S. 43 (1), (2), (3), (4). INFANTS. Does not apply where vesting is after 21. Applies to all cases where income goes with capital. This s. does not apply to property the vesting of which is postponed beyond the age of twenty-one years. In all cases where the vesting is so postponed maintenance, education, and accumulation clauses will still be necessary. As to the implied power of the parent or guardian to give receipts for income, see n. to s. 42 (4). (2.) The trustees shall accumulate all the residue of that income in the way of compound interest, by investing the same and the resulting income thereof from time to time on securities on which they are by the settlement, if any, or by law, authorized to invest trust money, and shall hold those accumulations for the benefit of the person who ultimately becomes entitled to the property from which the same arise; but so that the trustees may at any time, if they think fit, apply those accumulations, or any part thereof, as if the same were income arising in the then current year. (3.) This section applies only if and as far as a contrary intention is not expressed in the instrument under which the interest of the infant arises, and shall have effect subject to the terms of that instrument and to the provisions therein contained. (4.) This section applies whether that instrument comes into operation before or after the commencement of this Act. This section replaces s. 26 of Lord Cranworth's Act, and is so worded as to avoid the question raised in the case of In re George, 5 Ch. D. 837, on the words in that Act, "the income to which such infant may be entitled in respect of such property." In the case of a simple pecuniary legacy to an infant contingent on his attaining twenty-one, and carrying interest in the meantime, the executors being bound to set it apart and accumulate the income, it is conceived that in the absence of any direction to the contrary, the effect of this section is, that if the infant dies under twenty-one the residuary legatee takes only the accumulations representing the unapplied residue of the income (see In re Cotton, 1 Ch. D. 232). On the other hand if no interest is payable on the legacy till the infant attains twenty-one, there is no income to which the section can apply, and the residuary legatee takes the income of the residue without deduction till the legacy becomes vested. The short effect of the section seems capable of being stated thus: Where the income will go along with the capital if and when the capital vests, then the income is applicable under the section for the benefit of the infant, otherwise not. SS. 43, 44 (1), (2), (3). INFANTS. S. 42 authorizes the application of the rents and profits of land as defined by s. 2 (ii.) for the maintenance, education, or benefit of an infant only where the instrument under which the interest of the infant arises comes into operation after 1881, but s. 43 applies to any property as defined by s. 2 (i.), whether the instrument comes into Difference operation after 1881 or not. X.-RENTCHARGES AND OTHER ANNUAL SUMS. 44. (1.) Where a person is entitled to receive out of any land, or out of the income of any land, any annual sum, payable half-yearly or otherwise, whether charged on the land or on the income of the land, and whether by way of rentcharge or otherwise, not being rent incident to a reversion, then, subject and without prejudice to all estates, interests, and rights having priority to the annual sum, the person entitled to receive the same shall have such remedies for recovering and compelling payment of the same as are described in this section, as far as those remedies might have been conferred by the instrument under which the annual sum arises, but not further. (2.) If at any time the annual sum or any part thereof is unpaid for twenty-one days next after the time appointed for any payment in respect thereof, the person entitled to receive the annual sum may enter into and distrain on the land charged or any part thereof, and dispose according to law of any distress found, to the intent that thereby or otherwise the annual sum and all arrears thereof, and all costs and expenses occasioned by non-payment thereof, may be fully paid. (3.) If at any time the annual sum or any part thereof is unpaid for forty days next after the time appointed for any payment in respect thereof, then, although no legal demand has been made for payment thereof, the person entitled to receive the annual sum may enter into possession of and hold the land charged or any part thereof, and take the income thereof, until thereby or otherwise the annual sum and all arrears thereof due at the time of his entry, or afterwards becoming due during his between s. 42 and s. 43. S. 44 (3), (4), continuance in possession, and all costs and expenses AND OTHER How agrees with usual form. (4.) In the like case the person entitled to the annual charge, whether taking possession or not, may also by deed demise the land charged, or any part thereof, to a trustee for a term of years, with or without impeachment of waste, on trust, by mortgage, or sale, or demise, for all or any part of the term, of the land charged, or of any part thereof, or by receipt of the income thereof, or by all or any of those means, or by any other reasonable means, to raise and pay the annual sum and all arrears thereof due or to become due, and all costs and expenses occasioned by nonpayment of the annual sum, or incurred in compelling or obtaining payment thereof, or otherwise relating thereto, including the costs of the preparation and execution of the deed of demise, and the costs of the