No. II. Declaration of day of 5. UPON TRUST, for securing to the said (mortgagee), his execu Mortgage of tors, administrators and assigns, the repayment of the said sum of Railway Shares 500l. and interest, at the rate of 51. for every 100l. by the year, on the next, free and clear of all deductions whatsoever. [INSERT power of sale as in last precedent, clause 8, p. 253; ALSO covenant from mortgagor for payment of principal and interest, ut ante, Section II., No. I., clause 10, p. 37.] trust for securing principal and interest. Covenant from mortgagor to indemnify mortgagee against calls in respect of shares. To repay all moneys advanced for calls by mortgagee. 6. AND ALSO that the said (mortgagor), his executors or administrators shall and will from time to time and at all times during the continuance of this mortgage security, well and sufficiently protect, save harmless and keep indemnified the said (mortgagee), his heirs, executors, administrators and assigns, and his and their lands and tenements, goods and chattels, of and from all claims and demands that shall or may from time to time or at any time be made upon the said (mortgagee), his executors, administrators or assigns, for or on account of any calls or payments to be made in respect of the said railway shares. 7. AND ALSO, that the said (mortgagor), his executors, administrators or assigns, will, upon demand, repay unto the said (mortgagee), his executors, administrators or assigns, all such sum and sums of money as the said (mortgagee), his executors, administrators or assigns shall pay for any calls that may be made in respect of the said railway shares, together with interest for the same at the rate of 51. for every 1007. by the year, from the time at which such sums were respectively paid; and it is hereby declared that all such sum and sums of money and interest shall be a further charge upon the said railway shares and premises which shall not be redeemed until as well such sum and sums of money as aforesaid, as also the said sum of 500l. and interest, shall be fully paid, satisfied and discharged; but so nevertheless that the total amount of principal moneys to be secured by these presents shall not exceed the sum of 500l. (c) [ADD covenant for quiet enjoyment, Practical remarks. (c) This is a very important clause, as the mortgagee, upon registering his transfer of the shares, will become responsible for calls accruing upon them: (Stat. 8 Vict. c. 16, s. 15; Humble v. Langston, 2 Mees. & Wels. 517; Burnett v. Lynch, 5 B. & C. 589.) reedom from incumbrances, and for further assurance, as in last precedent, clauses 11 and 12, p. 254.] No. II. Mortgage of Railway Shares. the dividends 7. AND the said (mortgagee) doth hereby for himself, his heirs, Covenant from mortgagee to executors and administrators, covenant with the said (mortgagor), pay mortgagor his executors, administrators and assigns, that he the said (mort- until default. gagee), his executors, administrators or assigns shall and will from time to time, until default shall be made in payment of the said sum of £ and interest as aforesaid, pay over unto the said (mortgagor), his executors, administrators or assigns, any dividend or dividends which shall from time to time accrue due in respect of the said railway shares hereby transferred as shall be received by the said (mortgagee), his executors, administrators or assigns in the meantime. [ADD covenant from mortgagee not to exercise power of sale without giving mortgagor six calendar months previous notice, ut ante, Section II., No. II., clause 13, p. 49.] IN WITNESS, &c. Testatum. 1. By virtue of an act (SET OUT title of special act), WE, the (SET OUT style of company), in consideration of £ paid to us by (mortgagee), do assign unto the said (mortgagee), his executors, administrators and assigns, the said undertaking ["and" in case SUCH LOAN shall be in anticipation of the capital authorized to be raised, “all future calls on shareholders"], and all the tolls and sums of money arising by virtue of the said act; and all the estate, right, title and interest of the company in the same. Railway companies are empowered to borrow money by Act of Parliament. Of the estates and interests which the several mort gagees take in the railway property (a) Railway companies subject to the restrictions of the special act (8 Vict. c. 16, s. 38), and by an order of a general meeting, are empowered to borrow money by mortgage or by bond upon the security of the undertaking, and the future calls of the shareholders; and also to reborrow if any mortgage or bond be paid off. These mortgages or bonds must be by deed, and be also stamped with the same stamps as are required in ordinary mortgages, the forms of which are prescribed by the act, and must be under the common seal of the company (see stat. 8 Vict. c. 16, schedule (C.) (D.) as in the above precedent. Under assurances of this nature the respective mortgagees shall be