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Charge of Legacies or Debts upon Realty.
a sufficient part of the realty to raise the sum wanted; or they muy,
that purpose, may thereout, see No. 30.) raise 147. A SUFFICIENT Sum to 147. Such sum or sums of money as they or he shall pay (my funeral and testa- in their or his discretion think necessary for the payment of mentary expenses, debts and [my said funeral and testamentary expenses,' debts and legacies, or such part thereof legacies, or such part thereof as my said personal estate not as my personal estate not speci- specifically bequeathed shall be insufficient to pay); and I fically bequeathed is insufficient declare my will to be that the said Trustees or Trustee for the to pay), and hold the surplus time being shall pay or apply the same monies to be raised on the trusts declared of for the purposes aforesaid, or such part or parts of any
such monies as shall be needed in that behalf, in payment of all [my said funeral and testamentary expenses, debts and legacies, or such part thereof as my said personal estate shall be insufficient to pay], and shall stand and be possessed of and interested in the surplus (if any) of the said monies, upon and for the trusts, intents and purposes herein declared of and concerning
My residuary estate (or otherwise, as the case may be); and the Trustees’
receipts shall be sufficient discharges. (See No. 138.) And 148. SHALL make it un- 148. No person or persons paying or advancing any necessary to inquire into the sum or sums of money in such receipt or receipts expressed application of my personal to be received shall be bound or concerned to ascertain or estate :
inquire whether my personal estate, or any part thereof, has been previously applied towards payment of my funeral and testamentary expenses, debts or legacies, or whether the money proposed to be levied and raised is actually wanted for the purposes aforesaid, or any of them;
149. Provided nevertheless, and I hereby declare it to Estate shall be the primary be my will, that although as between strangers and the fund, and exonerate my real said last-mentioned Trustees or Trustee for the time being, estate.
and as between the same Trustees and Trustee and the persons claiming under this my Will, either my personal estate not specifically bequeathed, or the hereditaments and premises devised to the same Trustees, or both of the same properties may be resorted to for the purposes aforesaid, as the same frustees or Trustee for the time being shall think fit, yet, as between the person or persons beneficially entitled to such personal estate, and the person or persons beneficially entitled to the hereditaments and premises so devised to the same Trustees, my said personal estate not specifically bequeathed, is to be considered as the primary fund, and the said hereditaments and premises so devised as the secondary fund for the payment of the charges last aforesaid, and therefore, if the said real estate shall be first resorted to, the said personal estate not specifically bequeathed shall, so far as the same shall extend, make good the money to be raised out of the said real estate, and be applied in exoneration thereof.
Residuary Bequest and Trust for Conversion. 150. I BEQUEATH all my 150. I give and bequeath all the money, securities for residuary personal estate, money, goods, chattels, rights, credits and other personal
Bequest and Trust for Contersion, continued
estate whatsoever and wheresoever of or to which I am now or at the time of my death shall or may be possessed or entitled at law or in equity, for any interest which can be bequeathed by Will, or of which I have power to dispose by this my will, not otherwise bequeathed or disposed of by this my Will or any codicil hereto,
Except chattels real (if any) otherwise devised, to A.B. and C.D, 151. UPON TRUST that[A.B. 151. Upon trust that they the said [A. B. and C.D., and C.D., and the survivor, his and the survivor, his executors and administrators], da executors and administrators], and shall, as soon as conveniently may be after my death, convert the said personal estate call in, sell, dispose of and convert into money all such into money, and hold the same and so many and such part and parts of the said money, on the trusts hereby declared : securities for money, goods, chattels, rights, credits and
other personal estate as shall not consist of ready money, and do and shall stand and be possessed of and interested in the money to arise from such calling in, sale, disposition and conversion into money, and of and in the ready money of or to which I shall be possessed or entitled at the time of my decease, upon and for the trusts, intents and purposes, and with, under and subject to the powers, provisoes and declarations hereinafter expressed and declared :
Trust for Payment of Debts and Expenses.
