which place the corpus of a money fund in the hands and absolute control of men whose probity would seem to be above suspicion. Now that is one of the consequences which will arise on the exercise of the proposed powers of sale, for the proceeds are to be paid into the hands of the trustees of the settlement, and there is no requirement that the trustees should immediately lodge the money to a separate account until there has been an application thereof to one of the purposes authorised. Hence, it would appear advisable to insert some provision which shall secure the proceeds of realised settled estates against the possible defalcations of defaulting trustees. With the foregoing observations we must conclude our review of conveyancing as modified by recent or intended legislation; in Part II. we shall exhibit the text of that legislation in annotated form, together with certain other statutes, the modern importance of which entitles them to a place in any work which aims at being useful to the practical draftsman.

PART II.

CONVEYANCING STATUTES WITH NOTES.

CONVEYANCING AND LAW OF PROPERTY ACT, 1881. 44 & 45 Vict. c. 41.

3. Application of stated conditions of sale to all purchases.

4. Completion of contract after death.

Discharge of Incumbrances on Sale.

5. Provision by Court for incumbrances, and sale freed therefrom.

General Words.

6. General words in conveyances of land, buildings, or manor.

Covenants for Title.

7. Covenants for title to be implied. On conveyance for value, by beneficial owner. Right to convey. Quiet enjoyment. Freedom from incumbrance. On conveyance of leaseholds for value, by beneficial

Further assurance. owner. Validity of lease. On mortgage, by beneficial owner. Right to convey. Quiet enjoyment. Freedom from incumbrance. Further assurance. On mortgage of leaseholds, by beneficial owner. Validity of lease. Payment of rent and performance of covenants. On settlement. For further assurance, limited. On conveyance by trustee or mortgagee. Against incumbrances.

Production and Safe Custody of Title Deeds.

9. Acknowledgment of right to production, and undertaking for safe custody of documents.

III.-LEASES.

10. Rent and benefit of lessees' covenants to run with reversion.

11. Obligation of lessors' covenants to run with reversion.

12. Apportionment of conditions on severance, &c.

13. On sub-demise, title to leasehold reversion not to be required.

Forfeiture.

14. Restrictions on and relief against forfeiture of leases.

IV.-MORTGAGES.

15. Obligation on mortgagee to transfer instead of re-conveying.

16. Power for mortgagor to inspect title-deeds.

17. Restriction on consolidation of mortgages.

Leases.

18. Leasing powers of mortgagor and of mortgagee in possession.

Sale; Insurance; Receiver; Timber.

19. Powers incident to estate or interest of mortgagee.

20. Regulation of exercise of power of sale.

21. Conveyance, receipt, &c. on sale.

22. Mortgagee's receipts, discharges, &c.

23. Amount and application of insurance money.

24. Appointment, powers, remuneration, and duties of receiver.

Action respecting Mortgage.

25. Sale of mortgaged property in action for foreclosure, eto.

V.-STATUTORY MORTGAGE.

26. Forms of statutory mortgage in schedule.

27. Forms of statutory transfer of mortgage in schedule.

28. Implied covenants, joint and several.

29. Form of re-conveyance of statutory mortgage in schedule.

VI.-TRUST AND MORTGAGE ESTATES ON Death.

30. Devolution of trust and mortgage estates on death.

VII.-TRUSTEES AND EXECUTORS.

31. Appointment of new trustees, vesting of trust property, &c.

32. Retirement of trustee.

33. Powers of new trustee appointed by Court.

41. Sales and leases on behalf of infant owner.

42. Management of land and receipt and application of income during minority.

43. Application by trustees of income of property of infant for maintenance,

&c.

X.-RENT-CHARGES AND OTHER ANNUAL SUMS.

44. Remedies for recovery of annual sums charged on land. 45. Redemption of quit-rents and other perpetual charges.

XI.-POWERS OF ATTORNEY.

46. Execution under power of attorney.

47. Payment by attorney under power without notice of death, &c. good. 48. Deposit of original instruments creating powers of attorney.

XII-CONSTRUCTION AND EFFECT OF DEEDS AND OTHER INSTRUMENTS. 49. Use of word "grant" unnecessary.

50. Conveyance by a person to himself, &c.

51. Words of limitation in fee or in tail.

52. Powers simply collateral.

53. Construction of supplemental or annexed deed.

54. Receipt in deed sufficient.

55. Receipt in deed or indorsed, evidence for subsequent purchaser.

56. Receipt in deed or indorsed, authority for payment to solicitor.

57. Sufficiency of forms in Fourth Schedule.

58. Covenants to bind heirs, &c.

59. Covenants to extend to heirs, &c.

60. Effect of covenant with two or more jointly.

61. Effect of advance on joint account, &c.

62. Grants of easements, &c. by way of use.

63. Provision for all the estate, &c.

64. Construction of implied covenants.

Section.

XIII.-LONG TERMS.

65. Enlargement of residue of long term into fee simple.

XIV.-ADOPTION OF ACT.

66. Protection of solicitor and trustees adopting Act.

XV.-MISCELLANEOUS.

67. Regulations respecting notice.

68. Short title of 5 & 6 Will. 4. c. 62.

XVI.-COURT; PROCEDURE; Orders.

69. Regulations respecting payments into Court and applications.

70. Orders of Court conclusive.

XVII. REPEALS

71. Repeal of enactments in Part III. of Second Schedule; restriction on all repeals.

XVIII.-IRELAND.

72. Modifications respecting Ireland.

73. Death of bare trustee intestate, &c.

SCHEDULES.

44 & 45 VICT. c. 41.

An Act for simplifying and improving the practice of Conveyancing (a); and for vesting in Trustees, Mortgagees, and others various powers commonly conferred by provisions inserted in Settlements, Mortgages, Wills, and other Instru ments; and for amending in various particulars the Law of Property (b); and for other purposes.

[22nd August, 1881.]

E it enacted by the Queen's most Excellent Majesty,

BE

by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present

(a) Cf. ante, p. 259, 301, 302.

│(b) Cf. ante, pp. 258. 259, 282.