cent period property of this kind had been so little the subject of legal cognizance, or was of such inconsiderable value, as not to be entitled to any separate consideration by text writers. A very short interval of time has, however, been sufficient to make a material alteration in both respects. The amount of property invested in the public funds, and in railroad and other companies, has become immense; and the acts of the legislature, and the decisions of our courts. upon questions arising out of this species of investment, have accumulated to an extent hardly credible by any one, who has not carefully attended to the subject. I shall, therefore, to this part of my work add two supplementary chapters on the law relating

TO FUNDED PROPERTY,

AND

TO RAILWAY AND CANAL SHARES, &c.

1. A Deed.]—A DEED is a writing on parchment or paper, sealed and delivered, to prove and satisfy the agreement of the parties whose deed it is to the things contained therein. Besides being sealed and delivered, signing has been rendered almost universally necessary by the Statute of Frauds. It is further required, in almost all cases, that deeds should have certain stamps affixed to them, that, in some cases, they should be enrolled or registered, and in others that they should be acknowledged.

2. Indentures and Deeds poll.]-Deeds are either deeds poll, or deeds indented. A deed poll is not strictly speaking an agreement between two persons, but a declaration of some one particular person, respecting an agreement made by him with some

other person. Thus a feoffment from A. to B., by deed poll, is not an agreement between A. and B., but rather a declaration by A. addressed to all mankind, informing them that he thereby gives to B. certain lands therein described. An indenture is a mutual agreement between two persons, whereof each has generally a part. It was formerly usual, when deeds were more concise, to write both parts on the same skin of parchment with some words or letters written between them, through which the parchment was cut in acute angles 'instar dentium,' from which they acquired the name of indenture.' But the practice has now long been to cut the first skin of parchment on which the indenture is written in an undulating line.

3. Originals and Counterparts.]—There ought regularly to be as many copies of the indenture as there are parties; and when the several parts are interchangeably executed by the several parties, that part or copy which is executed by the grantor is usually called the original, and the rest counterparts. But, in modern practice, it is most frequent for all parties to execute every part, which renders them all originals. A counterpart is, in general, no evidence of the contents of a deed; although it may be admitted for this purpose under special circumstances1.

4. Articles.]—It is usual for persons to enter into articles of agreement, preparatory to the execution of a formal deed. Such articles are considered a memorandum or minute of agreement to make some future disposition or modification of real property. Such an instrument will create a trust or equitable estate, and specific performance of it will be enforced in Chancery. Articles are usually entered into for the purchase and sale of lands, for taking and granting leases, for making mortgages, and settlements on marriage.

5. The Formal Parts of a Deed.]—The formal and ordinary parts of a deed are:-1st. The premises, which contain the date, the parties' names and descriptions, the recitals, the consideration and the receipt of it, the operative words of grant, and the description of the thing granted, commonly called 'the parcels.' The last four of these particulars constitute, also, what is called the testatum or 'witnessing part.' 2nd. The habendum, whose office is to declare and limit the estate and interest intended to be granted. 3rd. The tenendum, which, in ancient deeds, expressed the tenure; but since all freehold

lands have been converted into socage, the tenendum as to these
is always joined to the habendum, "to have and to hold;" but,
in the grant and surrender of copyholds, it is still retained to ex-
press
the nature of the tenure. 4th. The reddendum, whereby
the grantor reserves something new to himself in lieu of what
he had granted. 5th. The provisoes. 6th. The covenants.
7th. The testimonium, which mentions the execution, and the
date, either expressly or by reference to that set forth at the
beginning of the deed. 8th. The attestation.

SECT. 2. OF THE PARTIES.

1. Who ought to he Parties, 6.

2. Who are disabled from being Par-
ties, 7.

3. Effect of Alienage, 7.

4. Denization and Naturalization, 8,
5. Effect of Infancy, 8.

6. Effect of Lunacy, 9,

7. A Lunatic may convey by his Com-
mitlee, 10.

(1). In pursuance of Decree for

Specific Performance, 10.
(2). For Payment of Debts, or

to pay off Incumbrances,
when, 11.

8. Surplus Monies arising from the Sale of a Lunatic's Estate, 12.

9. Effect of Coverture, 12. 10. Acknowledgment of Feme-covert's Deed, 13.

11. Certificate and Affidavit of Acknowledgment, 14.

12. Surrender of Wife's equitable Estate of Copyhold, 16.

13. Husband's Concurrence dispensed with, when, 16.

14. Conveyance of the Fee by Tenant for Life, &c., 17.

15. Order of the Parties, 18.

1. Who ought to be Parties.]-There must be persons able to contract and be contracted with, and also a thing to be contracted for. In every deed, therefore, there must be a grantor, a grantee, and a thing granted. All persons who have any estate, right, title, or interest whatever, either at law or in equity, in that which is the subject-matter of a deed, must be parties to it, otherwise their estates or interests will remain in them. All those who are intended to take an immediate estate under a deed indented, must also be parties to it; but a person may take an estate in remainder 'Co.Litt.230.b. in a deed to which he is not a party1. Hence it follows that all

persons must be parties to a deed who have any interest in the subject-matter with which it deals; that they must be all legally competent; and that the deed cannot operate beyond the estate or interest which any party has in his own right, or is otherwise duly authorized to convey.

2. Who are disabled from being Parties.]-Hence, therefore, on the one hand, a person who is infant, lunatic, convict of felony, under coverture, &c., cannot be an effective party to a deed; and, on the other hand, the conveyance of a person having a partial estate or interest cannot operate beyond that estate or interest. To both these conclusions, however, there are exceptions, springing out of the provisions of the statute law. An extensive class of these exceptions we have already had occasion to consider in treating of conveyances and transfers by infant and lunatic trustees and mortgagees, &c.1. The various 'Vol. i. p. 536. heads of legal incapacity are the being convict of felony, (the effect of which will be considered under the title "forfeiture,")—an alien, —an infant,—of unsound mind,-under coverture. As to the three last, the legislature has, to a certain extent, and for certain purposes, removed the incapacity; but, as to the two former, the incapacity does not, on grounds of public policy, appear to be capable of any general relaxation. The state of the common law, and the modifications in it which have been made by statute, will now be considered under these respective heads:

In 22Bl. Com. 249.

3. Effect of Alienage.]—An alien cannot take lands by descent or other act of law; but he may take by conveyance or devise 2. the latter case, however, he cannot hold the lands; he takes only for the benefit of the crown, though the legal estate does not vest in the crown, till the facts of his being an alien, and of the lands in question having been so conveyed or devised to him, have been found and returned to the proper office under a commission issued for that purpose: and in the meantime they may be conveyed or devised away by the alien, subject to the title of the crown. The legal disability of an alien to hold lands is founded on principles of public policy3, and applies equally to a trust of lands as to the legal estate; and, therefore, if a trust be declared of lands, it enures to the benefit of the crown, and the crown may compel the execution of the trust in its own favour 4. Hence, in a case where a testator directed that his real estate should be sold by his executors, and that his heir at law, who was an alien, should concur in such sale, and the produce be divided among his nephews and nieces, who were aliens, resident abroad, Sir John Leach held, that, as there was here no conversion by the testator, the heir took the estate as land and not as money, that he took only for the benefit of the crown, and, therefore, that the