OF STOCK BELONGING TO WIFE. as circumstances will admit, and at the cost of the trust estate, be assured and transferred by the said C. D. and all other necessary and proper parties (if any) unto or otherwise vested in the trustees, UPON TRUST that the trustees shall at such time or times, and in such manner as they shall think fit (but as to reversionary property not until it shall fall into possession), sell or call in and convert into money such part or parts of the said property as shall not consist of money or of investments of the nature hereinafter authorised, and shall stand possessed of such part of the said property as shall consist of authorised investments, or of money uninvested, and also of the moneys to arise from such sale, calling in, and conversion as aforesaid, upon the trusts and with and subject to the powers and provisions herein before declared and contained concerning the trust funds hereby settled (u): AND in the meantime, and so long as any property hereinbefore directed to be sold shall remain unsold, shall pay the rents and income thereof to the person or persons and in the manner to whom and in which the income of the trust funds shall for the time being be payable or applicable under the foregoing trusts (x): PROVIDED ALWAYS, that if any property to become vested in the trustees as aforesaid shall consist of an annuity or of the rents or income of real or personal property payable to the said C. D. during her life or the life or lives of any other person. or persons only, or for any term or period determinable on her death, or on the death of any other person, such annuity, rents, or income shall not be sold unless the said C. D. shall by writing direct the sale thereof, but the said annuity, rents, or income shall, unless and until the same shall be sold, be paid and applied to the person or persons and in the manner to whom and in which the income of the trust funds shall for the time being be payable or applicable under the foregoing trusts (a): AND IT IS HEREBY DECLARED, that, &c., (Investment and appointment of new trustees clauses, suprà, pp. 270, 271): PROVIDED ALWAYS, and Settlement to it is HEREBY LASTLY DECLARED, that if the said intended marriage not marriage shall not be solemnized within twelve calendar months within twelve (u) If the wife only receives an annuity out of the income of the wife's trust funds, add here, "but so as not to increase the said annuity of £- hereinbefore made payable to the said C. D. during the joint lives of the said A. B. and C. D." (x) Add here, if required, "but so as not to increase the said annuity." be void if solemnized months. OF STOCK BELONGING TO WIFE. after the date of these presents, these presents shall be void, and the stock hereby settled shall be re-transferred to the said C. D. IN WITNESS, &c. SETTLEMENT OF A POLICY OF ASSURANCE EFFECTED ON THE LIFE OF THE INTENDED HUSBAND. Parties. Marriage agreed on. Agreement to settle policy. No. III. SETTLEMENT of a POLICY of ASSURANCE (≈) effected on the THIS INDENTURE, made the day of BETWEEN A. B., of, &c. (intended husband), of the first part, C. D., of, &c. (intended wife), of the second part, and E. F., of, &c., G. H., of, &c., and I. K., of, &c. (trustees), of the third part: WHEREAS a marriage is intended shortly to be solemnized between the said A. B. and the said C. D.: AND WHEREAS the said A. B. is possessed of a policy of assurance on his life for the sum of £- effected with the Assurance Society, dated and numbered subject to the payment of the annual AND upon the treaty for the said intended marriage it was agreed that the said A. B. should settle the said policy upon the trusts and in the manner hereinafter expressed : NOW THIS INDENTURE WITNESSETH, that in conAssignment of sideration of the said intended marriage, THE said A. B. as policy to trustees. settlor (a) hereby assigns unto the said E. F., G. H., and I. K. (hereinafter called "the trustees"), THE herein before recited Notice to be given to office. Effect of new enactment that policy shall confer no right to sue unless stamped. (z) See 30 & 31 Vict. c. 144. Notice of this deed should be given to the assurance society pursuant to 30 & 31 Vict. c. 144. The stamp on this deed will be 5s. per £100 on the sum assured. By the Customs and Inland Revenue Act, 1888, s. 19, it is provided that no assignment of a policy of life assurance shall confer on the assignee any right to sue, or give a valid discharge, for the money assured thereby, unless such assignment is duly stamped, and that no payment shall be made by any person claiming under such assignment unless the same is duly stamped. And if any payment is made in contravention of this clause, the company or person by whom the payment is made is made liable for the penalty. It is apprehended that this enactment does not invalidate the assignment, but merely prevents the assignee from suing for the money until it is stamped. Consequently, if A. assigns the policy first to B. and then to C., but the assignment to B. is not stamped until after the assignment to C., B. is not on that account postponed to C. (a) These words carry with them an implied covenant for further assurance. See Conveyancing Act, 1881, s. 7 (E). policy of assurance, and the said sum of £ expenses of and SETTLEMENT OF A POLICY OF ASSURANCE EFFECTED ON THE INTENDED THE LIFE OF HUSBAND. In trust for settlor until marriage and afterwards to invest policy moneys when thereby assured, and all other moneys to become payable thereunder by way of bonus or otherwise, TO HOLD the same unto the trustees, IN TRUST for the said A. B. until the said intended marriage, AND FROM AND AFTER the said marriage, UPON TRUST that the trustees shall upon the death of the said A. B. receive the moneys to become payable under the said policy, and with the consent in writing of the said C. D. if then living, or if she shall be receive and then dead, at the discretion of the trustees, invest the said moneys or so much thereof as shall remain after paying the payable. incidental to the obtaining payment of the same in or upon, &c. (Trusts for investment and varying investments, suprà, p. 269.) AND SHALL stand possessed of the said policy moneys, and the investments for the time being representing the same (hereinafter called "the trust funds"): IN TRUST to pay the income thereof to the said C. D., if she shall survive the said A. B., during