Accumulation clause.

Disposition in default of children entitled under the pre

ceding trusts.

AND shall, during such suspense of absolute vesting, accumulate the residue (if any) thereof in the way of compound interest, by investing the same, and the resulting income thereof, from time to time, in or upon any such stocks, funds, shares, or securities as are hereinbefore mentioned, for the benefit of the person or persons who, under the trusts herein contained, shall become entitled to the principal fund from which the same respectively shall have proceeded, with power for the said trustees or trustee to resort to the accumulation of any preceding year or years, and apply the same for or towards the maintenance or education of the child or children who shall, for the time being, be presumptively entitled to the same respectively; AND if there shall be no child of mine living at my death, who, being a son, shall attain the age of twenty-one years, or being a daughter, shall attain that age or marry, then from and after the death or marriage of my said wife, and such default or failure of children, I BEQUEATH the said moneys, stocks, funds, shares, and securities, or so much thereof as shall not have become vested or been applied under the trusts aforesaid, unto, &c.* AND I HEREBY DECLARE, that it shall be lawful for the said trustees or trustee, at any time or times before all my said real estate shall have been sold, to demise all or any of the said real estate for any term of years absolute, not exceeding twenty-one years, to take effect in possession, so as there be reserved on every such demise the best yearly rent or rents to be incident to the immediate reversion that can be reasonably gotten, without taking any fine, premium, or foregift, or anything in the nature thereof, and so as there be contained in every such demise a condition of re-entry for non-payment within a reasonable time, to be therein specified, of the rent or rents thereby reserved, and so as the lessee or lessees do execute a counterpart thereof, and be not made dispunishable for waste. AND I FURTHER DECLARE, that until all my said real and personal estate shall be sold and

Power of leasing for twenty-one years.

If the testator's children are numerous, the bequest in default of children will probably be omitted.

converted into money, the said trustees or trustee shall apply the income of such part thereof as shall, for the time being, remain unsold, or unconverted, after payment thereout of all rates, taxes, expenses of repairs, insurance, and other outgoings, to the

Income of the real and personal estate,

until a sale and conversion, to

of the invest

ments of the

money to arise from sale and conversion.

Devise of mortgage estates.

go as the income person or persons, for the purposes, and in the manner, to whom, and for, and in which the annual income of the stocks, funds, shares, or securities aforesaid would be payable and applicable if such real and personal estate had then been sold, and the net surplus moneys arising from such sale had been invested as aforesaid. I DEVISE all the freehold and copyhold hereditaments vested in me upon mortgage unto the said E. F., G. H, and I. K., their heirs and assigns, subject to the equity of redemption subsisting therein respectively, but the money secured on such mortgages shall be considered as part of my personal estate.* I APPOINT my said wife, and the said E. F., G. H., and I. K. guardians of my infant children. AND I APPOINT the said E. F., G. H., and I. K., executors of this my will, and authorise the acting executors or executor, for the time being, of this my will, to satisfy any debts claimed to be owing by me or my estate, and any liabilities to which I or my estate may be alleged to be subject, upon any evidence they or he shall think proper, and to accept any composition or security for any debt, and to allow such time for payment (either with or without taking security) as to the said acting executors or executor shall seem fit, and also to compromise, or submit to arbitration, and settle all accounts and matters belonging or relating to my estate, and, generally, to act in regard thereto as they or he shall think expedient, without

Appointment of guardians;

-of executors, with power to arrange and compromise.

It has been generally considered of late that trust estates ought not to be devised, as they often are. (See 5 Martin's Conveyancing, 13.) If so, they must of course be excepted from the general devise of real estate. See, however, Midland Counties Railway v. Westcomb, 11 Sim. 57. It is unnecessary to include leaseholds or terms of years in the dispositions in the text, as they vest in the executors.

