PRECEDENT GRANT AND RELEASE, AND ASSIGNMENT OF TERMS. receipt; further con sideration, -receipt; - further con sideration, said G. H. (the receipt and payment in manner aforesaid of which said sum of £1500 the said C. D., E. F., and G. H. respectively hereby acknowledge), and in consideration of the sum of £2000 at the same time paid by the said L. M. to the said I. K. at the request of the said G. H., and with the privity of the said C. D. and E. F. (the receipt and payment in manner aforesaid of which said sum of £2000 the said I. K., C. D., and E. F. respectively hereby acknowledge), and in consideration of the sum of £1325 at the same time paid by the said L. M. to the said A. B. at the request of the said G. H. (the receipt; receipt of which said sum of £1325 the said A. B. doth hereby acknowledge), and in consideration of the sum of £1175 at the same time paid by the said L. M. to the said G. H. (the payment and receipt in manner aforesaid of which said sums of £1500, £2000, £1325, and £1175, making together the said purchase-money of £6000, the said G. H. doth hereby acknowledge), He the said A. B., at the request and by the direction of the said G. H. (testified by his being a party to and executing these presents), doth hereby grant and release (b), and he the said 9.-grant by mortgagee and G. H. doth hereby grant and confirm UNTO the said L. M., his heirs and assigns [Parcels in first schedule 10.-parcels. supra, pp. 207, 210, 213, 215, or 219, General Words, 11.-Habendum supra, p. 208 (c)]; TO HAVE AND TO HOLD all the said premises herein before expressed to be hereby granted, (b) Qualifying expressions, such as "according to their estate and interest, if any," and "if and so far as they lawfully can or may, but not further or otherwise," which are frequently introduced into the operative part of conveyances by trustees and mortgagees, are of no practical importance whatever, and therefore should not be employed; but when they are used, the purchaser must take care that these parties enter into clear and distinct covenants that they have not incumbered the property; for a covenant merely that they have done nothing to prevent their conveying "in manner aforesaid amounts, in fact, to nothing: Dart, 345. (c) Mortgagees and trustees can be called on to convey only by the words and descriptions by which the conveyance was made to them: 3 Russ. 594. vendor; Inutility of qualifying expressions in conveyances by trustees, &c. Description of parcels in conveyances by fiduciaries. PRECEDENT GRANT AND RELEASE, AND ASSIGNMENT OF TERMS. to purchaser in fee; -free from mortgage 12. Witnesseth, -release by ces tuis qui trust secondly: 13. of premises in first term; UNTO the said L. M., his heirs and assigns, To THE USE of the said L. M., his heirs and assigns, discharged from all principal moneys and interest owing upon or intended to be secured by, and from all claims and demands under, the said indenture of the 12th day of November, 1842: AND THIS INDENTURE ALSO WITNESSETH, that, in further pursuance of the said agreement and for the considerations aforesaid, they the said C. D. and E. F., at the request of the said G. H., do and each of them doth hereby release unto the said L. M., his heirs and assigns, ALL SUCH, and so many, and such part of the said premises herein before expressed to be hereby granted, as by the said indenture of the 30th day of December, 1806, were demised to the said [trustees], with their respective 14.-to the in- rights, easements, and appurtenances, AND ALL the estate, &c., TO THE INTENT that the same premises may be discharged from the said sum of £1500, and from all interest due or to grow due for the same, and from all other (if any) the principal moneys and interest, and all costs and expenses due or owing under, or intended to be secured by, the limitation of the said term of 1000 years, and from all claims and demands in respect thereof, and that the residue of the said term of 1000 years may forthwith cease and determine as to the said premises herein before expressed to be hereby granted under the provisions of the Act of Parliament passed in the 8th and 9th years of the reign of Her present Majesty, intituled "An Act to render the Assignment of satisfied Terms unnecessary" (d) : tent that term may cease. (d) This method of dealing with and getting rid of a term is very commonly and efficaciously adopted where all the parties beneficially interested in the moneys secured by the term are able and willing to join in the conveyance; and it may save considerable expense, by avoiding the necessity of tracing the representation to the term, and procuring the concurrence of the trustees. The purchaser must, however, satisfy himself that the trustees whose concurrence he thus dispenses with have no costs secured to them by the term unpaid, lest the term should not be really satisfied; and, as a general rule, it will not be safe to rely on this method of extinguishing a term, if there have been any dealings with the term in which costs may have been incurred. PRECEDENT XX. GRANT AND RELEASE, AND ASSIGNMENT OF TERMS. second term. -assignment of AND THIS INDENTURE ALSO WITNESSETH, that, in further pursuance of the said agreements, and for effectuating the said desire, and for the considerations aforesaid, he the said