of life interest to on the marriage. PSNTS FURTHER WITS that, in conson of the sd intd marre, take effect the sd A. doth hby assn & surrender to the sd C., the life intt of her, the sd A. in the sd sum of £- Bank Stk hinbfe apptd, to the intent that the sd C. may immedly upon the solemnison of the sd intd marre become absolutely entled in posson to the sd sum of £- Bank Stk, & that the same may be immedly transferable by the trees or tree of the sd indre of settlemt to the sd C., his exs, ads, or assns (a): PROVD ALWAYS, & the sd A. doth hby declare, that if the sd now intd marre shl not take place within six calr months from the date hrof, these psnts & everythg hrin contd shl be void (b). IN WITS, &c. Appoint ment to be void if marriage does not take place. Shorter duty at the lower rate is not payable during the continuance of the settlements (see the Finance Act, 1894, s. 5 (2)), it follows that in the case given in the text succession duty at the lower rate will be payable in respect of the property in which A. takes the first life interest, but not in respect of that in which B. took the first life interest, as estate duty was paid in respect of that property on his death. It is obviously more convenient to appoint the fund free of duties, otherwise succession duty would have to be compounded for and paid in advance. (a) A shorter form applicable to an appointment otherwise than on form of ap marriage would be to appoint "that the sum of £ sterlg shl pointment otherwise than on marriage. Hotchpot. As to making appointment forthwith be raised by the trees of the sd settlemt clear of all dedons in respt of all duties wch will be payable in respt thof on the death of the sd A. (wch shl be borne by & pd out of the residue of the trust funds comprd thrin) by sale of a sufft pt of the sum of £, &c., formg pt of the sd trust funds, & shl be pd by them to the sd B.: AND in order to enable the sd sum of £ to be forthwith raised & pd to him as afsd, the sd A. doth hby rele & surrender her life intt thrin to & in favour of the sd B. absolutely." "PROVD ALWAYS, & this apptmt is made subjt to the condon, that the sd C., his exs, ads, or assns, shl not, unless an express diron to the contrary shl be contd in any apptmt to be hrafter made by the sd A. under the afsd power, be entld to any share in the unappted pt of the trust funds or ppty subjt to the trusts of the sd settlemt witht bringing the share hby apptd to him [as well as the sum so advced to him as afsd] into hotchpot & acctg for the same accdly." This clause is valid; Re Buckley, [1893] W. N. 95. (b) This proviso is proper, although the appointment is conditional on the marriage taking place: see Page v. Horne, 9 Beav. 570, 11 Beav. 227; III. APPOINTMENT (by Independent Deed without RECI- KNOW ALL MEN BY THESE PSNTS, that we, A., of, &c., the husbd, & B. his wife, in psuance of an agrmt entd into upon the treaty for a marre shortly to be solemnised betn our daur C., & D., of, &c., & in exercise of a power given to us by an indre of settlemt dated, &c., and made, &c., & of every or any other power in this behalf us enablg, do hby irrevocably appt that, subjt & witht prejudice to the trust in Appointthe sd indre contd in relon to the income of the trust daughter, funds & ppty for the time being subjt to the trusts thof subject to ment to marriage Mitford v. Reynolds, 16 Sim. 130; or, if preferred, the form of appointment void if in Precedent IV. may be adopted. As the fund in this case is to be immediately transferred to the appointee, there is no need to give notice of the appointment to the trustees, especially if it is endorsed. (c) See p. 71, note (a). does not take place. (d) Such an appointment is usually made in contemplation of the ap- As to appointed share being settled; the appointment may in that case be contained pointments in the same deed as the settlement, but is usually separate; see SETTLE- on a bargain. MENTS. As to the validity of appointments on a bargain for a settlement on marriage or otherwise, see 3 Dav. Prec., pt. 1, pp. 149, 150, note; Re Turner, 28 Ch. D. 205; Re Crawshay, 43 Ch. D. 615. (e) This form, securing a fixed share to the child about to marry, is a As to alcommon mode of appointment; but if some of the children are minors, or ternative form. there is a possibility of more children being born, and the object is to secure to the child indefeasibly the share which he or she would have taken in default of appointment, neither less nor more, the next Precedent should be used. (ƒ) See p. 78, note (a), 79, notes (ƒ), (h). (g) See p. 78, note (c). h) See p. 78, note (d), p. 79 (j). life interests, of aliquot share or, fixed sum. As to subsequent addition to the settled funds. Form providing for accruing share. or, all the remaining funds. durg the lives of us, the sd A. & B., & the life of the survor of us, one equal pt or share (a) of the trust moys, stks, funds, secs, & ppty comprd in or subjt or wch, by means of the accruer of other ppty under the provon in the sd indre contd for the settlemt of after-acquired ppty of me, the sd B. (b), shl at any time hrafter become subjt to the trusts of the sd indre of settlemt (c) (d) shl, from & after the solemnison of the sd intd (a) The sum of £sterlg, to be a chge upon & raisable & payable out. (b) These words do not extend to an addition made to the settled funds by means of a gift of money to be held on the trusts of the settlement. If a fund has already been added to the settled funds by any such means it should of course be specifically noticed: see Re Curteis, 14 Eq. 217. If property has been directed by any instrument to be held on the trusts of the settlement the appointment should be made not only under the power in the settlement, but also under the power conferred by that instrument by reference to the settlement. one share (c) The following addition is adapted to the case of the appointment extending to a further share by way of accruer in the event of a younger