that the said E. F., G. H., and I. K., and the survivors and survivor of them, (hereinafter called the trustees or trustee), shall, as soon as circumstances will permit, call in and obtain payment or transfer, to themselves or himself, of the said share or shares hereinbefore assigned in the said sum of Bank Annuities, or of the monies to be produced by the sale thereof, or of any part thereof, or of the stocks, funds, shares, or securities in which the same may be then invested, and shall either permit the same Bank Annuities, monies, stocks, funds, or securities, or any part thereof, to remain unaltered, &c. [power to vary, with the addition of "call in," or other appropriate words; trust for wife's separate use; for the survivor for life; for the children of the marriage; hotchpot clause ; powers of advancement, maintenance, and educa AND Covenants by tion; the wife, for heirs, right to as sign, free with from incum and administrators, that, notwithstanding any act, deed, matter, or thing by the said C. D. made or done, or knowingly suffered, she the said C. D. now hath power to assign the said premises unto the said E. F., G. H., and I. K., their executors, administrators, and assigns, subject as and in manner aforesaid, and free from incumbrances. brances, AND and for fur ther assur THAT she the said C. D., her executors and ad- ance. ministrators, and all persons lawfully or equitably surance on the husband's by reference to the preceding trusts; claiming through her, will, at all times, at the request of the said trustees or trustee, or of any person or persons interested in the premises, and at the cost of the said trust premises, do and execute all such acts and assurances for further or better assuring all or any of the said premises unto the said E. F., G. H., and I. K., their executors, administrators, and assigns, in manner and subject as aforesaid, and upon the trusts hereinbefore deTrusts of the clared, as shall be reasonably required. AND IT policy of asIS HEREBY DECLARED, that the said E. F., G. H., life, declared and I. K., their executors, administrators, and assigns, shall hold the said sum of £— [the sum assured by the policy], and other the monies (if any) to become payable under the said policy of assurance, and the stocks, funds, shares, or securities in or upon which the same may be invested, UPON the trusts, and subject to the powers, hereinbefore declared concerning the monies to arise by the sale or calling in of the said share or shares hereinbefore assigned of the said sum of Bank Annuities, and the stocks, funds, shares, or securities in which the same may be invested, and the annual income thereof, or as near thereto as cirwith a varia- cumstances will permit; SAVE AND EXCEPT, that, in case there shall be no child of the said intended marriage, who, being a son, shall attain the age of twenty-one years, or, being a daughter, shall attain that age or marry, then (without prejudice to the other trusts hereinbefore declared thereof by reference) and from and after the death of the said C. D., tion in case of no child of the marriage becoming entitled. the husband foot the po ance. and such default or failure of children as aforesaid, the said trustees or trustee shall hold the said lastmentioned trust monies, stocks, funds, shares, or securities, and the annual income thereof, or so much thereof respectively as shall not have become vested or been applied under any of the trusts or powers herein contained, in trust for the said A. B., his executors, administrators, and assigns. AND Covenant by THE SAID A. B. doth hereby, for himself, his heirs, to keep on executors, and administrators, cOVENANT with the licy of assursaid E. F., G. H., and I. K., their executors and administrators, that, in case the said intended marriage shall take effect, he the said A. B. will at all times pay the said annual premium of £- and such other monies (if any) as may become payable for keeping on foot the said policy, on the first day on which the same respectively ought to be paid, and will not do or suffer any act or thing whereby the said policy may become void or voidable, or the said trustees or trustee be hindered from receiving the monies to become payable under the same: PROVIDED ALWAYS, that the said trustees or trus- Power to the tee may, if they or he shall think fit, apply any pay prepart of the annual income of the said trust pre- out of the inmises, or, if that be insufficient, then any part of the capital of the said trust premises, in payment of the said annual premium, or other the monies (if any) which may become payable for keeping on foot the said policy: PROVIDED NEVERTHELESS, Trustees not that any neglect by the said trustees or trustee so able with a to apply any part of the said annual income or trust if the trustees to miums, &c. come or capi tal of the trust funds. to be charge breach of Trustees' receipt clause. policy be not capital, or to enforce the covenants hereinbefore kept on foot. contained on the part of the said A. B., shall not be considered a breach of trust, and that the said trustees or trustee shall not be in anywise responsible for such neglect, nor for the said policy becoming void by any means whatsoever. AND IT IS HEREBY DECLARED, that the receipts or receipt in writing of the said trustees or trustee, for any monies, stocks, funds, shares, or securities which may be paid or transferred to them or him in pursuance of these presents, or the trusts thereof, shall effectually discharge the person or persons paying or transferring the same therefrom, and from being concerned to see to the application thereof, or being accountable for the non-application or misapplication thereof (a). AND IT IS HEREBY DEcompromise CLARED, that the said trustees or trustee may compromise or refer to arbitration any action, suit, dispute, or demand, and may arrange any question of law or equity, and abandon or submit to any claim, as their or his counsel shall advise, and may settle and approve all accounts, and decide whether any monies shall be considered income or capital for the purposes of these presents, and generally may act in relation to the said trust premises as absolutely as if they or he were or was the abso Power to trustees to and arrange. (a) If the policy is not effected in the names of the trus tees, but is assigned to them, the receipt clause should expressly point to the monies assured by the policy and the assurance company. See supra, p. 175. lute owners or owner thereof. [Trustee clauses, supra, pp. 215, 216.] IN WITNESS &c. XXXVI. SETTLEMENT on MARRIAGE of a Sum of of trust after THIS INDENTURE, made &c., BETWEEN A. B., Parties. of &c. [intended husband], of the one part; C. D., of &c. [intended wife], of the second part; and E. F., of &c., G. H., of &c., and I. K., of &c. [trustees], of the third part, WITNESSETH, &c. [declaration of witnesseth. trust for the wife till marriage; power to vary investments; trust for the wife's separate use for the joint lives, as in Precedent XXXIV, supra, pp. 211, 212]. AND IT IS HEREBY DECLARED, Declaration that, if the said A. B. shall die in the lifetime of the the death of said C. D., then, after his death, the said trustees husband or or trustee shall hold the said trust premises, and the annual income thereof, in trust for the said C. D.; BUT IF the said C. D. shall die in the lifetime of the said A. B., then, during his life, shall pay the annual income of the said trust premises to the said A. B. and his assigns, and, after his death, shall hold the said trust premises, and the annual income thereof, upon and for such trusts, intents, and purposes as the said C. D. shall, notwith either the wife. |