I. K., with the concurrence of the said C. D. and E. F., and at the request of the said G. H., 15. Witnesseth, and on the nomination of the said L. M. (testified by thirdly: their severally being parties to and executing these presents), doth hereby assign unto the said N. O., his executors and administrators, ALL SUCH, and so many, and such part and parts of the said premises herein before expressed to be hereby granted, as are comprised in the said term of 600 years created by the said indenture of the 14th day of June, 1828, AND ALL the estate, right, title, interest, claim, and demand whatsoever of him the said I. K. therein and thereto; To HAVE AND TO HOLD 16. Habendum, the said premises hereinbefore expressed to be hereby assigned, Unto the said N. O., his executors and administrators, for all the residue of the said term of 600 years, discharged from the said sum of £2000 and interest, and from all other (if any) the principal moneys and interest, and costs, charges, and expenses, intended to be secured by the said term, IN TRUST for the said In trust for L. M., his heirs and assigns, and to permit the same to purchaser and to cease. attend the reversion, freehold, and inheritance of the same premises, To the intent that the said term of 1000 years may forthwith cease and determine as to the said premises hereinbefore expressed to be hereby granted under the provisions of the said Act of Parliament hereinbefore referred to (e); AND THIS INDENTURE 17. Witnesseth, ALSO WITNESSETH, that, in further pursuance of fourthly: the said agreement, and for effectuating the said desire, -free from charges. (e) The plan adopted in the text of assigning a term to a trustee in order that it may cease, should be pursued only when there is some doubt as to the person in whom the immediate reversion expectant on the term is vested in all other cases the term should either be surrendered, as in Precedent XIX., supra, p. 280, or released, as in the first witnessing part of the Precedent in the text. and for the considerations aforesaid, He the said G. H. doth hereby grant unto the said L. M., his heirs and assigns [Parcels in second schedule-General Words]; To HAVE AND TO HOLD the said premises lastly herein before expressed to be hereby granted, UNTO the said L. M., his heirs and assigns, To THE USE of the said L. M., his heirs and assigns [Covenant by A. B. with L. M., his heirs and assigns, that he has not incumbered the premises granted by him, supra, p. 249,—Similar covenant by I. K. with N. O., his executors, administrators, and assigns, as to premises assigned by I. K.]; AND THEY the said C. D. and E. F., do hereby for themselves, their heirs, executors, and administrators, and each of them doth hereby for himself, his heirs, executors, and administrators, covenant with the said L. M., his heirs and assigns, that, notwithstanding anything by them the said C. D. and E. F., or either of them, or by the said [settlor], done, omitted, or knowingly suffered, they the said C. D. and E. F. now have power to release all the said premises hereinbefore expressed to be released by them in manner herein before expressed, And that the same premises [Covenants for quiet enjoyment, free from incumbrances, and further assurance, supra, p. 236, without the final proviso,-Usual covenants for title by G. H. with L. M., his heirs and assigns, as to all the premises granted, · released, and assigned, supra, p. 281]. IN WITNESS, &c. (ADD two Schedules.) XXI. CONVEYANCE to Uses to bar Dower by a TENANT for PRECEDENT BY TENANT FOR THIS INDENTURE, made, &c., between A. B., of, &c., 1. Parties. and C. D., of, &c. [mortgagees for a term], of the first part; E. F., of, &c., and G. H., of, &c. [trustees of the fee for the mortgagees], of the second part; I. K., of, &c. [tenant for life], of the third part; L. M., of, &c. [remain (a) Where land is in settlement, e. g., limited to A. for life, with remainder to B. in fee, and B. concurs with A. in selling the fee simple, the land will, in the hands of the purchaser, be under the statute 16 & 17 Vict. c. 51, s. 15, subject to succession duty at the time at which B.'s estate in remainder would have become an estate in possession had no sale been effected; but will not be so subject where the sale is made in exercise of a power overriding the limitations, s. 42. Where the contract is one entire contract for the purchase of the fee simple in possession, as distinguished from separate contracts for the purchase of the separate interests, the vendors ought to discharge the duty; but where the purchaser contracts for a reversionary interest, he not only cannot require the vendor to discharge the duty, but is himself bound to covenant to pay it when due, and to indemnify the vendor against it: Dart, 383. Section 40 empowers the Commissioners to receive the duty in advance; and, where payable by the vendor, it ought to be, and usually is, paid before the completion of the purchase. A purchaser consenting that the payment shall be deferred should take from the vendor such a covenant as that in the text, which may be readily altered to suit the converse case of a purchaser undertaking to pay the duty. As between the vendor and purchaser of a reversion the purchaser pays the succession duty: Cooper v. Trewby, 28 Beav. 194. VOL. II. U |