and retains the Legacy in his hands, not as Assets of the Testator, but as Trustee of the Legacy, then the principles which would apply to another Trustee must apply to him. He is no longer clothed with the character of Executor, but is, as to the Legacy, a mere Trustee. Such is the Case of this Defendant Bradford; and having failed in his attempt to establish that it was by consent of the cestui que Trust that the Legacy was not invested in Stock, he must now transfer as much Stock as the Legacy would have purchased when he ceased to hold the Legacy as Executor, and become a Trustee. And if the Parties do not agree as to that period it must be referred to the Master to inquire into that fact. The Parties afterwards agreed, in order to save the reference to the Master that the Price of Stock should be computed at a day stated. The Decree was as follows; "This Court doth declare, that the Legacy or Sum of 2,000l. given by the Will of the said Testator John Richmond Webb, as therein mentioned, ought to be invested in the Public Stocks or Funds. The Defendant, James Bradford, possessing Assets of the said Testator sufficient to answer the said Legacy; and it being admitted that the said Defendant possessed Assets sufficient for that purpose on the 1st February 1808, It is ordered, that the Defendant James Bradford do purchase as much Bank 37. per cent Annuities as the sum of 2,000l. would have purchased according to the mar 1822. BYRCHALL v. BRADFORD and others. 1822. BYRCHALL v. BRADFORD and others. ket price such Annuities bore on the 1st February 1808, And it ordered, that the Master do ascertain the price such Annuities bore on that day, in case the Parties differ about the same. And it is ordered, that the Sum of 2,5641. 2s. Bank three per cent Annuities, already purchased by the said Defendant James Bradford, be taken in part of the Annuity hereinbefore directed to be purchased. And it is ordered, that the Master do tax the Plaintiffs, and all the Defendants, except the said James Bradford, their Costs of this Suit, and what shall be taxed for the said Defendants Costs be paid by the Plaintiffs. And it is ordered, that all the said Defendants Costs be added to the Plaintiffs Costs; and it is ordered, that such Costs be paid by the Defendant, James Bradford; and any of the Parties are to be at liberty to apply as there shall be occasion." Reg. Lib. A. 1821. fol. 1060. It appears by the Registrars' Books, that this Cause was re-heard before his Honor the Vice-Chancellor on the 8th June 1822, when the above Decree was varied, by ordering that James Bradford do transfer into the name of the Accountant-General, in trust, in this Cause, so much Bank three per cent Annuities as the Sum of 2,000l. would have purchased according to the marketprice such Annuities bore on the 1st of February 1808; the Sum of 2,5641. 2s. already purchased by the said Defendant, James Bradford, which is now standing in the name of the said Accountant-General, to be taken in part of the Annuities directed to be purchased. Reg. Lib. A. 1821, fol. 1550. From a Petition afterwards presented in this Cause to the Master of the Rolls it appears that Stock was purchased by James Bradford pursuant to the Decree. Reg. Lib. A. 1821. fol. 2195. 1822. BYRCHALL v. BRADFORD and others. JOHN MAITLAND and Plaintiff, 1822. 16 March MATTHEW CHALIE, JOHN SHUTE DUNCAN, Defendants. MATTHEW CLAREMONT, by his Will, dated the Bequest of 26th February 1772, bequeathed as follows:-"And as 25,000l. 3 per to all my temporal Estate wherewith it hath pleased God cents to Testato bless me, I dispose thereof as follows, (that is to say), tor's Daughter S. C. for Life, I name, constitute, and appoint my worthy Friend and and after her de cease, one moiety to the Testator's next of kin, in equal degree, other than and except any Child or Children of S. C.; and as to the other moiety to go unto and amongst all and every the Child and Children of S. C., equally to be divided between them at their respective ages of 21 years, if more than one, Share and Share alike, and if but one, then to such only Child at his or her age of 21 years. The Will afterwards contained a proviso, that in case S. C. should die without leaving any Child or Children of her body, or leaving any such Child or Children, such only Child, or all such Children, should die before attaining the age of 21 years, then the last-mentioned moiety should be paid among all the next of kin of the Testator, in equal degree, who should be living at the time of the death of the longer liver of them his said Daughter and her said Children so dying before having attained the age of 21 years, as aforesaid. Determined that, two Daughters of S. C. having attained the age of 21 years, but died in the life-time of their Mother, took vested interests in the last-mentioned moiety. 1822. MAITLAND v. CHALIE and others. 4 Partner, John Nicholas Linwood, Esq., my Friend Francis Douroure, of Kensington, in the County of Middlesex, Esq., and my faithful Book-keeper, Mark Cephas Tutet, Executors of this my Will; and it is my will, and I do hereby order and direct that my said Executors do and shall, as soon as conveniently may be after my decease, set apart, out of my Estate, or purchase with a sufficient part thereof, a Capital of 25,000l. in such of the Parliamentary Funds, or Government Securities, carrying Interest at the Rate of 3 per cent per annum, as they my said Executors shall think fit; which said Capital or Fund of 25,000l., when so set apart or purchased, I will shall be transferred to and taken in the joint names of my Executors, unto whom I give and bequeath the same, upon the several Trusts, and to and for the several uses, intents and purposes hereinafter mentioned, expressed and declared of and concerning the same, (that is to say), in trust, to pay all the Interest, Dividends, and Yearly Produce of the said Capital or Fund of 25,000 l., as the same shall arise and become payable, unto my Daughter Susanna Chalie, the Wife of John Chalie, of London, Merchant, for and during the term of her natural Life, for her sole and separate use, and upon her own single and separate receipt, &c.; and from and after the decease of my said Daughter Susanna Chalie, then in trust, to transfer and assign one moiety or part of the Capital or Principal of the said 25,000l. unto and equally amongst all and every my own next of kin, in equal degree, (other than and except any Child or Children of my said Daughter) who shall be living at the time of the death of my said Daughter; and in trust, to transfer and assign the other moiety or half part of the said Capital or Principal of the said 25,000l. unto and amongst all and every the Child or Children on the Body of my said Daughter, lawfully begotten or to be begotten, equally to be divided between them, at their respective Ages of twenty-one years, if more than one, share and share alike; and if but one, then to such only Child at his or her Age of twenty-one years, upon trust, in the mean time, and until such Child or Children shall respectively attain his her or their ages of twenty-one years, to pay and apply so much and such part of the Interest, Dividends, and Yearly Produce of the said last-mentioned moiety or half part of the said Capital or Funds of 25,000l., as they my said Executors, or the survivor of them, or the Executors or Administrators of such survivor, shall in their discretion think proper, for and towards the Maintenance and Education of such Child or Children of my said Daughter respectively, and in trust, to lay out and invest the Surplus, Interest, and dividends, (if any) of the last-mentioned moiety or half part of the said Capital or Fund of 25,000l., as the same shall from time to time become due and payable, in the purchase of the same species or sort of Funds as the lastmentioned moiety or half part shall or may consist of; or in the purchase of such other Parliamentary Funds, or Government Securities, carrying interest at the rate of three per cent per annum, as they my said Executors, or the survivors or survivor of them, or the Executors or Administrators of such survivor, shall think fit; which Funds or Securities, in or upon which such Surplus, Interest, or Dividends, shall be laid out and invested, shall be taken in the names of my said Executors, and be added to and go in increase and augmentation of and be applied in the same manner as is hereby directed concerning the last-mentioned moiety or half part of the said Capital or Fund of 25,000l.; and 1822. MAITLAND v. CHALIE and others. |