DEVISE OF REAL ESTATE IN STRICT SETTLEMENT. to preserve heirlooms, but trustees not to be my will, and that one other copy thereof shall be signed by the person for the time being entitled as last aforesaid and retained by my trustees: AND I DIRECT that the person or persons for Usufructuary the time being entitled to the use of the said heirlooms under this my will shall keep the same in a good state of preservation and adequately insured against loss or damage by fire: BUT I responsible for expressly declare that my trustees shall not be bound or obliged injury. to see that the said heirlooms are preserved or insured as aforesaid, or be answerable for any loss or injury which may happen thereto, unless in some specific case they or he shall be called on to interfere by some person or persons beneficially interested in the said heirlooms under this my will: and I also direct that the power of selling the said heirlooms or any of them, and of without order purchasing chattels with the proceeds of such sale conferred by section 37 of the Settled Land Act, 1882, may be exercised by any tenant for life in possession under this my will without its being necessary to obtain an order of the Court for that purpose, provided that such sale or purchase shall be made with the consent of my trustee. Heirlooms may be sold with consent of trustees of Court. Legacies. Bequest of residuary personalty upon trusts of moneys arising from sale of freeholds. 16. I GIVE AND BEQUEATH, &c. (Bequest of legacies.) 17. I GIVE AND BEQUEATH all my personal estate not hereby otherwise disposed of unto my trustees, UPON TRUST that my trustees shall call in and convert into money the same or such part thereof as shall not consist of money, and shall with and out of the money produced by such calling in and conversion and with and out of my ready money, pay my funeral and testamentary expenses and debts, and the legacies hereby bequeathed, and shall stand possessed of the residue of the said moneys, upon the trusts which would be applicable thereto if the same were capital money arising from a sale of part of the freehold hereditaments herein before devised under the Settled Land Act, 1882. 18. (Investment clause, suprà, p. 354, substituting "this my will" for "these presents.") In WITNESS, &c. (a). (a) In the above Precedent there is no declaration as to the person by whom the statutory power of appointing new trustees is to be exercisable, the provision in this respect in the Act being sufficient. No. XXV. DEVISE and BEQUEST of REAL and PERSONAL ESTATE; OF TESTATOR'S PROPERTY SPECIAL PRO- to trustees. convert same pay debts, &c., I, A. B., of, &c. (commencement and appointment of executors and trustees and guardians, suprà, p. 534): I GIVE AND BEQUEATH Bequest of all my personal estate and effects (except chattels real included personal estate in the devise of real estate hereinafter contained) unto my trustees, UPON TRUST that my trustees shall call in and convert Upon trust to into money the same or such part thereof as shall not consist into money, of money, and shall apply the moneys to arise from such calling and thereout in and conversion, and the money of which I shall be possessed and at my death, so far as the said moneys will extend, in the payment of my funeral and testamentary expenses and debts (including mortgage debts affecting my real estates hereinafter devised), and shall invest the surplus (if any) of such moneys invest surplus with power for my trustees to vary the investments thereof from (if any), time to time, and shall apply the income arising from such in- and apply vestments in or towards the maintenance of my son G. B., until maintenance income for OF TESTATOR'S he shall attain the age of twenty-one years or previously die, WITH VARIOUS With power for my trustees, at their discretion, at any time PROPERTY SPECIAL PRO VISIONS. of testator's son. Power to raise money for advancement of son and subject to aforesaid trusts, in trust estate. in during the minority of my said son, to sell and convert into money the whole or any part of the said trust funds, and to apply the moneys arising thereby for the advancement, preferment, or otherwise for the benefit of my said son, as my trustees shall think fit, AND SUBJECT to the trusts aforesaid shall stand possessed of the said trust funds, and the income thereof, or so much thereof respectively as shall not be applied in manner aforesaid, IN TRUST for my said son G. B., as and when he shall attain the age of twenty-one years, but if my said son shall die under that age, then IN TRUST for my sister S. H.: I give, DEVISE, AND BEQUEATH all my messuages, farms, lands, tenements, and hereditaments of every tenure, situate at the county of, and all other my real and leasehold estates (if any) whatsoever and wheresoever, (all which premises included in this present devise and bequest are hereinafter called "my real estates ") unto and to the use of my trustees, UPON TRUST that my trustees shall receive the rents and profits of and manage my real estates and every part thereof, as they think may proper, with to demise or let the same, or any power part or parts thereof, either from year to year, or for any term or number of years, either upon repairing, building, or husbandry leases, and generally upon such terms as my trustees shall think proper (yet so that no demise or lease shall be made of any copyhold or customary hereditaments contrary to the custom of the manor or manors of which the same respectively shall be holden), with power to accept surrenders from and make allowances to and arrangements with tenants and