CH. 2, s. 5. redemption) and not a foreclosure of such premises " Pr. II. T. 5, (s. 2). 810. tion of Vict. c. 50. Sites Act, 1873. "The words real security' in this Act shall include all Interpreta. mortgages or charges, legal or equitable, of or upon land's terms. or hereditaments of any tenure, or of or upon any estate or interest therein or any charge or incumbrance thereon; and the word 'conveyance' shall include all grants, releases, transfers, assignments, appointments, assurances, orders, surrenders, and admissions whatsoever operating to pass or vest any estate or interest, at law or in equity, in the premises comprised in any real security" (s. 3). 811. [Also by stat. 36 & 37 Vict. c. 50, facilities were afforded Stat. 36 & 37 for the conveyance of pieces of land not exceeding one of Worship acre, for sites for places of religious worship, and for burial places; and by stat. 45 & 46 Vict. c. 21 (a), the former Act has been extended to authorise, subject to certain The Places specified restrictions, any corporation, ecclesiastical or lay, whether sole or aggregate, and any officers, justices of the peace, trustees, or commissioners holding land for of land by public, ecclesiastical, parochial, charitable, or purposes or objects, and also any limited owner or entitled only for life or lives, where the person entitled for a beneficial interest in remainder, in fee simple burial or in fee tail is unborn or unascertained, to grant, convey, or enfranchise for the purposes of the former Act, such quantity of land as therein mentioned.] 811a. (a) See Appendix. Stat. 45 & 46 Vict. c. 21. of Worship Conveyance corpora other tions, public bodies, and limited seised owners, for sites for next places of worship, and places. T. 8, CH. 3. Definition of an in CHAPTER III. OF INTERESTS BOTH LEGAL AND EQUITABLE. PART II As already observed, an interest both legal and equitable is an interest in or ownership of real or personal property, terest both which confers a right both to the possession and to the beneficial enjoyment of such property, as well at law as in equity. 812. legal and equitable. When it arises. Legal and equitable This is the kind of ownership ordinarily created by common assurances, where no trust is declared, results, or arises. 813. As the legal and equitable estates may exist separately estates may in different persons, so they may co-exist separately and co-exist, or may coalesce. distinctly in the same person, unless they are both coextensive and of the same quality; in which case the equitable estate will merge in the legal estate, or rather will so coalesce with it as to cease to have any separate existence (a). 814. (a) See 2 Spence's Eq. Jur. 879, 880, and Smith's Executory Interests annexed to Fearne, § 50; 1 Cruise T. 12, c. 2. § 34, 35 ; Watk. TITLE IX. OF INTERESTS CLOTHED WITH THE OWNERSHIP, AND INTERESTS COLLATERAL TO THE OWNERSHIP. TITLE 9. INTERESTS, when considered in this relation, may be divided PART II. into these different species: I. Vested interests, or actual estates. Different kinds of interests, when II. Executory interests, or interests only, as distin- considered guished from actual estates (a). III. Rights of entry or action. IV. Mere possibilities. V. Mere adverse possessions. VII. Powers. VIII. Charges. IX. Liens. 815. (a) In the following chapter, an endeavour has been made to present to the reader, in a small compass, some of the leading principles of this most intricate and subtle subject of legal investigation, which is fully discussed in the writer's • Original View of Executory Interests in Real and Personal Property," forming the second volume of the tenth edition of Fearne. Notwithstanding modern enactments, this subject is still of the utmost practical importance. Multitudes of cases connected with it are sent to counsel; and hundreds are annually decided by the Courts, es pecially on short cause days, though comparatively few are reported. And in some of these cases, there have been as many as six different constructions contended for, by as many different parties. The writer has generally referred to his own work on Executory Interests, annexed as a second volume to Fearne, rather than to Fearne; because the work of that most profound lawyer relates to real estate only, and because the subject of executory interests (other than contingent remainders) was in its infancy in Fearne's day. in this relation. CHAPTER I. OF VESTED AND EXECUTORY INTERESTS (a). SECTION I. Of Vested and Executory Interests generally. PTA VESTED interest, or an actual estate, is the entire owner CH. 1, &. 1. Definition of a vested interest or actual estate. vested actual estate. ship of which any subject of property is susceptible, or a portion thereof, actually acquired by and residing in the person who is said to have such vested interest or actual of a present estate. And a present vested interest is the entire ownerinterest or ship of which any subject of property is susceptible, or the immediate portion thereof, actually acquired by and residing in the person who is said to have such present Of a future vested interest. Whereas, a future vested interest in lands or tenements, is a portion of the ownership thereof, next tenements after a preceding vested interest for life, or in tail, and actually acquired by and residing in the person who is said to have such future vested interest. A future vested interest in chattels is a portion of the ownership thereof, next after a preceding vested interest, and actually acquired by and residing in the person who is said to have such future vested interest. 816. vested interest in lands or Of a future vested interest in chattels, Definition of an interest. An executory interest is the ownership, or a portion executory thereof, which remains to be had in any subject of property from a future time or event, and which is appointed by the terms of the instrument creating such executory (a) The object of the author being only to present some of the leading principles on this subject, he must refer the reader, for the general law connected with it, and for the cases, to the 10th edition of Fearne, Jarman on Wills, Tudor's Lead. Cas.on Real Property, and other text books. CH. 1, s. 1. interest to be acquired at that time or in that event by the PT. II. T. 9, person to whom such interest is limited. 817. of a certain interest, and of a executory vested possession. And when the time or event is certain, the interest is a Definition certain executory interest; when the time or event is con- executory tingent, the interest is a contingent executory interest. 818. contingent When the right is a right of present possession, and the interest. party is in possession, whether personally or by substitute, when an the estate is said to be vested in possession. When it is a sin present right of having the possession whenever it may When an become vacant by the determination of a preceding chattel interest, or whenever it may become vacant by the determination of a preceding freehold estate, or at some other future time to which only the possession, and not the ownership, is postponed: in each of these cases, the estate is said to be vested in right or interest (a). 819. estate is vested in right or interest. determining whether an interest is executory. I. Where an uncertain event forms part of the original Rules for description of a devisee or legatee, and not merely of a superadded description, the interest is necessarily contin- vested or gent on account of the person; as where a gift is made "to the children who shall be living" at a particular time, and not to the children or the survivors, "or to the children or such of them as shall be living " (b). 820. II. Where a devise or bequest is made to a person "when" or 66 as soon as he shall attain a given age, or when or as soon as an event shall happen which may never occur at all, or "at," or "upon," or "from and after' his attaining such age or the happening of such event, whether the words of contingency precede or follow the words of gift, the gift is contingent, unless there are indications of immediate vesting (c). 821. But the gift is vested 1. If the testator does not annex the time to the devise (a) Smith's Executory Interests annexed to Fearne. § 79, 80. (b) See Id. § 281-4; 1 Jarm. Wills, 2nd ed. 726. (c) See Smith's Ex. Int. § 285. |