after payment of annuity to husband. SETTLEMENTS. fund remaining after payment of any annual sum payable No. 27. or applicable under these presents to or for the benefit of [husband] shall be paid or applied to or for the benefit of the issue of the said intended marriage, or otherwise in like manner as such income would for the time being be payable or applicable if [husband] were dead, and having regard to any appointment for the time being actually made under the powers herein before contained, but without regard to any appointment capable of being made but not actually made under those powers. No. 28. Trusts in default of children. trust fund. AND IT IS HEREBY AGREED, that if there should not be any child of the said intended marriage who attains a vested interest under the trust in default of appointment herein before contained then subject to the trusts and powers herein before contained, No. 29. THE HUSBAND'S TRUST FUND (a) and the income and As to husband's statutory accumulations (if any) of the income thereof, or so much thereof as shall not have become vested or been applied under any of the trusts or powers affecting the same, shall, after the death of [wife] and such failure of children as aforesaid, be held IN trust for [husband], absolutely, No. 30. As to wife's trust fund. Powers of wife in default of children. AND THE WIFE'S TRUST FUND, and the income and statutory accumulations (if any) of the income thereof, or so much thereof as shall not have become vested or been applied under any of the trusts or powers affecting the same shall, after the death of [husband] and such failure of children as aforesaid, be held IN trust for such person or persons and purposes as [wife] shall, while not under coverture, by deed, revocable or irrevocable, or shall, whether covert or sole (b), by will or codicil appoint; (a) This form is applicable where funds are settled by or on behalf of the husband and wife respectively; but where only one fund is settled it should be called the trust fund and the required trust in this form adapted to it. (b) The testamentary power should be given in all events, and not merely if the wife dies first: Holliday v. Overton, 14 Beav. 467; Trimmell v. Fell, 16 Beav. 537; and Willock v. Noble, L. R. 7 H. L. 580. Power of appointment by deed while not under coverture is And in default of and until and subject to any such appointment, Upon the trusts following (that is to say) If [wife] should survive [husband], then in trust for her absolutely; BUT if she should die in the lifetime of [husband], then In trust for the person or persons who under the statutes for the distribution of the effects of intestates would have become entitled thereto at her death if she had died possessed thereof intestate and without ever having been married (a), such persons, if more than one, to take as tenants in common in the shares in which they would have taken under the same statutes. SETTLEMENTS. No. 31. estate until sale. AND IT IS HEREBY AGREED that until all the hereditaments by the recited indenture of even date herewith Application of conveyed on trust for sale are sold the trustees or trustee rents of real shall pay or apply the net rents and profits thereof or of the unsold part thereof (after payment thereout of all rates, taxes, payments for insurance, repairs, and other outgoings which any tenant or other person is not liable to pay), upon and subject to the like trusts and powers upon and subject to which the annual income of the trust fund [or the husband's trust fund, or the wife's trust fund, as the case may require], is payable or applicable under the trusts herein contained. No. 32. Power to wife AND IT IS HEREBY AGREED that [wife] may, notwithstanding coverture, by will or codicil appoint that after her death any annual sum or sums not exceeding in the to appoint to whole the annual sum of £ shall be paid to or for the benefit of [husband] during the residue of his life, or required, otherwise on dissolution of the marriage it might be necessary husband an annual sum. Effect of words married in SETTLEMENTS. Power to wife to make settlement on future marriage. PROVIDED ALWAYS that if [wife] should marry again, then, without prejudice to any appointment which may have already been made under the powers herein before contained, she may, either in contemplation of or after any subsequent marriage and notwithstanding coverture, from time to time by deed, revocable or irrevocable, or by will or codicil, revoke the trusts, powers and provisions herein before declared concerning any part or parts of the wife's trust fund, not exceeding together the following shares or share thereof, that is to say: If there should be but one child and no more of the now intended marriage who being a son attains the age of twenty-one years, or being a daughter attains that age or marries, not exceeding two-third shares thereof, And if there should be two or more such children, not exceeding one half thereof; And may appoint that the part or parts to which such revocation extends shall, after her death, be held upon such trusts and subject to such powers and provisions and generally in such manner for the benefit of any husband who may survive her or any child or other issue or any one or more exclusively of the children or other