child who is under age dying without attaining a vested interest: "AND further that in case our daur X. shl die before attaing the age of 21 yrs, & witht havg been married, then & in such case (subjt & witht prejudice as afsd) a further one eql share of one eql share (makg one eql share) of the sd trust funds & premes after deductg from such last-mentd share any sum or sums wch may have been pd or applied out of the sd trust premes for the advancemt or benefit of the sd X., & after addg to such one any accumulons of surplus income wch may have arisen from the expectant share of the sd X., after providg for her maintce & educon, shl from & after the solemnison of the sd intd marre belong to & be vested in the sd C., & be held in trust for her, her exs, ads & assns absolutely, & shl be transferable to her or them upon the dece of the survor of the sd A. & B. or upon the dece of the sd X., wch shl last happen, in addon to the one share hinbfe apptd to the sd C., so as to make the total share of the sd C. in that event one eql pt of the sd trust premes, after makg such dedons or addons (if any) as last afsd." (d)" All & singr the trust funds & ppty comprd in or subjt or wch by means, &c., as above to the trusts of the sd indre of settlemt, & wch shl remain after satisfyg a certain previous marre of the sd C. & D., belong to & be vested in the sd C. & be held in trust for the sd C. her exs, ads, & assns absolutely (e), & shl be transferable (ƒ) to her or them forthwith upon the dece of the survor of us, the sd A. & B. (g) (h) (j). Apptmt to be void if marre does not take place: see Precedent II. IN WITS, &c. (k). apptmt in favour of X., one of our chln, made by a deed poll under our respive hands & seals, dated, &c." (e) If the fund is not intended to be settled, but to belong to the daughter As to sepaabsolutely for her separate use, this had better be expressed, notwithstand- rate use. ing the Married Women's Property Act, 1882, by adding here, "for her septe use independently of any husband;" see infra, Settlements. (f) Raisable & payable. (g) If authorised by the power (as to which see Vaizey on Settlements, Payment Vol. II. 1218), the following may be added here to enable the fund to be during appointors' transferred to the appointee in the lifetime of the appointors: "or sooner lifetime. if we or the survor of us shl by deed revocable or irrevocable so appt or direct; or the power of advancement, if any, may be exercised with the same object; see above, p. 74, note. (h) With intt from such dece until the raisg & paymt thof at the rate of 4 p.c. p.a. limiting total sterlg is amount (5) If the whole of the remaing funds are to be apptd, subjt to Proviso a limon of the total amt, add, "PROVD ALWAYS, & the sd A. & B. do hby declare, that not more than the sum of £in any event intd to be hby apptd, & that in case by means of appointed. the accruer of other ppty, wch shl become subjt to the sd provon for the settlemt of after-acquired ppty of the sd B. or orwise the trust funds & ppty subjt to the trusts of the sd indre of settlemt, & now remaing unapptd, shl exceed in value such sum, such value to be ascertained in such mner as the trees or tree for the time being shl think fit, then the sum of £sterlg only shl upon the death of the survor of them, the sd A. & B., be raised & pd to the sd C., her exs, ads, or assns, with intt, &c., & that the residue of the sd trust premes, after satisfyg the sd previous apptmt, & raisg such sum of £, & intt, shl remain unaffected by these psnts." (k) Notice of this appointment should be given to the trustees of the settlement. Recitals. State of family. Advance ment to appointee children. Witness. Appoint IV. APPOINTMENT, endorsed on the SETTLEMENT creating the power, to a SON on his MARRIAGE, of the SHARE which he would have taken in DEFAULT of any APPOINTMENT, subject to the DEDUCTION of a sum ADVANCED to him during his MINORITY. TO ALL, &c., the within named A. & B., his wife, formerly L. within named, resply send greetg. WHAS the marre of the sd A. & B. was duly solemnised shortly after the date of the within written indre: AND WHAS there have been issue of such marre seven chln, includg a son C., who has attned the age of 21 yrs: AND WHAS in the yr the sum of £— was, with the consent of the sd A. & B., raised out of the trust funds and other comprd in the within written indre & applied for the advancemt of the sd C. & the expses incident thto, & advancemts have also been & may hrafter be made in favour of others of the sd chln in respt of their expectant shares of the sd trust funds under the power in that behalf within contd: Intd marre of C. with D., p. 75: Desire to appt p. 72: NOW THESE PSNTS WITS that in exercise, &c., the sd A. & B. do hby, subjt & witht prejudice to their respive life intts under the trusts of the within written indre, absolutely & irrevocably ject to life appt to the sd C., in the event of the sd intd marre of the sd C. & D. being duly solemnised within six calr months from the date of these psnts, such a pt or share of the trust moys, take place, stks, funds, secs, & ppty wch are now or may hrafter be comprd in or subjt to the trusts of the within written indre (includg in the ppty so comprd the sum of £— so pd or applied for the advancemt of the sd C. as afsd, & any other sums wch have been or may be advanced for the benefit of any of the sd chln under the powers afsd, & also any income & accumulons of income), as the sd C. wd take or be entld to, if no apptmt were made by the sd A. & B., or the survor of them, under eir of the powers by the same indre given to them, or the survor of them, in that behalf, & the whole of the sd trust premes were to devolve under the trusts in the sd indre contd in default of any exercise of eir of such powers, & so as to be divisible in eql shares among the chln of the sd A. & B., who, ment sub interests, and if marriage of the share which the appointee would have taken in default of appointment. |