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of guardians;

-of executors, with

power to ar

range and

children.

Appointment estate (a). I APPOINT my said wife, and the said E. F., G. H., and I. K., guardians of my infant AND I APPOINT the said E. F., G. H., and I. K. executors of this my will, and authorise compromise. 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 being responsible for any loss thereby occasioned. AND I HEREBY DECLARE, that the receipts or receipt in writing of the trustees or trustee for the time being, acting in the execution

Trustees' receipt clause.

(a) It has been suggested of late that trust estates ought not to be devised, as they usually have been. (See 5 Martin's Conveyancing, 13; Cooke v. Crawford, 13 Sim. 91. See, however, Titley v. Wolstenholme, 7 Bea. 426; Midland Counties Railway v. Westcomb, 11 Sim. 57; 2 Jarm. on Wills, 714.) If trust estates are not to be devised, they had better be expressly excepted from the general devise of real estate. (Supra, p. 248).

It is unnecessary to include leaseholds or terms of years in the dispositions in the text, as they vest in the executors.

of any of the trusts hereof, for the purchasemoney of premises sold, or for any monies, funds, shares, or securities which may be paid or transferred to them or him in pursuance hereof, or of any of the trusts hereof, shall effectually discharge the purchaser or purchasers, or other the person or persons paying or transferring the same, therefrom, and from being concerned to see to the application, or being answerable for the misapplication or non-application thereof. AND I Power to appoint new HEREBY DECLARE, that, if the said trustees here- trustees. by 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 Trustees' I DECLARE, that the trustees or trustee for the clause.

indemnity

Power to reimburse themselves their expenses.

time being of this my will shall be chargeable only with such monies 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 monies 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 monies 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. IN WITNESS &c.

XLII.

CODICIL appointing a NEW TRUstee.

I, A. B., of &c., DECLARE this to be a codicil to

my

last will and testament, dated the

day of WHEREAS E. F., in my said will named, has lately died, NOW I HEREBY APPOINT L. M., of &c., to be a trustee and executor of my said will, and a guardian of my infant children, in the place of the said E. F.; and I declare, that my said will shall accordingly be read and construed as if the name of the said L. M. had been inserted therein throughout, instead of the name of the said E. F.; and in all other respects I confirm my said will. IN WITNESS &c.

XLIII.

DEVISE in STRICT SETTLEMENT (a).

strict settle

testator's own

and his bro

ther's existing and after-born issue.

I, A. B., of &c., DECLARE this to be my last will and testament. I DEVISE all my real estate (except Devise in what I otherwise dispose of by this my will, and ment to the except estates vested in me upon mortgage or trust) TO THE USE of my son D. B., during his life, without impeachment of waste; and after his decease, TO THE USE of each successively, according to seniority, of the sons of the said D. B. born during my life, for the life of such son, without impeachment of waste; and immediately after his decease, to the use of his first and other sons successively, according to seniority, in tail male; AND AFTER the failure or determination of the uses and estates herein before limited, TO THE USE of the son and sons of the said D. B. born after my death, sucessively, according to seniority, in tail male; AND IN DEFAULT or failure of such issue, TO THE USE of each successively, according to seniority, of my sons hereafter to be born, during his life, without impeachment of waste; with re

(a) This Precedent is not given as an example of a complete will, but as an example of a devise in strict settlement, now that the limitations to trustees to preserve contingent remainders are unnecessary.

mainder, immediately after the decease of each such son, to the use of his first and other sons sucessively, according to seniority, in tail male; AND AFTER the failure or determination of the uses and estates hereinbefore limited, TO THE USE of my brother E. B., during his life, without impeachment of waste; and after the decease of the said E. B., to the use of each successively, according to seniority, of the sons of the said E. B. born during my life, for the life of such son, without impeachment of waste; with remainder, immediately after the decease of each such son, to the use of his first and other sons successively, according to seniority, in tail male; AND AFTER the failure or determination of the uses and estates hereinbefore limited, TO THE USE of the son and sons of the said E. B. born after my decease, successively, according to seniority, in tail male; AND FOR DEFAULT of such issue, TO THE Trusts during USE of my own right heirs. AND I HEREBY DEof devisees. CLARE, that, if any person who would, if this present declaration had not been inserted, be entitled to the possession, or the receipt of the rents and profits, of my said real estate, as tenant for life or in tail male by purchase, shall be under the age of twenty-one years, then and so often E. F., of &c., and G. H., of &c. [trustees], and the survivor of them, and the executors or administrators of such survivor, (hereinafter called the trustees or trustee), shall, during such minority, receive the rents and profits of, and manage the said real estate, with

the minorities

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