issue of such subsequent marriage, including powers of advancement in favour of any issue, similar to the power herein before contained in favour of issue of the now intended marriage, as [wife] may think proper, but so that any husband who may survive her shall not take more than a life interest, and that in default of any person becoming entitled under any revocation and appointment under this present power, and subject to the interests appointed thereunder, the part or parts of the wife's trust fund to which any such revocation and appointment relates shall devolve under these presents in the same manner as if no revocation or appointment had been made under this present power: PROVIDED ALSO, that under an exercise of the power aforesaid any child (a) of [wife] shall not, except by way (a) This power cannot be extended to other issue on the ground of remoteness. Moreover a share appointed to other issue dying under age would not necessarily fall to the husband or wife as next-of-kin. of advancement, become entitled to any share of the wife's SETTLEMENTS. trust fund unless being a son he attains the age of twenty- No. 33. one years, or being a daughter she attains that age or marries : PROVIDED ALSO that an only child or any two or more children and any issue of a child or children collectively of [wife] by a subsequent marriage shall not under an exercise of the said power become entitled to a larger share of the wife's trust fund than such only child or such children collectively would have taken in case the wife's trust fund had been equally divided between all the children of [wife] by every marriage who being sons or a son attain the age of twenty-one years, or being daughters or a daughter attain that age or marry : PROVIDED ALSO that the power last aforesaid may be exercised so often as [wife] shall marry, so that the total amount ultimately appointed under all revocations and appointments made pursuant thereto shall not exceed, according to the event, the shares or share herein before specified of the wife's trust fund. AND [husband] hereby covenants with the trustees that if the said intended marriage should be solemnised he will not by any act or omission cause or allow the policy hereby assigned, or any policy substituted therefor as hereinafter provided, to become void or voidable, and will during his life, from time to time, duly pay all money payable for keeping on foot the said policy, or any policy substituted as aforesaid, or for restoring the same respectively if and when voidable; and if any such policy should become void will effect on his life a new substituted policy or policies, with such office and in such names or name as the trustees or trustee shall direct, and for an amount equal to the sum which would have been payable under the void policy if it had not become void and [husband] had then died, and will deliver, and if necessary will also assign, every such substituted policy, and deliver the receipt for every such payment to the trustees or trustee, and will not do or suffer any act or No. 34. Covenant by husband to keep up policy on his life, and provisions thereto and to relating substituted policy. SETTLEMENTS. thing by means whereof the trustees or trustee may be No. 34. prevented from receiving any money assured by any policy, whether original or substituted, subject to the trusts of these presents: Power for trustees to keep up or restore policy or effect new policy. Limitation of liabilities of trustees. AND IT IS hereby agreed that the trustees or trustee may at any time, in their or his absolute discretion, apply any income of the trust funds herein before settled, or if income be insufficient, then any capital, in making any payments proper for keeping on foot or restoring any subsisting policy, or for effecting, keeping on foot, or restoring any substituted policy [but so that as between the husband's trust fund and the wife's trust fund the said payments shall be made out of the husband's trust fund in priority to the wife's trust fund (a)]: And every policy so effected, and the money payable thereunder, shall be held and applied upon the trusts and subject to the powers and provisions herein before declared concerning the policy hereby assigned, and the moneys payable thereunder : AND IT IS hereby agreed that it shall not be obligatory on the trustees or trustee to enforce any covenant hereinbefore contained in reference to any policy, whether original or substituted, or to apply any income or capital in making payments for keeping on foot or restoring any such policy, or for effecting or keeping on foot or restoring any substituted policy, unless when required so to do in any specific case by writing signed by some person, or the guardian of some person, beneficially interested in the premises: And unless also due provision be made to the satisfaction of the trustees or trustee for payment of the costs of any proceedings required to be taken, and any omission or neglect by the trustees or trustee in any of the matters aforesaid (except when required and upon due provision made as aforesaid) shall not constitute a breach of trust, and the trustees or trustee shall not be responsible on account of any policy becoming void (a) Omit these words in brackets if there is only one trust fund settled. |