OF REVER SIONARY INTEREST IN STOCK AND RENT CHARGE. Mortgage of wife's pro perty. interest for the same after the rate of £5 for £100 by the (a) Where property of the wife is mortgaged, the proviso for redemption should be consistent with her previous ownership and enjoyment. The wife, at the date of this mortgage, is shewn to possess these annuities for her separate benefit. The proviso, therefore, is for OF REVER INTEREST IN STOCK AND RENT CHARGE. Covenant by for payment money and AND THE SAID A. B. doth hereby for himself, his heirs, executors and administrators, covenant with the said E. F., his executors, administrators and assigns, that the said A. B., his heirs, executors, administrators or assigns, shall and will on the said day of well and truly pay or cause to be paid unto the said E. F., his executors, administrators or mortgagor assigns, the said sum of £- with interest for the same from of mortgage the date hereof, after the rate of £5 for £100 by the year, interest. without any deduction or abatement whatsoever (except as aforesaid): AND ALSO shall and will pay or cause to be paid unto the said E. F., his executors, administrators or assigns, all and every such sums or sum as shall be hereafter advanced by the said E. F., his executors, administrators or assigns, unto or on account of the said A. B., together with interest for the same after the rate of £5 per cent. per annum, to commence and be computed from the time or respective times of advancing the same respectively, without any deduction or abatement whatsoever (except as aforesaid), at the expiration of calendar months next after such sum and sums as aforesaid shall be respectively advanced: AND THE SAID A. B. doth hereby for and for right himself, his heirs, executors and administrators, covenant with assure stock, annuity and the said E. F., his executors, administrators and assigns, that rent charge, he the said A. B., (as to all and singular the premises firstly hereinbefore assigned or otherwise assured), hath in himself, and that they the said A. B. and C. D., or one of them (as to the said annuity and yearly sum or rent charge and premises lastly hereinbefore assigned as aforesaid), now have in them the reconveyance of these interests, when the debt and interest are paid, so that she may enjoy them for her separate use. to assign and demption, It seems that in mortgaging the wife's lands to secure the husband's Form of debt, if the equity of redemption is reserved to the husband and his equity of reheirs, without any further appearance of intention to resettle the estate, or alter the previous rights, there will be a resulting trust for the wife and her heirs. There must be, in such a case, a plain intention to make a new settlement, or it will not be supposed that a double purpose was contemplated. (1 Bligh, 114; 2 Jac. & Walk 413). And when by the execution of a power a mortgage is effected of estates in settlement, prima facie the intention is merely to convert an incumbered into an unincumbered estate; and it is not from slight expressions that a contrary intention will be inferred. (Whitbreud v. Smith, 18 Jur. 475). INTEREST IN STOCK CHARGE. ther assur ance. OF REVER- selves, or hath in herself or himself, good right and absolute SIONARY authority to assign, grant, and assure the said premises hereby assigned and granted or otherwise assured, or expressed and AND RENT intended so to be, unto the said E. F., his executors, administrators and assigns in manner aforesaid, according to the true intent and meaning of these presents, free from all incumand for fur- brances whatsoever: AND FURTHER THAT the said A. B. and C. D., or one of them, or he the said A. B., his executors, administrators and assigns, and all other persons claiming any estate or interest in the premises (as to all and singular the premises hereby assured), and that they the said A. B. and C. D., or one of them, or the assigns of them or one of them, and all other persons claiming any estate or interest in the premises (as to the said annuity and annual sum or yearly rent charge and premises lastly hereinbefore assigned and granted as aforesaid) will at all times hereafter, at the request of the said E. F., his executors, administrators or assigns, but at the costs and expenses of the said A. B., his heirs, executors, administrators or assigns, do and execute all such acts and assurances for the further, better, and more effectually assuring the said premises hereby assured, or expressed and intended so to be, or any of them, unto the said E. F., his executors, administrators and assigns, in manner aforesaid, as by the said E. F., his executors, administrators and assigns, or his or