for parting with the settled estate or portions of it, as there may be occasion, and either substituting other land for that parted with, or applying the proceeds in relieving the property from incumbrances. Under modern Acts of Parliament the power of selling and exchanging settled estates is greatly extended, and by the Act 23 & 24 Vict. c. 145, the power of sale and exchange, if conferred in general terms, will carry with it, as incidents, ancillary powers similar to those which it has been usual expressly to annex to it. It will be proper to refer to the structure of the power of sale and exchange as framed by conveyancers, to compare it, as regards its incidents, with a power given in general terms, and governed, as to details, by the statute referred to; to indicate some points of law connected with powers of sale and exchange; and to notice the modern enactments, by which limited owners may in general effect sales and exchanges, though not specially empowered so to do. According to the frame of the power of sale and Structure of exchange in this collection, the trustees, with the consent of the limited owner if of age (e), are authorised to sell (with the ordinary discretionary powers) or exchange any of the settled lands for other lands in England or Wales, and to give or receive money for equality of exchange (f), and for those purposes

(e) As to the construction

of a

power of sale exerciseable

at the request of the person for the time being "seised of the freehold and inheritance"

of the estate, see Malmesbury
v. Malmesbury, 31 Beav. 407.

(f) That, however, money
may be paid, as well apparently
as received, for owelty of ex-

power.

Power to sell authorises revocation and new appoint

ment.

*Conditional powers.

To whom appointment may be made.

to revoke the uses (original or derivative) of the settlement (subject, however, to mortgages under the trusts of the terms and to leases), and appoint new uses (g). The trusts of the monies received upon sales and exchanges (as well as upon enfranchisements and partitions where powers for those purposes are comprised in the settlement (h)) are declared to be for the purchase, with the consent of the limited owner if of age, of other lands in England or Wales in fee-simple, or leaseholds or copyholds convenient to be held therewith, or with other parts of the settled estate, or in purchasing the enfranchisement of the settled copyholds; and the lands purchased or taken in exchange (as well as those taken upon enfranchisement or partition) are

change without express autho-
rity, see Bartram v. Whichcote,
6 Sim. 86.

(g) A power to sell, though
not in terms authorising a
revocation and new appoint-
ment, would imply power for
that purpose, and an instru-
ment exercising a power of
sale, though not expressly re-
voking the uses and appoint-
ing new uses, will by construc-
tion have that effect where
required. See Sugd. Pow.,
8th ed., 837, referring to the
Bishop of Oxford v. Leighton,
2 Vern. 376; 2 Chance, Pow.
[2464]-[2469]. See the
question whether, under a
power to appoint to the pur-

chaser, an appointment could be made otherwise than to him personally, as for example to uses to bar dower in his favour, considered Sugd. Pow. 837-839; 2 Chance, Pow. [2470]-[2480]; * and as to powers of sale connected with conditions (instead of directory clauses, as in modern forms) relative to the receipt or reinvestment of the sale monies, &c., see Sugd. Pow., pp. 852 et seq., and especially p. 855, observing on the disadvantageous character of such conditions, and 2 Chance, Pow. [2458]-[2463].

(h) See supra, p. 546, and

p. 552.

directed to be settled as to freeholds to the uses of the settlement, and as to leaseholds and copyholds upon corresponding trusts, but with a direction that leaseholds for years are not to vest absolutely in a tenant in tail by purchase not attaining twenty-one, but upon his death are to remain as if they had been freeholds (i). Directions are given that, should any of such lands be held for renewable interests, provisions for renewal be inserted in the settlement thereof, and that the expenses of renewal be paid by the persons entitled according to the rules of Courts of Equity (k); and (subject to that equity) the trustees are empowered to pay any money required for equality of exchange or partition, or for renewal, out of money arising by sale, enfranchisement, exchange, or partition, or to raise, by mortgage of any of the settled lands, money required for the above purposes, or for purchasing the enfranchisement of the settled copyholds. The trustees are further empowered, at the request of the limited owner if of age, to apply any monies arising by sale, exchange, enfranchisement, or partition, in or towards the discharge of incumbrances (1) affecting the settled estates

(1) As to the effect of this direction, see the observations on trusts of leaseholds to correspond with uses of freeholds, infra.

(k) As to these rules, see ante, vol. i., p. 339, note; and see infra. Lands held for a renewable interest have become so much rarer under the

operation of recent statute law, that it may be doubted whether the power of sale should now contain a special proviso for renewals, except in cases where renewable copyholds or leaseholds form part of the settled estate.

(1) In Vernon v. Earl Manvers, 31 Beav. 617, the appli

Powers given
by 23 & 24 Vict.
c. 145, to
trustees for
sale and
exchange.

(but without altering the equities as to contribution to renewals); and they have also a power of interim investment, with the consent of the limited owner if of age (usually confined to the funds and real securities) (m), and of varying investments, the interest of such investments to be applied as the rents of lands purchased with the monies invested would have been applicable. The proviso formerly inserted that the trustee's receipts shall be effectual discharges is omitted, as this is provided for by recent statutory enactments (n).

The powers given by the Act of 23 & 24 Vict. c. 145 (Part I.), in cases where, by any settlement, it is expressly declared that trustees shall have a power of sale over any hereditaments (0), and where the

power also expressly authorises an exchange, are so far similar to those given by the usual power, when