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FOR A MORTGAGE
A SUM OF STOCK.
on proposed loan,
and in re-purchase of stock sold;
PRECEDENT XX. tioned; And in the next place shall apply such money, interest, and cash balance in satisfaction to the said TO TRUSTEES OF trustees or trustee of interest at the rate of 5 per cent. per annum on the said sum of 5000l. from the day of the sale of the said Bank Annuities as herein before agreed upon up to the day of the repurchase of Bank Annuities as hereinafter mentioned; And in the next place shall apply such money, interest, and cash balance in or towards the repurchase in the names or name of the said trustees or trustee of such an amount of Bank Three Pounds per cent. Consolidated Annuities as shall have been sold by the said A. B. and C. D. in order to raise the said net sum of 5000l.; And then shall pay the surplus (if any) of the said money, interest, and cash balance to the said E. F., his executors, administrators, or assigns.
-surplus to belong to mortgagor;
12. -mortgagor to make good any deficiency;
13. deficiency, until payment, to be a charge on estate.
14. Cestui que trust to indemnity trustees.
6. If the said money, interest, and cash balance remaining after payment of the costs and expenses and satisfaction of the interest aforesaid, shall be insufficient to repurchase the aforesaid amount of Bank Annuities, the said E. F., his executors or administrators (b), shall on demand pay to the said trustees or trustee the amount of the deficiency, together with interest thereon at the rate aforesaid; and in the meantime and until payment thereof the said estate, and the hereditaments comprised in the said deeds and muniments specified in the said schedule shall be and remain a security to the said trustees or trustee for, and shall stand charged with the payment to them or him of the amount of the said deficiency and the interest thereon; and the said deeds and muniments shall remain deposited with the said trustees or trustee until payment thereof.
7. The said G. H. will indemnify the said A. B. and C. D. and each of them, against all claims, demands, and liability by reason of the sale of the said Bank
(b) As to the means of converting this and the next clause into covenants, see supra, p. 97, n.
TO TRUSTEES OF
Annuities now standing in their names, or the investment of all or any of the proceeds of such sale in Exchequer Bills, or the application of such Exchequer FOR A MORTGAGE Bills, or of any re-investment which shall be made by them or either of them in consequence of any noncompletion of the said mortgage, or of any other thing relating to the premises. IN WITNESS, &c.
THE SCHEDULE above referred to.
SUM OF STOCK
AGREEMENT for settling the true CONSTRUCTION of an obscure WILL and CODICILS, so as to enable the EXECUTORS and TRUSTEES to CARRY the TRUSTS thereof into EXECUTION WITHOUT the Aid of a COURT of EQUITY-Some of the Cestui que Trusts being MARRIED WOMEN, and one (though twenty-one years of Age) not having attained a VESTED INTEREST in the Funds (a).
THIS INDENTURE, made, &c., between C. B., of, 1. Parties. &c., D. E., of, &c., and F. E. his wife (formerly F. B. spinster), G. H., of, &c., and I. H. his wife (formerly I. B. spinster), and A. B., of, &c. (which said C. B., F. E., I. H., and A. B. are the only children now living of W. X., deceased, the only son of Y. Z., late of, &c., now deceased, and are the only next of kin of L. B.,
(a) It must be understood, that this Precedent is given, not as a form which can be used in framing other instruments, but as a specimen of the kind of instrument required for carrying into effect family arrangements. It is of considerable length, and will require much attention before it is fully comprehended; but as it was prepared with much care, and was settled in consultation by two eminent conveyancers, it has been thought well to include it in this Collection.
THE CONSTRUCTION OF
2. Recites that W. X. and
Y. Z. were co-
3. that W. X.
to Y. Z.;
W. X., and pro
a widow and
6. —will of Y. Z.
deceased, another child of the said W. X.), M. B., of, &c., spinster, N. P., of, &c., and Q, P., of, &c., (formerly Q. B. spinster), and R. S., of, &c., and T. S. his wife (formerly T. B. spinster), which said M. B., Q. P., and T. S., are the only daughters of the said Y. Z., and are, together with the said children of the said W. X., the only next of kin of the said Y. Z., of the one part; and the said N. P., G. H., and C. B., (the executors of the will of the said Y. Z.), of the other part: WHEREAS the said W. X. and Y. Z. carried on business as merchants, in copartnership, down to the time of the death of the said W. X.; AND WHEREAS the said W. X. by his will dated the day of, left all his property in the said copartnership at the disposal of the said Y. Z., and appointed him sole executor of the said will; AND WHEREAS the said W. X. died on the
day of bate of his will; and his said will was proved by the said Y. Z., on the day of, in the Prerogative Court of the Arch5. that he left bishop of Canterbury; AND WHEREAS the said W. X. left V. X. his widow, and the said C. B., F. E., I. H., A. B., and L. B., and no other child him surviving; AND WHEREAS the said Y. Z. by his will dated the day of, appointed the said N. P., G. H., and C. B., his executors, and gave the whole of the properties he might be possessed of or entitled to, belonging to his deceased son, the said W. X., so far as he had power. under the will of his said son, to the said N. P., G. H., and C. B., in trust (to the full extent of his said son's property), for the purposes in the said will now in recital mentioned; and the said testator declared that his own property he should dispose of to the children of his said son and the children of his daughter the said T. S., and in making some bequests to others as he should thereafter name and set forth and the said testator, among other bequests, bequeathed to his said daughter the said T. S. the sum of £1000 31. per cent. Consols, to be added to her marriage settlement; and the said testator then gave various other legacies, and further directed that a sufficient sum might be invested in the public funds
One of the
points in dispute.