their counsel in the law, shall be reasonably devised, advised and Power of sale required: PROVIDED ALWAYS, and it is hereby agreed and in case of default. declared between and by the parties to these presents, that in case at any time or times default shall be made in payment of all or any of the principal monies hereinbefore secured or the interest thereof, or any part thereof respectively, contrary to the aforesaid proviso or agreement for payment thereof respectively, and for the space &c. [power of sale in case of Declaration default, supra, p. 201.] AND IT IS HEREBY FURTHER AGREED sale monics. AND DECLARED that the said E. F., his executors, administrators of trust as to and assigns, shall hold all and singular the monies which shall arise from any sale which shall be made in pursuance of the aforesaid power in that behalf, upon the trusts following (that is to say): UPON TRUST in the first place by, with, or out of the same monies, to reimburse himself or themselves, or pay INTEREST IN STOCK AND RENT CHARGE. or discharge all the costs and expenses attending such sale or OF REVERsales, or otherwise to be incurred in or about the exercise of SIONARY the said power of sale, or in anywise relating thereto: AND IN THE NEXT PLACE, UPON TRUST to apply such monies in or towards satisfaction of all and singular the monies which for the time being shall be due on the security of these presents: AND THEN UPON TRUST to pay the surplus (if any) of the said monies, so far as the same shall arise from the sale of the said sum of £ £3 per cent. Reduced Annuities, and other the premises firstly hereinbefore assigned or otherwise assured, unto the said A. B., his executors, administrators and assigns, for his and their proper use and benefit, and upon trust to pay so much of the said surplus as shall arise from the sale of the said annuity and annual sum or yearly rent charge and premises herein before assigned and granted by the said C. D. as aforesaid, or any of them, or any part thereof respectively, unto such person or persons as the said C. D. may direct, and so that the same may be in trust for her sole and separate use, independently of and free from the control, debts, engagements and interference of the said A. B., and of any after-taken husband, and so that the receipt alone of the said C. D. notwithstanding any coverture, and whether covert or sole, shall be an effectual discharge for the same. [Power of sale not to deprive E. F. of the right of foreclosure, supra, p. 203]. Provided nevertheless that the total amount of the principal money to be ultimately recoverable under or by virtue of these presents shall not exceed the sum of £ IN WITNESS, &c. R OF FIFE- TO SECURE Parties. for advance. No. XLVII. MORTGAGE of FREEHOLDS and COPYHOLDS to secure the retransfer of STOCK, and the Payment in the meantime of such Sums as may be equal to the DIVIDENDS thereof (a). THIS INDENTURE, made the day of —, BETWEEN A. B. of &c. [mortgagor], of the one part, and C. D. of &c. Agreement [mortgagee], of the other part: WHEREAS the said C. D. hath agreed to lend to the said A. B. the sum of £- £3 per cent. Consolidated Bank Annuities, recently standing in the name of the said C. D. in the books of the Governor and Company of the Bank of England, upon having the repurchase or transfer of a like sum of £- £3 per cent. Consolidated Bank Annuities in or into the name of the said C. D., and the payment in the meantime of such sums of money as will be equal in amount to the dividends which the said C. D., his executors, administrators and assigns, would have been entitled to receive on account of the said sum of £- £3 per cent. Consolidated Bank Annuities, if the same had continued standing in the name or names of the said C. D., his executors, administrators or assigns, secured to the said C. D. in manner hereinafter mentioned: NOW THIS INDENTURE WITNESSETH, that in pursuance of the aforesaid agreement, and in consideration of the sum of £ First wit nessing part. Consideration. Proceeds of annuities. the said sum of £ (being the proceeds of the sale of £3 per cent. Consolidated Bank Annuities, according to the market price of that stock on the day of the date of these presents), at or before the sealing and (a) The ad valorem duty on mortgages of this description is regulated by the average price of stock on the day of the date of the mortgage, or on either of the ten preceding days. If the stock is not replaced on the day named in the proviso, the Court would allow the mortgagee the benefit of any subsequent rise therein, whilst it would oblige the mortgagor to make up the deficiency that might arise from a depreciation of that stock after that day. |