or her appointed share into hotchpot; and, on failure of the foregoing trusts, IN TRUST for the said A. B., his executors and administrators.

(4.) THE SAID trustees or trustee may [without prejudice to the trusts preceding the creation of such interest] raise and apply, for any minor's benefit, half, or less, of his or her interest under the trust, and apply the income of any minor's interest for his or her maintenance and education [payment to a guardian being deemed such application;) and accumulate any surplus, upon the trusts and with the powers of the principal from which the same proceeded, or the income thereof.

(5.) PROVIDED (1.) THAT the trustees' receipts shall discharge persons paying or transferring trust property from liability in regard to the application thereof; (2.) THAT the said A. B. and C. D., and the survivor, and, after such survivor's death, the surviving or continuing trustees or trustee, or the executors or administrators of the last surviving or continuing trustee, may appoint one or more persons in the place and with the powers of every original or future trustee who shall die, retire, or be abroad, or refuse or become incapable to act, the premises being on each appointment either revested or not at discretion. The vacancies may be supplied either at the same or several times, and in any order, and every refusing or retiring trustee shall be deemed continuing, for the purpose of supplying (if willing) his own or any other the subsisting vacancy.

IN WITNESS, &c., (as in n. 955.)

968. SETTLEMENT, on MARRIAGE, of REAL ESTATE upon the HUSBAND and WIFE successively for LIFE, with REMAINDER to the CHILDREN of the MARRIAGE, as the HUSBAND and WIFE, or the SURVIVOR, shall APPOINT; and, in DEFAULT, in EQUAL SHARES in TAIL as TENANTS in COMMON, with CROSS REMAINDERS.-POWERS of MANAGEMENT during MINORITIES, of LEASING, and of SALE and EXCHANGE. THIS INDENTURE, made the

of

,

, one

day of thousand eight hundred and between A. B., of in the county of , and Province of Canada, (intended husband,) of the first part; C. D., of and province aforesaid,

of

,

,

,

in the county of (intended wife,) of the second part; and E. F., of

,

of

,

of

and G. H., of in the county , and province aforesaid, (trustees,) of the third part, witnesseth as follows:

of

THAT, IN CONSIDERATION of a marriage intended to be shortly solemnized between the said A. B. and C. D., he, the said A. B., with the approbation of the said C. D., doth hereby grant, unto the said E. F. and G. H., and their heirs, ALL THOSE, &c., (describe the property by schedule,) TOGETHER with all ways, water-courses, rights, privileges, easements, advantages, and appurtenances, whatsoever, to the said hereditaments or any part thereof appertaining, or with the same or any part thereof held, used, or enjoyed, or reputed as part thereof or appurtenant thereto, AND ALL THE ESTATE AND INTEREST of the said A. B. and C. D. in the said premises. TO HOLD the said premises UNTO the said E. F. and G. H., and their heirs, To THE USE of the said A. B., and his heirs, until the said intended marriage; AND AFTER the solemnization thereof, TO THE USE of the said A. B., and his assigns, during his life, without impeachment of waste; AND AFTER his death, TO THE USE of the said C. D., and her assigns, during her life, without impeachment of waste; AND AFTER the death of the said C. D., TO THE USE of the child, or all or such one or more of the children, of the said intended marriage, for such estates or estate, and in such manner and form, in every respect, as the said A. B. and C. D. shall, by any deed or deeds appoint; AND IN DEFAULT of and until such appointment, and so far as no such appointment shall extend, as the survivor of the said A. B. and C. D. shall, by any deed or deeds, or by will or codicil, appoint; AND IN DEFAULT of and until such appointment, and so far as no such appointment shall extend, IF there shall be only one child of the said intended marriage, TO THE USE of such only child, and the heirs of his or her body; Bur if there shall be more than one child of the said intended marriage, then TO THE USE of all the children of the said intended marriage, and the heirs of their respective bodies, in equal shares, as tenants in common; And if any one or more of the said children shall die without issue, then, as well as to the original share or shares of the child or children so dying as to the share or shares that shall have survived or accrued to such child or children, or to the heirs of his, her, or their body or respective bodies, TO THE USE of the others or other of the said children, and the heirs of their, his, or her respective bodies or body; and, if more than one, in equal shares; AND FOR DEFAULT of such issue, το THE USE of the said A. B., his heirs and assigns, for ever.