execution of the trusts of that deed; and the surplus, if any, of the money raised, or of the income received, under the trusts of that deed shall be paid to the person for the time being entitled to the land therein comprised in reversion immediately expectant on the term thereby created. (5.) This section applies only if and as far as a contrary intention is not expressed in the instrument under which the annual sum arises, and shall have effect subject to the terms of that instrument and to the provisions therein contained. (6.) This section applies only where that instrument comes into operation after the commencement of this Act. This section gives the remedy ordinarily inserted in settlements, for enforcing payment of a rentcharge, except that instead of a term, power only is given to limit a term. No more seems required, as the remedy by means of a term is rarely wanted, and if wanted the term can be Why a term is created. Where by reason of a lease being prior in date to the limita necessary. tion of a rentcharge, or being granted under a power in a settlement being only liable to pay his rent, and this rent is only payable to the reversioner. Hence the necessity for a power to create a term. S. 45. RENTCHARGES AND OTHER Redemption of quit-rents and other per 45.-(1.) Where there is a quit-rent, chief-rent, rent- ANNUAL SUMS, charge, or other annual sum issuing out of land (in this section referred to as the rent), the Copyhold Commissioners shall at any time, on the requisition of the owner of the land, or of any person interested therein, certify the amount of money in consideration whereof the rent may be redeemed. (2.) Where the person entitled to the rent is absolutely entitled thereto in fee simple in possession, or is empowered to dispose thereof absolutely, or to give an absolute discharge for the capital value thereof, the owner of the land, or any person interested therein, may, after serving one month's notice on the person entitled to the rent, pay or tender to that person the amount certified by the Commissioners. (3.) On proof to the Commissioners that payment or tender has been so made, they shall certify that the rent is redeemed under this Act; and that certificate shall be final and conclusive, and the land shall be thereby absolutely freed and discharged from the rent. (4.) Every requisition under this section shall be in writing; and every certificate under this section shall be in writing, sealed with the seal of the Commissioners. (5.) This section does not apply to tithe rentcharge, or to a rent reserved on a sale or lease, or to a rent made payable under a grant or licence for building purposes, or to any sum or payment issuing out of land not being perpetual. (6.) This section applies to rents payable at, or created after, the commencement of this Act. (7.) This section does not extend to Ireland. This section gives power to an owner to purchase up certain rents issuing out of his land. It applies only where there is a person seised in fee simple of the rent, or able (as in case of trustees with a power of sale) to give a discharge for the purchase-money, and will have a limited operation. There is difficulty in any other case on account of the expense of dealing with the purchase-money, generally small. Perhaps hereafter petual charges. Difficulty in providing for rents of limited owners. SS. 45, 46, 47. some means may be found of enabling a landowner to purchase up and extinguish all rents including tithe rentcharge. RENTCHARGES AND OTHER ANNUAL SUMS. On whom expense falls. POWERS OF Execution under power of attorney. Payment by attorney under power without notice of death, &c. good. The rents referred to in this section, except a perpetual rentcharge or annuity, are incidents of tenure, and would not be incumbrances within s. 5. The entire expense of redeeming the rent necessarily falls on the person redeeming. He has to procure the certificate of the Copyhold Commissioners as to the amount to be paid, and as to payment or tender of that amount. The person entitled to the rent has nothing to do except to receive the redemption money. XI.-POWERS OF ATTORNEY. 46.-(1.) The donee of a power of attorney may, if he thinks fit, execute or do any assurance, instrument, or thing in and with his own name and signature and his own seal, where sealing is required, by the authority of the donor of the power; and every assurance, instrument, and thing so executed and done shall be as effectual in law, to all intents, as if it had been executed or done by the donee of the power in the name and with the signature and seal of the donor thereof. (2.) This section applies to powers of attorney created by instruments executed either before or after the commencement of this Act. This section had especial reference to clauses struck out in the House of Commons, but may still be of use in some cases (see next section). Under this section the execution after 1881 of an instrument by an attorney in his own name will not be invalid. It is not necessary, though it is proper, to express that he executes as attorney, or on behalf of his principal, or to use words to the like effect. 47.-(1.) Any person making or doing any payment or act, in good faith, in pursuance of a power of attorney, shall not be liable in respect of the payment or act by reason that before the payment or act the donor of the power had died or become lunatic, of unsound mind, or bankrupt, or had revoked the power, if the fact of death, lunacy, unsoundness of mind, bankruptcy, or revocation was not at the time of the payment or act known to the person making or doing the same. |