others, and with all other powers expedient or desirable for the due management of my real estates, until my said son G. B. shall attain the age of twenty-one years or previously die: AND UPON TRUST that my trustees do and shall assure my real estates (subject to the mortgages, incumbrances, and charges then existing thereon) unto and to the use of my said son G. B., absolutely when and so soon as he shall attain the age of twentyone years: BUT IF my said son shall die under the age of under twenty- twenty-one years, then UPON TRUST that my trustees do and shall To trustees and subject thereto to son in fee; if son dies one, to nephews. assure the same (subject as aforesaid) unto and to the use of my nephews, L. M. and N. O., absolutely, as tenants in common in OF TESTATOR'S PROPERTY WITH VARIOUS SPECIAL PRO- interest on maintenance tion of surplus. apply accumu equal shares: AND DURING THE MINORITY of my said son I direct that my trustees shall apply the net rents and profits of my real estates in the first place in and towards payment of the interest which for the time being shall be due and payable in Direction to respect of the mortgage debts affecting the same, or such of the keep down said debts as shall for the time being remain due and unsatis- mortgages during son's fied, in aid of my personal estate, and shall in the next place minority. apply the said rents and profits, or any part thereof, for or towards the maintenance or education, or otherwise for the benefit of my said son, and shall invest the surplus (if any) of such rents and profits so as to accumulate at compound interest, with liberty to vary the investments thereof from time to time, and shall stand possessed of the said accumulations, IN TRUST Power of for the person or persons who shall become absolutely entitled and accumulato my real estates under the trusts herein before declared, with liberty nevertheless for my trustees to resort to the accumulations of any preceding year or years, and to apply the same in any succeeding year or years for the maintenance and education, or otherwise for the benefit of my said son; and with liberty also for my trustees, at any time or times, to apply the said Power to surplus rents and profits and the accumulations thereof, or any lations in paypart or parts thereof respectively in or towards the payment and ment of debts. discharge of the mortgage debts and principal moneys which for the time being shall affect my real estates or any of them, or my other debts generally, or any part or parts thereof respectively: AND I AUTHORISE and empower my trustees at any time Power to or times, or from time to time during the minority of my said transfer of mortgages, son, to join in any transfer of any mortgage or other charge or &c., or to sell incumbrance upon all or any part of my real estates, or to give for payment further security for, or to pay off all or any part of the money of mortgages. secured by any such mortgage, charge, or incumbrance, and for that purpose to adjust and settle any accounts with any mortgagee or incumbrancer, and if my trustees shall think fit, to raise any further sum or sums in order to discharge any such mortgage, charge, or incumbrance, and the interest thereon respectively, together with the costs of procuring and raising the same, either by mortgage or by absolute sale, or other disposition of all or any part of my real estates, or by, with, or out of the rents and profits of my real estates, or any of them, or by any other reasonable ways and means, and to apply the concur in or mortgage PROPERTY SPECIAL PRO VISIONS. General power of sale or mortgage payment of other debts. Personal estate to be nevertheless primary fund debts. OF TESTATOR'S moneys so to be raised in discharge of such mortgage, charge, or WITH VARIOUS incumbrance accordingly: AND I ALSO empower my trustees, by mortgaging, selling, or otherwise disposing of my real estates, or any of them, or by, with, and out of the rents and profits of mortgage for my real estates, or any of them, or by all or any of the aforesaid ways or means, or by any other reasonable ways or means, to levy and raise any sum and sums of money which my trustees may think fit to levy and raise for the payment of my funeral and testamentary expenses and my other and remaining debts, and to pay and apply the moneys to be levied and raised by the ways and means aforesaid in or towards satisfaction and discharge of my funeral and testamentary expenses and debts accordingly: PROVIDED ALWAYS, that as between the person or persons entitled to my personal estate, and the person or persons for payment of entitled to my real estates, my personal estate is to be considered as the primary fund, and my real estates the secondary fund, for the payment of my funeral and testamentary expenses, and my mortgage and other debts: AND I DECLARE that every mortgage made under the foregoing powers may contain any powers and provisions which my trustees shall think proper, and that no purchaser or mortgagee of any part of my real estates, upon any sale or mortgage expressed to be made under the trusts and powers of this my will, shall be bound or concerned to see whether my personal estate shall have been insufficient for the payment of my debts, nor whether the money paid or advanced by him is actually wanted or ought to be raised for all or any of the purposes aforesaid, or otherwise as to the necessity or propriety of such sale or mortgage, nor shall such purchaser or mortgagee be affected by notice that such sale or mortgage is unnecessary or improper. (Investment clause, suprà, p. 537.) IN WITNESS, &c. |