Power to

appoint new

trustees.

being responsible for any loss thereby occasioned. AND I HEREBY DECLARE, that, if the said trustees hereby appointed, or any of them, or any trustee or trustees to be appointed as hereinafter is provided, shall die, or be desirous of being discharged, or refuse or become incapable to act, then and so often the said trustees or trustee (and, for this purpose, any retiring trustee shall be considered a trustee) may appoint any other person or persons to be a trustee or trustees in the place of the trustee or trustees so dying, or desiring to be discharged, or refusing or becoming incapable to act; AND upon every such appointment the said trust premises shall be so transferred, that the same may become vested in the new trustee or trustees jointly with the surviving or continuing trustee or trustees, or solely, as the case may require, and every such new trustee shall (both before and after the said trust premises shall have become so vested) have the same powers, authorities, and discretions as if he had been hereby originally appointed a trustee. AND I DECLARE, that the

Trustees'

clause.

trustees or trustee for the time being of this my indemnity will, shall be chargeable only with such moneys as they or he respectively shall actually receive, and shall not be answerable the one for the other of them, nor for any banker, broker, or other person in whose hands any of the trust moneys shall be placed, nor for the insufficiency or deficiency of any stocks, funds, shares, or securities, nor otherwise for involuntary losses; AND that the said trustees or trustee for the time being may reimburse themselves or himself, out of the moneys which shall come to their or his hands under the trusts aforesaid, all expenses to be incurred in or about the execution of the aforesaid trusts.

Power to reimburse themselves their

expenses.

IV.-DEED BY TENANT IN TAIL, WITH THE CONSENT OF THE PROTECTOR, TO BAR AN ENTAIL OF FREEHOLDS.

Parties.

Recital of

creation of the entail;

THIS DEED, made, &c., BETWEEN C. B. [tenant in tail], of the first part; A. B., of &c. [protector], of the second part; and E. F., of &c., [grantee to uses], of the third part. WHEREAS, by an indenture bearing date the day of, and made, or expressed to be made, between [parties] certain manors, messuages, lands, and hereditaments in the parishes of and in the county of in the said indenture described or referred to, were limited to certain uses, which have now failed or determined, and, after the failure or determination thereof, to the use of the said A. B., and his assigns, during his life, without impeachment of waste; with remainder, to the use of certain persons and their heirs, during the life of the said A. B., in trust for him and his assigns, and to preserve the contingent remainders; with remainder, to the use of the first and other sons of the body of the said A. B. successively, according to their respective seniorities, in tail; with remainders over. AND WHEREAS Some of the hereditaments comprised in the aforesaid indenture have been sold and given in exchange under a power in that behalf therein contained, and other hereditaments have been taken in exchange and purchased under the same power, and have been limited to the uses of the said indenture, by reference thereto, and certain lands have been allotted, by an award under an inclosure act, in respect of lands comprised in the said indenture, or settled by reference thereto. AND WHEREAS the said C. B. is the first son of the body of the said A. B., and has attained his age of twenty-one years, and is desirous of barring the estate tail, and every other estate tail (if any) of him the said C. B. in the aforesaid manors, messuages, lands, and hereditaments, and all remainders, reversions, estates, rights, titles, interests, and powers, to take effect after the determination, or

--of changes in the estates;

-of the birth
and majority of
the tenant in
tail, and the

desire to bar the
entail;

of the consent

of the protector. Witness. Conveyance to a releasee.

Parcels.

General words.

in defeasance of the said estate tail, and of every other estate tail (if any) of him the said A. B. in the said premises, and of limiting the same premises to the use of him, his heirs and assigns. AND WHEREAS the said A. B., as protector of the said settlement, has consented thereto, NOW THESE PRESENTS WITNESS, that, for effectuating the said desire, he, the said C. B., with the consent of the said A. B., doth hereby grant and convey unto the said E. F., and his heirs, ALL AND SINGULAR the said manors, messuages, lands, and hereditaments, by the said indenture, or by reference thereto, limited as aforesaid, or which, under the said award or otherwise howsoever, are now subject to the subsisting uses thereof, TOGETHER with all commons, ways, lights, sewers, watercourses, rights, privileges, easements, commodities, and appurtenances whatsoever, to the said hereditaments, or any part thereof, belonging or appertaining, or with the same or any part thereof now or heretofore held, used, or enjoyed, or reputed as part or member thereof, or appurtenant thereto, AND all the estate and interest of the said C. B. in and to the said premises, and every part thereof, EXCEPT such of the said hereditaments comprised in the said indenture as have been sold or given in exchange, TO HOLD the said premises (except as aforesaid, and subject and without prejudice to the said estate for life of the said A. B., and to such of the powers and privileges thereto annexed, or exerciseable during the continuance thereof, as are now subsisting or capable of being exercised) UNTO the said E. F., and his heirs, TO THE USE of the said C. B., his heirs and assigns. IN WITNESS, &c.

Habendum.