AND IT IS HEREBY DECLARED that, after the death of the said A. B. and C. D., so long as any child of the said intended marriage shall be under the age of twenty-one years, the said E. F. and G. H., or the survivor of them, or the executors or administrators of such survivor, shall receive the rents and profits of, and manage, the said premises, and may fell timber for repairs, or sale, or otherwise, and may accept surrenders from, and make allowances to, and arrangements with, tenants and others, and do all such other things as may to them or him seem expedient for the due mangement, thereof; AND, after deducting the expenses of management, repairs, insurance, and other outgoings, [if there be or can be any charge on the premises, add: "and keeping down any annual sum or sums, and the interest on any principal sum or sums, charged on the premises,"] shall pay to such of the children of the said intended marriage as shall for the time being have attained the age of twentyone years, his, her, or their share or respective shares of the said net rents and profits; AND shall, out of the share thereof of every or any of the said children who shall for the time being be under the age of twenty-one years, pay the whole, or such sum or sums as the said trustees or trustee shall think proper, for or toward the maintenance or education of every such minor, [either directly or by payment to his or her guardian or guardians, to be applied by such guardian or guardians, without accounting to the said trustees or trustee;] AND shall accumulate the residue [if any] of every or any such share of the said rents and profits, in the way of compound interest, by investing the same, and all the resulting income thereof, in their or his names or name, in or upon (here name the approved securities,) with power to resort to such accumulations respectively, at any time or times during the minority of the child from whose share the same respectively shall have arisen, for the maintenance or education of such child; AND, subject and without prejudice to the provision for resorting to the said accumulations for maintenance and education as aforesaid, shall hold all the said residue of every or any such share of the said rents and profits, and the stocks, funds, and securities in or upon which the same may be invested, upon such trusts as the same would be held upon if the same were moneys arising from sales under the power of sale herein after contained, or stocks, funds, or securities purchased therewith.

PROVIDED ALWAYS that the said A. B., during his life, and, after his death, the said C. D., during her life, and, after the death of the said A. B. and C. D., the said E. F. and G. II., and the survivor of them, and the executors and administrators of such survivor, during the minority of any child of the said intended marriage, may, at any time or times, appoint, by way of lease, at rack rent, all or any of the said premises for any term of years absolute, not exceeding twenty-one years, to take effect in possession.

PROVIDED ALSO that the said E. F. and G. II., and the survivor of them, and the executors or administrators of such survivor, (herein after called the trustees or trustee,) may, at any time or times during the life of the said A. B., with his consent in writing, and, after his death, during the life of the said C. D., with her consent in writing, and, after the death of the said A. B. and C. D., during the minority of any child of the said intended marriage, at the discretion of them, the said trustees or trustee, [but subject to any lease which may have been granted under the power herein after contained,] dispose of, either by way of sale or in exchange for other hereditaments in the Province of Canada, all or any of the said premises, upon such terms and under such conditions as the said trustees or trustee shall think fit, and may buy-in or rescind any contract for sale or exchange, and resell or again exchange, without being responsible for loss occasioned thereby, and may revoke the uses, trusts, and powers then subsisting in or of the hereditaments so sold or disposed of in exchange, and appoint the same to such uses and in such manner as shall be expedient to effectuate such sale or exchange.

AND IT IS HEREBY DECLARED that the receipt of the said trustees or trustee, for any moneys paid to them or him upon any sale, or for equality of exchange, under the power of sale and exchange herein before contained, shall effectually discharge the persons paying the same therefrom, and from being concerned to see to the application

« EelmineJätka »