Trustees' receipt clause.

Monies arising under the

ments in England or Wales, all or any part of the said real estate, upon such terms and under such conditions as the said trustees or trustee shall think fit, with power to buy in or rescind any contract for sale or exchange of all or any of the said premises, and to re-sell or exchange the same, without being responsible for any loss which may be occasioned thereby, and with power, for the purpose of effectuating any such sale or exchange, to revoke all or any of the uses, trusts, or powers hereinbefore limited, or to be limited, under the powers of jointuring and charging portions hereinbefore contained, of the hereditaments sold or given in exchange, and to appoint the same in any manner they or he shall think fit. AND I DECLARE, that the receipt of the trustees or trustee for the purchase-monies of the premises sold, or for any monies received for equality of exchange, shall effectually discharge the purchaser or purchasers, or other person or persons paying the same, therefrom, and from being concerned to see to the application thereof, or being answerable for any nonapplication or misapplication thereof.

AND I

power of sale HEREBY DECLARE, that the said trustees or trus and exchange to be laid out tee shall, with such consent or at such discretion

in the pur

chase of lands, as aforesaid, lay out the

to be settled

received money

upon any to the uses of sale or for equality of exchange (a) in the purchase

the settle

ment.

of freehold or copyhold hereditaments of inheritance (6) in England or Wales, and shall settle or

(a) See supra, p. 232, n. (a).

(b) Id., n. (b).

trustees to

received on a

change in dis

charge of in

cumbrances;

purchase, to

cause the same to be settled to the uses and subject to the powers hereby limited or to be limited under the powers of jointuring and charging portions hereinbefore contained as far as the deaths of parties and other intervening circumstances will permit: PROVIDED ALWAYS, that the said trustees Power for or trustee may, with such consent or at such dis- apply monies cretion as are herein before mentioned with respect sale or exto a sale or exchange, apply any monies to be received upon any sale or for equality of exchange as aforesaid, or any part thereof, in or towards satisfying any mortgage or other charge or incumbrance which may then affect all or any of the hereditaments which shall then be subject to the uses or trusts of this my will. AND I HEREBY FURTHER and, till a DECLARE, that, until the money to be received be invested in upon any sale or for equality of exchange shall be laid out or disposed of as aforesaid, the said trustees or trustee may, with such consent or at such discretion as aforesaid, invest the same in their or his names or name in any of the public stocks or funds of Great Britain, or upon Government or real securities in England, Wales, or Ireland, and may vary the same if and as they or he shall think fit; AND THAT the annual income from such stocks, funds, and securities shall be paid and applied to such person or persons, for such purposes, and in such manner as the rents and profits of the hereditaments to be purchased therewith as aforesaid would be payable or applicable in case such purchase and settlement as aforesaid were then ac

N

the funds or

upon securi

ties.

tually made. [Devise of mortgage estates, supra, Trustee clauses, supra, pp. 254-256.]

p. 253.

IN WITNESS &c.

Appointment of Trustees.

Parties.

XLIV.

APPOINTMENT of NEW TRUSTEES of a MARRIAGE SETTLEMENT, (to be indorsed on the Settlement (a)).

THIS INDENTURE, made &c., BETWEEN the within-named A. B. and the within-named C. B., (then C. D., spinster) [the husband and wife, donees of the power], of the first part; the withinnamed G. H. [the retiring trustee], of the second part; and I. K., of &c., and L. M., of &c. [new Recital of the trustees], of the third part. WHEREAS the marof the mar- riage in the within-written indenture said to be intended was solemnised shortly after the date -of the death thereof. AND WHEREAS the within-named E. F. is dead, and the said G. H. is desirous of being siring to be discharged from the trusts of the within-written discharged.

solemnisation

riage;

of one trus

tee, and of another de

Witnesseth. indenture. Now THIS INDENTURE WITNESSETH,

(a) The settlement intended is that of which a Precedent is previously given, XXXIV. p. 211.

of new trus

of trust.

that they the said A. B. and C. B. do hereby, in Appointment exercise of the power in this behalf in the within- tees. written indenture contained, appoint the said I. K. and L. M. respectively to be trustees of the withinwritten indenture in the place of the said E. F. and G. H. respectively. AND IT IS HEREBY Declaration DECLARED, that the said I. K. and L. M., their executors, administrators, and assigns, shall hold the within-mentioned sum of £ £ per Cent. Bank Annuities, which is intended to be transferred into their names immediately after the execution of these presents, and the annual income thereof, UPON the trusts, and subject to the powers, upon and subject to which the same ought to be held by virtue of the within-written indenture (a). IN WITNESS &c.

-

XLV.

APPOINTMENT of NEW TRUSTEES of a WILL of
Real and Personal Estate (b).

THIS INDENTURE, made &c., BETWEEN E. F.,
of &c., and G. H., of &c. [surviving trustees], of

(a) It will, of course, be understood, that, if there have

been

any dealings with the trust property since the date of the settlement, they must be stated so as to shew the funds subject to the settlement.

now

(b) The will intended is that of which a Precedent is

given, XLI. p. 248.

Parties.

the first part; L. M., of &c. [new trustee], of the second part; and N. O., of &c. [provisional WHEREAS A. B.,

Recital of the trustee], of the third part.

will;

late of

&c., duly made his will, dated the day of —, and thereby, after giving divers specific legacies and a pecuniary legacy, devised all his real estate (except what he thereby otherwise devised, and except estates vested in him upon mortgage) unto the said E. F., and G. H., and I. K., their heirs and assigns, upon certain trusts and with certain powers thereby declared; and bequeathed all his personal estate (except chattels real included in the said devise of real estate, and except what he thereby otherwise disposed of) unto the said E. F., G. H., and I. K., their executors, administrators, and assigns, upon the trusts and with the powers thereinafter declared and contained of the same; and devised all the freehold and copyhold hereditaments vested in him 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; and the said testator thereby appointed the said E. F., G. H., and I. K., executors of his said will, and declared, that, in case the said trustees, &c. [re cite the power to appoint new trustees literally]. of testator's AND WHEREAS the said A. B. died without having death, and probate of his revoked or altered his said will, and the same was will; proved by the said E. F., G. H., and I. K., in the

-of the death AND WHEREAS the said I. K. died in the month

of a trustee.