the sum of £ paid to A by B, of which sum of £ In witness, &c. Parties. XXVI.-CONVEYANCE BY MORTGAGEE UNDER IMPLIED POWER OF SALE. THIS INDENTURE made, &c., BETWEEN A of, &c. (mort gagee) of the one part, and B of, &c. (purchaser), of the other Recital of part WHEREAS, by an indenture of mortgage dated the day of 1882 (b), and expressed to be made between mortgage, C of the one part and A of the other part, the lands herein- then next of the sum of £ day with interest thereon [in the meantime and so long thereafter as the said sum of £ or any part thereof should remain owing on the (a) As to the practice in the transfer of an estate vested in the donee of a power of appointment, cf. ante, p. 27. On reconsideration we are inclined to modify our opinion as to the joint operation of ss. 2 (v.), 63, 44 & 45 Vict. c. 41, ante, p. 416; the true interpretation appears to be that the word "convey" is applicable to appoint ments under seal, provided there be some reference to the power of appointment, but not otherwise. Of course no practitioner could be advised to dispense with such reference. (b) The power of sale is only implied in mortgage deeds executed on or after 1st Jan. 1882, ss. 1 (2), 19 (4), 44 & 45 Vict. c. 41, ante, pp. 319, 372. ecurity of the said indenture at the rate of £ per cent. per annum, payable by two equal half-yearly instalments of in com in each year] (a) AND WHEREAS the said prin- of default still remains owing on the said indenture plying with notice to of mortgage [and C has made default in complying with a pay off, day of notice in writing served on him on the by or on behalf of A requiring payment of the same AND of interest WHEREAS half a year's interest under the said indenture of mortgage, amounting to £ of became due on the day and is still unpaid and in arrear for over two due, covenant, ment for months AND WHEREAS C, in breach of a covenant entered of breach of into on his part in the said indenture of mortgage has granted building lease of the said hereditaments for 99 years without the written consent of A] (b) AND WHEREAS A under the of agreepower of sale by law conferred on a mortgagee has agreed to sale. sell and convey the said hereditaments to B in fee simple for the sum of £ NOW THIS INDENTURE WIT- Conveyance NESSETH that, in consideration of, &c. (receipt) A mortgagee, in exercise of the power of sale aforesaid, hereby implied conveys to B All that, &c. (as in Precedent XVII). In witness, &c. as mort as gagee under power of sale. (a) The words in this bracket may c. 41, ante, p. 372; it is not necessary, be omitted if those in the succeeding bracket be omitted. (b) We have set out at length the conditions on which a mortgagee is authorized to sell, s. 20, 44 & 45 Vict. though it may sometimes be useful to XXVII-CONVEYANCE OF INFANTS ESTATE UNDER SETTLED ESTATES ACT, 1877. Parties. THIS INDENTURE made &c., BETWEEN A of, &c. (person conveying under an order of the Court) of the 1st part C. of &c. (rent charger) of the 2nd part and B. of &c. (purchaser) of the Recital of 3rd part WHEREAS by an indenture dated the settlement, day of and expressed to be made between D of the 1st part, C of the 2nd part, and A and E of the 3rd part the lands hereinafter mentioned were conveyed to A and E and their heirs to such uses as D and C should by deed jointly appoint, and in default of or until such appointment to the use of D for life with remainder upon trust that A and E should permit C to receive or pay to C during her life (a) the sum of £100 out of the annual rents and profits of the said lands by two equal half-yearly payments of £50 on the day of and the day of in each year with which annual sum and payments the said lands were thereby charged, and subject to the trust aforesaid to the use of the 1st, 2nd, 3rd, and other sons of D and C successively in tail according to priority of birth and seniority of death of of age with divers remainders over AND WHEREAS D died on the tenant for life, of issue, day of without having joined AND WHEREAS in exercising the said power of appointment F is the only son of D and C and is now an infant of the age of ten years AND WHEREAS by an order of his Lordship Vice-Chancellor dated the day of made in the matter of D's Settled Estates and (a) As the passive precedes the | ante, p. 247. active trust, D takes the legal estate, of pur to convey of the Settled Estates Act, 1877, the Court authorized a sale of the said lands, and directed that A should execute the conveyance to the purchaser (a) and that on £2,500 being set apart out of the purchase money to meet her said annuity or rent charge (b) C should join in the conveyance for the purpose of releasing the said lands from the said annuity or rent charge AND WHEREAS B has been approved the purchaser of of approval the said lands at the price of £10,000 which sum has been paid chaser. into Court, and out of which sum £2,500 has been set apart to meet the said annuity as aforesaid NOW THIS INDEN- Conveyance by person TURE WITNESSETH that in consideration of £10,000 so appointed paid into Court as the purchase money by B, which payment charger. A hereby acknowledges and in consideration of £2,500 set apart or appropriated out of the said purchase money to meet the said annuity or rent charge of C, which appropriation C hereby acknowledges A as the person directed to convey under the said order of the Court (c) and C as beneficial owner as to the said annuity charged on the said lands hereby respectively convey to B All that &c. (here describe parcels) To hold to and to the use of B in fee simple free and discharged from the said annuity and from all claims and demands in respect of the same. In witness, &c. and rent (a) Cf. ss. 16, 22, 24, 40 & 41 Vict. e. 18, ante, pp. 463, 466, 467. (b) Cf. s. 5, 44 & 45 Vict. c. 41. ante, p. 329. 1 (c) Cf. ib. s. 7 (1) (F) ante, p. 339. Parties. XXVIII.-CONVEYANCE OF EASEMENTS BY WAY OF USE. THIS INDENTURE made, &c., BETWEEN A of, &c. (vendor) of the 1st part B of &c., of the 2nd part C of &c. of the 3rd Recital of part and D of &c., of the 4th part (purchasers) (a) WHEREAS seisin, A is now seised of an estate in fee simple in possession of and in the adjoining hereditaments known, respectively, as the Manor of Dale and the Manor of Sale the situation and extent of which are delineated in the respective colours red and green and are denoted by the numbers in the plan of agreement for sale together with and subject to easements. Receipt clause. hereto annexed (b) AND WHEREAS A has agreed to sell the and lot 3 to D for the sum of £ NOW THIS INDENTURE WITNESSETH that in pursuance of the said agreement and in consideration of £ paid to A by C, and of £' (a) This precedent, as it actually, stands, is only adapted to a case where to save expense, or for other reason, only one conveyance is executed; under such circumstances it would probably be arranged that the purchaser of the largest lot should have the custody of the conveyance, and that he should enter into covenants with or give an acknowledgment and undertaking to the purchasers of the other lots for production and safe paid to A custody of the same. In practice the usual course would be for each purchaser to have a separate conveyance of the lot purchased by him; such conveyances can easily be framed from the more complicated form in the text. (b) This description and those which follow are so vague that great exactitude in tracing boundaries and describing identity and quantity of parcels should appear in the vlan. |