entitled, one with another, to their respective proportions of the tolls, sums, and premises comprised in such mortgage, and to the future calls of the shareholders, if comprised therein, according to the respective sums in such mortgage mentioned to be advanced by such mortgagees respectively; and to be repaid the sums so advanced with interest, without any preference one above another, by reason of the priority of the date of any such mortgage, or of the meeting at which the same was authorized: (sect. 42.) But although future calls on shares are mortgaged, the company may, nevertheless, receive and apply such calls: (sect. 43.) , 2. TO HOLD unto the said (mortgagee), his executors, administrators and assigns, until the said sum of £ together with interest for the same, at the rate of 51. for every 1007. by the year, be satisfied ["the principal sum to be repaid at the end of years from the date thereof," in case any period be agreed upon for the purpose, “at,” or any place of payment other than the principal office of the company.] No. III. Mortgage by a Railway Company. Habendum. Given under our common seal, this day of A.D. 18 All these mortgages and bonds are required to be registered in a book to be Mortgages and kept by the secretary, and to be open to the perusal of all shareholders, bonds to be mortgagees, and bondholders at all reasonable times: (sect 47.) registered. These mortgages and bond-debts may also be transferred by deed, a form How mortgages of which is also given by the act, schedule (E.), which deed must be duly by railway stamped, and the condition duly stated, and such transfer must be registered companies may with the secretary in the same manner as in the case of the original mortgage, be transferred. otherwise the company are not responsible to the transferee: (sect. 47.) With respect to the interest on such mortgages and bonds, the act directs How interest of that the same shall be paid at the periods appointed in such mortgage or railway bond, and if no period be appointed, then it is to be payable half-yearly, and in mortgages is preference to any dividends payable to the shareholders of the company (sect. to be paid. 48); but such interest will not be transferable, except by deed duly stamped. The company may, if they think proper, fix a period in the mortgage or bond Company for repayment of the money, at the expiration of which period the mortgagee empowered to or obligee will be entitled, on demand, to repayment of his principal, and all fix period for arrears of interest accrued due thereon; and if no place of payment is inserted repayment of in such mortgage or bond, such principal and interest shall be payable at the money. principal office or place of business of the company: (sect. 50.) Where no time of repayment is fixed, then either party may give the other Where no time six months' notice at any time after the expiration of twelve months from the of payment is date of the instrument, which notice must be given in writing or print, or both; fixed, either and if given by a mortgagee or bond-creditor, shall be delivered to the secretary, party may give or left with the principal officer of the company: and if given by the company, the other six shall be given either personally to such mortgagee or bond-creditor, or left months' notice. at his residence, or if such mortgagor or bond-creditor be unknown, to the directors, or if after diligent inquiry he cannot be found, such notice shall be given by advertisement in the London and Dublin Gazette, according as the principal office of the company shall be in England or Ireland, and in some newspaper as after mentioned: (sect. 51.) After the expiration of six months' notice given by the company all further interest ceases to be payable: (sect. 53; Hodges on Railways, 138, Shelf, 130.) No. IV. MORTGAGE OF A LIFE POLICY OF ASSURANCE BY HUSBAND, 1. Parties. 2. Recital of marriage settlement. 4. Of agreement for loan. 5. Testatum. 6. Covenant from husband that he has 7. For quiet enjoyment of policy. Parties. Recital of marriage settlement. 1. THIS INDENTURE, made the day of A.D., 18, BETWEEN (mortgagor), of, &c., of the one part, and (mortgagee), of, &c., of the other part. 2. WHEREAS by indenture dated the the year 18 made between the said (mortgagor) of the first part, (the father of mortgagor's wife) of the second part, (wife) of the third part, and the said (mortgagees, trustees of the settlement), of the fourth part, (being a settlement made previously to a marriage then intended between the said (husband) and (wife), and which was shortly afterwards duly solemnized), it was agreed that the capital sum of 4,000l. Three per Cent. Consolidated Annuities, the property of the said (husband), and the capital sum of 3,750. Three per Cent. Reduced Annuities, the property of the said (father), should be transferred into the names of the trustees, and by them held upon trusts for the benefit of the said (husband) and |