intended LXXXIII—SETTLEMENT ON MARRIAGE OF PROCEEDS OF SALE OF LAND. Land having been conveyed to Trustees by Indenture of even date (a). THIS INDENTURE made, &c. [parties as in Precedent Recital of LXXIX.] WHEREAS a marriage is intended to be shortly solemnized between A and B AND WHEREAS by an indenture marriage, ance for sale on trusts. of convey- bearing even date with and executed before these presents and expressed to be made between the same parties as these presents the hereditaments hereinafter described were in pursuance of an agreement entered into upon the treaty for the said marriage conveyed to X and Y to the use of A in fee simple until the said intended marriage and from and after the solemnization thereof To the use of X and Y upon trust that X and Y should at the written request of A during his life and after the death of A at the written request of B and after the death of the survivor of A and B at their own discretion sell the said premises and out of the proceeds of such sale should in the first place pay the costs and expenses attending the same And should apply the residue of such proceeds upon the trusts and subject to the powers and provisions declared and contained by and in an indenture of even date Declaration therewith therein referred to, namely these presents NOW THIS INDENTURE WITNESSETH that in pursuance of the said agreement and in consideration of the said marriage it is hereby agreed and declared that X and Y or other the trustees of trusts. (a) This Precedent is the complement of Precedent LXXXI. invest invest or trustee of the said indenture shall at such request or discretion as aforesaid invest the said residue of the proceeds Power to received from any sale of the said hereditaments in their own names in any real securities on land in England or Wales but not in Ireland or Scotland or in any parliamentary stocks (a) or in the debenture stock of any railway in the United Kingdom upon which a dividend of not less than £4 per cent. has been paid for the five years next preceding such investment (b) And shall at the same request or discretion as and vary aforesaid vary or transpose any investments so made for others ments. of a like nature (c) And shall hold the said investments Income to upon trust to pay the annual income thereof to A for life and life, then upon A's deccase to B for life in case she survive A and after life. the death of the survivor of A and B shall stand possessed of the said investments and the income thereof Upon trust for Trusts for such one or more of the issue (d) of the said intended marriage children. for such shares and in such manner and proportions as A and B shall by any deed or deeds revocable or irrevocable jointly appoint and in default of such appointment or so far as the same shall not extend then as the survivor of A and B shall in like manner or by will or codicil appoint and in default of (a) Statutory powers of investment are here cut down as to real securities; cf. ante, p. 400. (b) This latter is of course only given as an example of an express additional power of investment. (c) It is somewhat remarkable that no new implied power of varying investments should have been substituted for that conferred by s. 25, 23 & 24 Vict. c. 145, now repealed, ante, pp. 426, 431. (d) The descendants of a deceased or living child can be provided for under this power, care being taken not to violate the Rule against Perpetuities; cf. ante, pp. 63, 88, 490. An express clause showing the time within which an appointment may be validly made under that Rule is sometimes inserted, but is in no way necessary husband for to wife for issue and and other clauses. Ultimate trust for husband. Appointment of trustees for manage. ment, &c. such appointment or so far as the same shall not extend upon trust for all the children of the said intended marriage in Hotchpot equal shares who being sons, &c. [proceed as in Precedent LXXX., then insert hotchpot clause as in Precedent LXXXI., advancement clause as in Precedent LXXX.] And in default of any child or other issue of the said marriage acquiring a vested interest in the said investments and income shall hold the same upon trust for A absolutely (a) AND IT IS HEREBY AGREED AND DECLARED, &c. [insert provisions for appointment of new trustee or of trustees for management under Conveyancing Act, 1881, and for modification of Settled Land Act (b) as in Precedent LXXXI.] (c). In witness, &c. Parties. LXXXIV.-RE-SETTLEMENT OF FREEHOLDS BY FATHER In contemplation of Son's Marriage; with Remainders over in THIS INDENTURE made, &c., BETWEEN A of, &c. ( father and tenant for life), of the first part, B of, &c. (son and tenant in tail), of the second part, C of, &c. (intended wife of B), of the third part, and X of, &c., and Y of, &c. (trustees), of the (a) As the property comes from the husband the ultimate limitation is to him. (b) 45 & 46 Vict. c. 38, s. 63. (c) Clauses for maintenance, education, and accumulation supplied by s. 43, 44 & 45 Vict. c. 41, ante, p. 398. Clauses for trustees' receipt and indemnity and reimbursement by ss. 35, 36, ib. ante, p. 390, and ss. 40-43, 45 & 46 Vict. c. 38, post, pp. 727, 728. (d) As to the nature and framework of this settlement, cf. Wms. Settlms. 214-216. day of day of original of disentailing fourth part WHEREAS by an indenture dated &c. and made Recital of &c. [state date and parties to indenture] the hereditaments settlement, hereinafter described were conveyed to W and Z and their heirs to the use of A for life with remainder to the use of B and the heirs of his body with divers remainders over (a) AND WHEREAS by an indenture dated the and expressed to be made between A of the first part, B of deed, the second part, and V of the third part, and duly enrolled on the as a disentailing assurance in the Chancery Division of the High Court of Justice, the said hereditaments were conveyed to V and his heirs To such uses as A and B should by deed jointly appoint and in default of appointment to the same uses as the said hereditaments stood limited before the execution of the indenture now in recital (6) AND WHEREAS a marriage, &c. [recite intended of intended marriage. marriage and agreement for settlement as in Precedent LXXIX., ante, p. 625] NOW THIS INDENTURE WITNESSETH Re settlethat in pursuance of the said agreement and in consideration appointof the said marriage A and B as beneficial owners in exercise of the said power of appointment and of every other power thereunto enabling them and also in respect of the several estates now vested in them hereby convey to X and Y ALL THAT [here describe parcels] To hold to X and Y in (a) For the sake of brevity we assume that the estate as originally limited was subject to no rent or other charges; if so subject, as would nsually be the case where the settlement had been made in contemplation of marriage and not by will, it would be proper to recite the charges and to provide in the disentailing deed (b) Such a disentailing deed is ment by ment. To prior uses until marriage. Rentcharge to B during joint lives of A and B. Rentcharge to C during joint lives fee simple nevertheless to the uses and upon the trusts following, that is to say-To the uses to which the said hereditaments now stand limited until the said intended marriage And from and after the solemnization thereof To the use that B may during the joint lives of A and B receive out of the annual rents and profits of the said hereditaments a rent-charge of £ by equal quarterly payments on the four usual quarter days And from and after the death of B in case the same take place during the life of A To the use of A and C. that C in case she survive B may during the joint lives of herself and A in like manner receive a jointure rent-charge of Life estate £ to A. Term to secure And subject and charged as aforesaid To the use of A for life without impeachment of waste Ard from and after the death of A To the use of X and Y for the term of pin money 99 years upon the trusts hereinafter declared And subject for C. Life estate thereto To the use of B for life without impeachment of waste And from and after the death of B To the use that C if she for B. Jointure rent-charge to C ; estates tail B and C. Remain ders over to second survive B may during the rest of her life receive a yearly to issue of jointure rent-charge, &c. [ proceed as in Precedent LXXIX., and the form, ante, p. 439, to the end of the limitation of cross remainders in tail, then resume] And in default of such issue To the use of D (the second son of A) for life without impeachment of waste and from and after the death of D (a) to the sons of A. use, &c. [here insert, if so agreed upon, a set of limitations in favour of D and his family, corresponding to those in favour of B and his family] And in default of such issue To the use of E (the third son of 4) &c. [and so on for every son and and other (a) The limitation in favour of the second and other sons may of course exactly coincide with or differ from those in favour of the first son. |