will of Y. Z.
Another point in dispute.
30001. Consols to the
or some other security, that the interest thereof might enable his executors to pay the rent from time to time accruing due which he and his said son W. X. by lease had engaged to do in respect of some property at ; and with respect to the remainder of his property (not disposed of otherwise) he directed that the same should Another of the be distributed by his executors amongst his grandchildren points in diswith equity and justice, one half thereof amongst the children of his late son the said W. X., and the other amongst the children of his daughter the said T. S.; AND WHEREAS the said Y. Z. by a codicil dated the 7. Codicil to 2nd day of January, 1854, to his said will, and thereby, in respect to the bequest of his residuary property to his grandchildren, directed, that they should each attain a vested interest therein only as they might respectively attain the age of twenty-three years, or be married with the consent of their respective parents or guardians; 8. That Y. Z. AND WHEREAS the said Y. Z., after the date and execution transferred of his said will and codicil, transferred a sum of £3000 31. per cent. Consolidated Bank Annuities into the name of the trustees of the settlement made and executed on the marriage of the said T. S. with the said R. S., to be by them held and applied upon and for the trusts, intents, and purposes by the said settlement declared of certain parts of the funds therein comprised; AND also transferred a sum of £2500 31. per cent. Reduced Bank Annuities into the names of the said trustees, to be by them held and applied upon certain trusts for the benefit of six children of the said R. S. and T. S.; AND WHEREAS the said Y. Z. by a codicil, dated the 8th day of May, 1854, to his said will, after mentioning that he had, since the execution of his said will, transferred to the trustees of his said daughter T. S.'s marriage settlement the said sum of £3000 31. per cent. Consolidated Bank Annuities, to follow the purposes directed therein, and that he had also transferred to the said trustees the said sum of £2500 31. per cent. Reduced Bank Annuities for the benefit of six grandchildren, the sons and daughters of his said daughter T. S. by her husband
trustees of his daughter T. S.'s settlement,
and also 25007. Reduced
Annuities for his daughter
T. S.'s children.
codicil to will
the said R. S., as was directed by a separate deed of trust executed by him the said testator in their favour, directed that the said two respective amounts of stock were to be considered as part of the share or proportion he had directed by his said will to pass for the benefit of his said daughter T. S. and her children; and that a full equal share of his property (in addition to the whole of any property that might have accrued to him, or that thereafter might accrue to him from the will of his late son the said W. X., the whole proceeds arising from which were to be exclusively for the benefit of the children of his said late son, as directed by his the said testator's will or intended so to be, or by the codicil theretofore executed by him for the purpose of directing the same), was to be first taken by or amongst the children of the said W. X., before the said T. S. or her children should be entitled to any further amount in respect thereof; and further, that the same rule should be followed in respect of any further amount of stock or money he the said testator might thereafter appoint for the exclusive benefit of the said T. S. or her children; AND WHEREAS the said Y. Z. died on the 3rd day of January, 1856, and his said will and codicils were proved by the said N. P., G. H., and C. B. on the 20th day of January, 1856, in the Prerogative Court of the Archbishop of Canterbury; AND WHEREAS the said C. B., F. E., and I. H. attained their age of twenty-three years death of Y. Z.; in the lifetime of the said Y. Z.; and the said A. B. had attained his age of twenty-one years, but was under the age of twenty-three years, and the said L. B. was an infant under the age of twenty-one years at the death of the said Y. Z.; AND WHEREAS all the said six children of the said T. S. are still living; AND WHEREAS the said C. B., F. E., I. H., A. B., and L. B., the children of the said W. X., and the said M. B., Q. P., and T. S., the children of the said Y. Z., were the persons living at the time of the death of the said Y. Z., who would have been entitled to his personal estate under the statutes for the distribution of the personal estate of intestates had he
10. —death and 11.-probate of
the will and codicils of Y. Z.;
12. -ages of the children of W. X. at the
13. -the six children of
T. S. are living;
14. the persons who were next of kin to Y. Z. at his death;