her life: And after the decease of the survivor of the said A. B. and C. D., IN TRUST, &c. (Trust for Trusts for husband, wife, issue as husband and wife or survivor shall appoint, and in de- and issue. fault of appointment for children equally,—sons at twenty-one, and daughters at twenty-one, or marriage,-Hotchpot clause,-Ultimate trust in default of issue for husband, suprà, pp. 269, 270): PROVIDED ALSO, that the trustees may at any time or times with the consent in writing of the said C. D. during her life, or after her decease at their own discretion, raise, &c. (Advancement Advancement clause, p. 270); AND the said A. B. hereby covenants with the trustees, that he the said A. B. will not at any time do any act or commit any default whereby the said policy of assurance policy; may be rendered void or voidable (b), and will, in case the said to effect new policy if it policy or any new policy to be effected as hereinafter mentioned, shall become void; shall by any means become void, forthwith at his own cost effect a new policy on his life in lieu of such void policy, in the names of the trustees in the sum of £ and will duly and regularly pay the premiums and other to pay presums of money (if any) which shall from time to time become miums; payable for keeping on foot the said policy hereby assigned, and receipts. every or any such new policy as aforesaid, and will on demand deliver to the trustees the receipt for every such premium: PRO- Proviso relieving trustees from at least, (b) See Dormay v. Borrodaile, 10 Beav. 335, as to the effect of these negative words. clause. Covenants by husband to keep up to deliver SETTLEMENT OF A POLICY OF THE LIFE OF THE INTENDED HUSBAND. responsibility as to policy. Power to settlor to accept reduction of premium in lieu of bonus. VIDED ALWAYS that it shall not be obligatory on the trustees to enforce the performance of any of the covenants herein before EFFECTED ON Contained on the part of the said A. B. in reference to the said policy of assurance, unless they shall think fit so to do, nor shall it be considered a breach of trust for the trustees to permit the said covenants to remain unperformed, or to permit any such policy as aforesaid to become void through any means whatever: AND IT IS AGREED AND DECLARED that if any bonus shall at any time hereafter be declared on the said policy, and an option shall be given to the holder of the said policy either to have the amount of such bonus added to the sum assured by the said policy, or to have a present payment of money or a reduction of future premiums in lieu thereof, then and in such case the trustees shall exercise such option in such manner as the said A. B. shall direct, and if any such bonus shall be accepted, and the said A. B. shall at any time afterwards request the trustees to surrender the same to the said assurance office in consideration of a present payment of money or a reduction of future premiums, then and in every such case the trustees shall comply with such request and act accordingly, and if in any such case as aforesaid a present payment of money shall be accepted such money shall belong to the said A. B. (c): PROVIDED ALSO, and it is hereby agreed and declared, that it shall be lawful for the said sum of money A. B. at any time during his life to redeem the said policy of assurance by paying to the trustees the sum of £, and in such case the said policy shall be re-assigned to the said A. B. at his expense freed and discharged from the trusts, powers, and provisions hereinbefore declared and contained concerning the same, and the trustees shall stand possessed of the said sum of £ paid to them by the said A. B. as aforesaid upon the trusts and with and subject to the powers and provisions herein before declared and contained concerning the moneys to be received by virtue of the said policy of assurance, but so that during the joint lives of the said A. B. and C. D., and the life of the survivor of them, every investment or variation of investment of the said sum of £ be made with their, his, or her consent in writing, and that the income of the said sum of £—and the Power to husband to pay to trustees a in redemption of policy. Trusts of money to be so paid. (c) This proviso must not be considered as a common form in a settlement of a policy of assurance. It is supposed to have been specially stipulated for in this particular case. OF A POLICY OF EFFECTED ON THE LIFE OF HUSBAND. stocks, funds, and securities in or upon which the same shall be SETTLEMENT invested, shall be paid to the said A. B. during his life, and so also that the power herein before contained enabling the trustees to apply moneys for the advancement of any child or remoter THE INTENDED issue of the said intended marriage, may be exercised during the joint lives of the said A. B. and C. D., or the life of the survivor of them, by their, his, or her direction in writing (Investment and appointment of new trustees clauses, suprà, pp. 270, 271): PROVIDED ALWAYS, and it is hereby lastly declared, that if the Settlement to said intended marriage shall not be solemnized within twelve marriage not calendar months from the date of these presents, then and in solemnized such case these presents shall be void, and the said policy of months. assurance shall be re-assigned to the said A. B. for his absolute use. IN WITNESS, &c. be void if within twelve No. IV. OF SHARE TO APPOINTMENT by FATHER and MOTHER to a DAUGHTER APPOINTMENT of a SHARE of SETTLED PERSONAL ESTATE in CONTEMPLATION of MARRIAGE. settlement on father and TO ALL TO WHOM THESE PRESENTS SHALL COME, M. D., of, &c., and N., his wife (father and mother of intended wife), SEND GREETING: WHEREAS by an indenture dated, Recital of &c., and made between, &c. (being the settlement made in con- marriage of sideration of the marriage then intended, and which was shortly mother of afterwards solemnized, between the said M. D. and N., his wife, intended wife. then N. O.), it was agreed and declared that the said (trustees of that settlement) should stand possessed of the trust funds therein mentioned, upon the trusts therein declared during the lives of the said M. D. and N. O. and the life of the survivor of them, and after the decease of such survivor, IN TRUST for all or such one or more of the children and remoter issue of the said intended marriage, at such ages or times, age or time, in |