152. I WILL that [A. B. and 152. I hereby declare my Will to be, that the said C.D., and the survivor, his heirs, [A.B. and C.D., and the survivor, his heirs, executors and executors and administrators], administrators], shall stand possessed of and interested shall, out of the money to arise in the money to arise from the sale or sales of the manors, from the sale of my realty and] | messuages, lands, tenements, hereditaments and real estates the conversion of my person hereby devised in trust for sale, and from] the calling in, alty [lastly] bequeathed, paymy sale, disposition and conversion into money of all such and funeral and testamentary ex- so many and such part and parts as are hereinbefore penses, debts, expenses and directed to be called in, sold, disposed of and converted the expenses of the trust: into money of my said money, securities for money, goods,
chattels, rights, credits and other personal estate (lastly. hereinbefore] bequeathed, and of the said ready money of which I shall be possessed at the time of my decease, upon trust by and out of the same to pay and discharge my funeral and testamentary expenses and debts, and the costs and expenses to be incurred in or about such sale or sales, calling in, disposition or conversion into money as aforesaid, or otherwise in or about the execution of the trusts aforesaid, or in relation thereto:
Provision for Annual Payments.
And I direct that my Trustees shall 153. PURCHASE sufficient [31. 153. With and out of the same trust monies, purchase, per cent. Stock] to satisfy the in their or his names or name, such an amount of [31. per (annual payments hereby direct- cent. Bank Annuities] as shall be sufficient, by means of ed to be made), and, until such the dividends thereof, to answer and satisfy the (several purchase, shall pay the same, annual payments hereby bequeathed or directed to be made, if necessary, out of the income or such of them as shall be subsisting and payable]; and I or the capital of the trust hereby direct that the dividends of the [3 l. per cent. Bank monies,
Provision for Annual Payments, continued.
monies, and when (any) annual Annuities) so to be purchased as last aforesaid, shall from
as last herein directed shall be made, the [several annual
(For trust for Investment and Accumulation, see Nos. 101 to 111, and 124,
For trust for Conversion and Re-conversion, see Nos. 130 to 132.)
Power to compromise Claims.
154. I AUTHORIZE my ex- 154. I hereby authorize and empower the executors or ecutors to compound debts, and executor for the time being acting in the execution of this compromise or submit to arbi- my Will to pay and satisfy any debts owing or claimed to tration and settle all matters be owing by or from me or my estate, and any
liabilities to affecting my estate, at their dis- which I or my estate may be subject, upon any evidence cretion.
they or he shall think proper, and to accept any composi-
Devise of Mortgage Estates, or Trust Estates (if deemed advisable).
155. I GIVE
ALL estates 155. And I give, devise and bequeath all the estates vested in me as [Trustee or] which at the time of my decease shall be vested in me mortgagee to [A. B. and C.D., [upon any trust or] by way of mortgage, with their rights, their heirs, executors, admini- members and appurtenances, unto the said [A. B. and strators and assigns], [upon the C. D., their heirs, erecutors, administrators and assigns] trusts and] subject to the equi- respectively, according to the nature and quality thereof ties affecting the same. respectively [upon the trusts and] subject to the equities of
redemption which at the time of my death shall be subsisting or capable of taking effect therein respectively, but the money secured by or upon any such mortgages shall be considered and taken as part of my personal estate.
Mortgages of Realty.
Provisoes for Redemption.
Where the Mortgage is for a fixed Sum.
The Indenture witnesses, that in consideration of One thousand Pounds,
A. B. conveys to C. D. all those, &c. (see Nos. 1. to 11.)
156. [Provided that] IF 156. [Provided always, and it is hereby agreed and de[A. B., his heirs, executors, ad- clared, that] if the said ( A.B., his heirs, erecutors, adminisministrators or assigns], pay to trators or assigns] shall pay or cause to be paid to the said [C. D., his erecutors, adminis- [C. D., his executors, administrators or assigns] the said trators or assigns], the [Sum of (Sum of One thousand Pounds], with interest thereon after One thousand Pounds] with in- the rate hereinafter mentioned, on the days mentioned in terest, on the days after-men- the covenant for payment hereinafter contained, and withtioned,
out any deduction, as therein is provided. 157. [C. D., his heirs and 157. Then and in such case the said [C. D., his heirs assigns] WILL [reconvey] the' and assigns] will and shall, at any time after such payment, [same premises], to [A. B., his' upon the request and at the costs and charges of the said heirs or assigns], [or as he or ! [A. B., his heirs or assigns], [reconvey) the (same hereditathey shall direct], free from all ments and premises], unto the said [A. B., his heirs or asincumbrances of [C. D., his signs], [or as he or they shall direct), free from all incumhoirs, executors, administrators brances whatsoever made, done or committed by the said or assigns].
