conversion, mortgage of real estate or in Government securities, or in the stock shares or debentures of any railway or other company incorporated by special Act of Parliament and to hold the said investments and the dividends interest and profits thereupon upon the trusts in the said will declared [recite X's death of sale and and probate of his will, ante, p. 573] (a) AND WHEREAS the testator's real and personal estate on sale and conversion realized in all the sum of £5,000 which after payment of the testator's debts and funeral and testamentary expenses left a balance of £4,000 AND WHEREAS the said balance of £4,000 trust funds, was invested by A and B-as to £950 thereof in the purchase of £1,000 £3 per cent. consols-and as to £250 thereof in of invest ments of twenty shares of £10 each in the numbered respectively Company and -and as to £800 thereof in eight debentures for £100 each in the Company and numbered respectively -and as to £2,000 the residue thereof on a mortgage of real estate situate at in the County of effected day of by an indenture of mortgage dated the and expressed to be made between Y of the one part and A of trustee's and B of the other part AND WHEREAS B is desirous of being desire to be discharged, and of discharged from and C has agreed to accept the office of trustee intention to of the said will and it is intended that the said consols shares and transfer trust funds, debentures shall with all convenient speed be transferred from the names of A and B in which they are now standing in the books of the Bank of England and on the registers of the said Companies respectively into the names of A and C to (a) It is usual to recite the trusts at them as in the text. length, but it is sufficient to refer to ment on ment of trustee. hold upon the trusts of the said will AND WHEREAS the said and investmortgage debt and all interest due or to accrue due thereon mortgage. and all securities for the same are intended to be transferred to A and C by an indenture bearing even date with and intended to be executed immediately after these presents (a) and to be made between the same persons as are parties to these presents NOW THIS INDENTURE WITNESSETH that A as Appointcontinuing trustee in exercise of the power in that behalf new conferred by the Conveyancing and Law of Property Act, 1881 (b) at the request of B and with the consent of C hereby appoints C to be a trustee of the said will in the place of B AND THIS INDENTURE ALSO WITNESSETH that it Declaration of trust. is hereby agreed and declared that A and C shall hold all those the said consols shares and debentures and all that the said mortgage debt interest and securities when so transferred as aforesaid upon the trusts and subject to the powers and provisions declared by the said will of and concerning the same. In witness, &c. LXXV.-VESTING OF TRUST PROPERTY IN NEW TRUSTEES. (a) It is always advisable to transfer the mortgage by separate instrument, so as not to disclose the trusts. (b) S. 31, 44 & 45 Vict. c. 41, ante, p. 386. A recital declaring that no person was nominated with power to appoint trustees may be inserted, but title of and new of debt. of the one part, and A and C of, &c. (new trustee) of the other part and supplemental to an indenture of mortgage dated, &c., and expressed to be made between X of the one part and A Recital of and B of the other part (a) WHEREAS the sum of £2,000 continuing mentioned as principal money due in the said indenture is still trustee. owing on the security thereof but now belongs together with the benefit of all securities for the same to A and C on a joint Assignment account NOW THIS INDENTURE WITNESSETH that A and B as mortgagees hereby assign to A and C All that the said principal sum of £2,000 and all interest due or to accrue due thereon and all securities for the same Together with the benefit of all powers and provisions in the said indenture To hold the said premises to A and C absolutely Conveyance AND THIS INDENTURE ALSO WITNESSETH that subject to proviso for A and B as mortgagees hereby convey to C All the hereditaments comprised in the said indenture To hold to C in fee simple to the use of A and C in fee simple subject to the proviso for redemption in the said indenture contained (b). In witness, &c. redemption. Parties. LXXVI.-RETIREMENT OF TRUSTEE OF COPYHOLDS (c). Vesting of Trust Property in Co-Trustees by Release. THIS INDENTURE made, &c. BETWEEN A of, &c. (retiring trustee) of the first part, B of, &c., C of, &c. (continuing cotrustees) of the second part, and D of, &c. (person empowered (a) Cf. ante, p. 599, n. (c). (b) S. 61, 44 & 45 Vict, c. 41, ante, p. 413, dispenses with a declaration of joint account. (c) Cf. s. 32, 44 & 45 Vict. c. 41, ante, p. 388. Legal estates in copyholds, as well as the subjects comprised in Precedent LXXII. are incapable ppoint trustees) of the third part WHEREAS X late of Recital of settlement, &c. devised the copyhold hereditaments holden of appoint trustee, &c. manor of and hereinafter described to A, B, Cand their heirs in trust for D for life remainder in trust, [here describe trusts] And by the said will power was of power to en to any person for the time being beneficially entitled new any customary estate for life in the said hereditaments to point a person or persons to be a trustee or trustees in the ace of any trustee or trustees of the said will who should sire to be discharged from or refuse or become incapable acting in the trusts or powers reposed in or conferred on im AND WHEREAS [recite X's death, and probate of his will, nte, p. 573] AND WHEREAS A, B, and C were at a general of admitCourt Baron holden for the said manor on the tance of day of trustees, admitted tenants of the said hereditaments according to the devise and upon the trusts aforesaid AND WHEREAS A of trustee's desire to is desirous of retiring and being discharged from the said trust retire. and B, C, and D, have agreed to give their consent to such retirement and discharge and to the vesting of the said trust of being vested in new trustees by retiring and continuing to the new Declaration property in B and C alone NOW THIS INDENTURE by retiring trustee, and WITNESSETH that to effectuate the said desire and agreeconsent by continuing ment A hereby declares that he is desirous of being discharged trustees and appointor. Vesting of trust from the said trust and B, C, and D hereby consent to the discharge of A as trustee AND THIS INDENTURE ALSO property. WITNESSETH that for the purpose of vesting the trust property in B and C alone A as trustee with the consent of B, C, and D hereby releases quit-claims and confirms to B and C all his estate, interest, right, title, or claim in or to All those [here describe parcels] to which said premises A, B, and C were admitted, &c. [state admittance, ante, p. 594] To hold to B and C in fee simple according to the custom of the said manor upon the trusts and subject to the powers and provisions declared and contained in the said will of and concerning the same. In witness, &c. LXXVII.-VESTING OF TRUST PROPERTY BY DECLARATION Parties, &c. THIS INDENTURE made, &c. [proceed as in Precedents by donee of power. WITNESSETH that A [or B, C, and D] (b) hereby declares [or declare] (b) that All those [here describe parcels] the said trust premises shall vest in A and C [or B and C] (b) for an estate in fee [or absolutely] (c) upon the trusts and subject to (a) Cf. s. 34, 44 & 45 Vict. c. 41, ante, p. 389. (b) Substitute the words in brackets if the power of appointing a new trustee be vested in a nominee as in Precedent LXXVI. (c) The words in brackets are to be substituted if the fund consists of personal estate. |