Imatges de pàgina
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284

CHAP. XVII. but that thenceforth they shall be wholly liable and

Release of debts.

subject to the full amount of the debts,-that the creditors, intending to take the benefit of the trust-deed, shall subscribe a declaration engaging to accept the composition, and to execute a letter of license.

The deed lastly witnesses that, in consideration of the premises, the several persons parties to the deed release the creditor from "all actions, suits, bills, bonds, "writings, obligations, debts, &c." which they or any of them have against the said debtor, his heirs, executors, &c., or his estate or effects, which are due and owing to them or any of them from the said debtor, and all interest, &c. other than and except the security effected, or intended to be effected," by means of these presents, &c., " and the trusts hereby declared as aforesaid."

G

The letter of license, with covenants to execute a release, may either form part of the general trust-deed or may be by a separate deed, according as may appear more suitable to the parties. If the affairs of the debtor be very complicated, and his property extensive, and variously charged by mortgages, annuities, judgments, &c., the transaction will be most commodiously arranged by three deeds, the first being a simple conveyance to trustees, in trust to sell, for the purposes to be declared by another deed,-the second deed will declare those purposes and trusts, and the third will be a letter of license, with covenants to execute a release.

Besides the general provisions stated above, as being proper to be contained in a deed of this description, there may be, of course, many others, the nature of which will depend on the situation of the parties and the peculiar circumstances of the case, and these must, of course, be left to the discretion of the draftsman who

no dividend shall be pay

for sale may

may be employed on the particular occasion. The two CHAP. XVII. following may be noticed as occurring occasionally in composition-deeds, namely—a proviso that no creditor Proviso that shall be entitled to a dividend unless he make affidavit of his debt before a Master in Chancery, or, being a able without an affidavit, &c. Quaker, shall make solemn affirmation thereof, such affidavit or affirmation to be left with the trustees, on or before the day appointed for payment of the dividend.— The other point, to which reference is here made, is a pro- That trustees viso on a deed of sale, that the trustees may act by agent: appoint an minute provisions of this kind are, however, necessary only agent. in cases of considerable importance and delicacy as in the case of a nobleman's affairs, in which it may be necessary that very large powers should be given, and that there should be a very minute inquiry into the validity of the several claims, and that there should be clear evidence of fraud on the part of the creditors, where these embrace long unsettled tradesmen's bills, or running transactions with money-lenders, brokers, &c.

FINIS.

INDEX

(TO THE FORMS.)

ADMINISTRATION:

Recital of limited letters of, 34.

of letters of de bonis non, ib.

APPOINTMENT. See Receiver.

ASSIGNMENT:

Of several terms to attend; recitals in, 180.

BEQUEST:

Of pictures, books, furniture, &c. as heir-looms, 121.

Of residue and appointment of executors, 122.

By codicil, 123.

BILL:

For the naturalization of an alien, 629.

CODICIL:

Bequest by, 123.

COVENANTS:

In mortgage for title (short form), 57,

Commencement of to purchaser for persons entitled to shares
of the purchase-money of lands sold, 59.

When one of the grantors is tenant for life, and the others
have the remainder in fee, ib.

For title, alteration in, where the estate is limited to uses, &c.
to prevent dower, ib.

upon trusts, 60.

when the estate is limited to uses or

To obtain conveyance from infant trustee at 21, ib.

To allow bills of exchange to be drawn and to accept and
afterwards pay the same, 61.

To pay off a mortgage-debt affecting an estate settled by the
same deed, 62.

To procure release of a portion when an infant trustee shall
attain 21 or die, ib.

To pay accepted bills of exchange when due, 63.

For title to personalty, ib.

For production of title-deeds where held by vendor (short
form), 65.

By greatest purchaser at an auction, 66.

DECLARATION:

Of uses, commencement of, where the conveyance is both by
appointment and release, 48.

DECLARATION continued.

Of uses or trust, commencement of, ib.

That clauses for appointment, indemnity, &c. of trustees shall
be applicable to other deeds, 50.

In wills, of the trusts of a term, 107.

Of the trusts of leasehold, 120.

As to the power given to trustees for the payment of debts
out of real estate,-personal estate, nevertheless, to be
the primary fund for payment of debts, 108.

DEVISE:

General, to trustees for a term, 106.

Of copyhold upon the same trusts as freehold, 118.

Of leasehold upon trusts after declared, 119.

DIRECTION:

In articles for clauses for the appointment and indemnity of
trustees, 50

ESTATE BILL:

Petition for, 260.

Judges' report thereon, 264.

EXCHANGE:

Proviso for re-entry in case of eviction, 54.
Power of in wills, 117.

EXECUTORS:

Appointment of, and residuary bequest, 122.

FINE:

Recital of deed and fine whereby estates stand limited, 35.

HABENDUM:

Of personalty with short power of attorney, 42.

INFANT TRUSTEE:

Recital of a trustee, being an infant, with covenant to obtain
conveyance from him at twenty-one, 30.

Covenant to obtain conveyance from him at twenty-one, 60.
Recital of proceedings for obtaining an order for him to
convey, 31.

Covenant to procure release of a portion when he shall attain
twenty-one or die, 62.

JUDGES' REPORT:

On petition for an estate bill, 264.

LEASES:

Proviso that lessees shall be all answerable to the lessor for
the rent, but as between themselves shall pay the same
in certain proportions, 55.

LIMITATIONS:

In strict settlement, 80.

Of rent-charge, 275.

MORTGAGE:

Covenants for title (short form), 57.

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