[C. D., his heirs, erecutors, administrators or assigns] so as for the doing thereof the said (C. D., his heirs, executors, administrators or assigns], shall not nor shall any of them be compelled or compellable to go or travel from the place or places of their usual abode respectively.
Where the Mortgage is to secure a Loan and future Advances.
A. B. conveys to C. D., provided that if A. B. pays to C. D. One thousand
Pounds on the days after mentioned (see No. 156.), and also all other sums to be advanced to him as after mentioned, then C. D. will reconvey (see No. 137.)
In a Mortgage of Copyholds.
surrender if A. B. pay to C. D., &c., (see No. 156.)
In a Mortgage of Leaseholds.
will reassign for the Residue of the Term (see No. 157.)
Covenants to pay the Mortgage Money.
Where the Mortgage is for a fixed Sum.
The Indenture further witnesses, that 158. [A.B.doth][for himself, 158. For the considerations aforesaid the said [A.B. doth] his heirs, executors and adminis- hereby [for himself, his heirs, executors and administrators), trators], COVENANT with [C.D., covenant with the said [C.D., his executors and adminishis executors, and administra- trators, that the said [A.B., his heirs, executors or administors], that [A. B., his heirs, exe- trators], will and shall pay or cause to be paid to the said cutors or administrators], will [C.D., his executors, administrators or assigns], the [Sum pay to [C.D., his erecutors, ad- of One thousand Pounds], on the [Twenty-ninth] day of ministrators or assigns], the (September] in the year [One thousand eight hundred and [Sum of One thousand Pounds] forty-eight]; and will and shall henceforth, during so long on the (Twenty-ninth] of [Sep- as the said [Sum of One thousand Pounds], or any part tember] [One thousand eight thereof, shall remain due and owing on the security of these hundred and forty-eight], with presents, pay or cause to be paid to the said [C.D., his exeinterest thereon at [Four cutors, administrators or assigns], interest for the said [Sum Pounds] per cent. the of One thousand Pounds), or for so much thereof as for the Twenty-fifth] of [March] and time being shall remain unpaid, after the rate of [Four the [Twenty-ninth] of [Septem- Pounds] for every One hundred Pounds for a year, by equal ber] so long as the same is un- [half-yearly) payments, on the[
Twenty-fifth]day of[March] paid.
and the [ľuenty-ninth] day of [September] in every year. Without Deduction (see No. 160.)
Where the Mortgage is for a Loan and future Advances.
The Indenture further witnesses, that A.B. covenants that he will repay the
Sum lent, (see No. 158.)
And 159. Will, on demand in 159. Will and shall, at any time and from time to time writing [left at the office of X. on demand in writing signed by the said [C.D., his exeY. g Co.], pay to [C.D., his cutors, administrators or assigns), and [left at the office of executors, administrators or as- X. Y. & Co.], pay or cause to be paid unto the said (C. D., signs), all further advances made his executors, administrators or assigns], all and every other by [C.D., his executors or ad- sum and sums of money which may at any time or times ministrators], to [A. B., his hereafter be lent, advanced or paid by the said [C.D., his executors or administrators,] executors or administrators], to or for the use or on the with like interest, so that not account of the said [A.B., his executors or administrators], more than [Five thousand
with interest for the same sum or sums of money respecPounds] be recovered hereon. tively after the rate aforesaid from the time or respective
times of the same respectively being advanced, lent or paid, or becoming due, as the case may be, so that the amount of money to be recovered hereupon shall not exceed (Fire thousand Pounds in the whole ;