No. CCCXLIX. Conveyance in Trust for Creditors. Trustees' receipts to be or concurred in the same and that the psn or psns to whom the sd heredts and preses or any pt thof shall or may be conveyed shall have hold and enjoy the same agst the sd (D.) his exs and ads and all and evy or. psn or psns lfully claiming or possessing any este right or title from through or under him And (a) it is valid discharges. hby furr agrd and decld by and betn the sd pties hereto so far as they are resply interested or concerned that the rect and rects of the sd (T.) or the survors &c. shall be a good discharge and good discharges to any purchaser or purchasers mortgagee or mortgagees lessee or lessees or any of them for so much as shall be therein expssd or ackngd to be recd And that all psns paying the same shall not aftwds be answe or accountable for the loss Declaration of misapplication or nonapplication thof or of any pt thof And it is hby furr decld and agrd that the sd (T.) and the survors &c. shall stand possessed of and be interested in all and evy the sum and sums of money which shall or may arise or come to their hands by any sale or disposition and out of the rents issues or or. proceeds thof Upon the sevl trusts and to and for the sevl ends intents and purps and under and subject to the sevl provos restrictions declons and agrts which are (b) decld contd and expssd of or concerning the same in or by a certain indre bearing even date with these prests and made betn the sd (D.) of the first pt the sd (T.) of the second pt and the sevl or. psns therein named as crs of the sd (D.) of the third pt (c) And the trusts. (a) As to the necessity of this clause, see sect. 5, 6. (b) Where the trusts are declared in the same deed, see CONVEYANCE IN TRUST TO SELL, and also ASSIGNMENTS IN TRUST. (c) If necessary, add “And the sd (D.) doth hby for himself and his hrs declare and direct that immediately upon the exon of these prests and until the trusts hnbefe referred to shall have been fully exted all the este right title and int of him the sd (D.) in and to the sd heredts and preses hby granted and reld or orwise assured or intended so to be and also the rents issues and growing proceeds thof until the same shall be sold or disposed of upon the trusts hnbefe contd shall as and betn the psnl reptives of him the sd (D.) be considered as and in the nature of psnl este and belong and go to his exs and ads Subject to the trusts afd in preference to and exclusion of his hrs at law although no sale thof shall have been made during the lifetime of him the sd (D.)" This provision, so far as regards creditors, appears to be now rendered unnecessary by the 3 & 4 W. 4, c. 104, which makes real property assets for the payment of debts, see APPENDIX. Where there is a dower trustee, he must first covenant that he has done no No. Conveyance in Covenant for convey. ment. sd (D.) for himself his hrs exs and ads doth hby covt with and to the sd (T.) their hrs exs and ads in manner following &c. That for and notwithstanding any act &c. heretofore made &c. by the sd (D.) he the sd (D.) is seised &c. see RELEASE (CONVEYANCE) without any manner of condon limitation &c. which can or may title. revoke &c. or prejudicially affect the same in any manner howsr Seised in fee. [leases and agrts for leases of which counterparts have been produced unto the sd trustees excepted] And also for and not- Good right to withstanding &c. he the sd (D.) has good right to convey unto the sd trustees &c. And furr that until the sd trust preses shall Quiet enjoyresply be sold or disposed of in pursuance of the trusts hnbefe decld for that purpe the same and evy pt thof shall be and remain to the uses upon the trusts and for the ends intents and purps hnbefe decld of and concerning the same and be holden and enjoyed and the rents issues and prfts thof recd taken and applied accly And from and immly after any such sale and dispostion shall be made and conveyances exted thof it shall be Iful for the purchaser or purchasers mortgagee or mortgagees his or their hrs exs ads or ass from time to time and at all times thereafter peaceably and quietly to enter into and upon and hold possess and enjoy all and singr the same heredts and preses with their respive rights members and apts to and for his and their own use and bent And that free and clear &c. and abso- Free from inlutely discharged and exonerated or orwise by and at the expence of the sd (D.) his hrs exs and ads effectually defended protected and indemnified of from and agst &c. see RELEASE (Conveyance) And furr that neither he nor any or. psns lfully claiming or to Nor revoke claim by from or under him shall or will at any time hraftr make do exte commit or willingly suffer any act matter or thing whby or by reason whereof the exon or performance of the trusts hby expssd or decld shall or may be defeated prevented or hindered from taking effect according to the true intent and meaning of these prests nor revoke or make void any of the powers or authties hereby given or which shall or may hraftr be given to the sd (T.) nor rece discharge compound sue for or inter act to incumber; and afterwards join with the debtor in the other covenants, see post, PURCHASE, and INDEX TO THE PRECEDENTS. As to the variations, where the wife is a party, or the debtor is tenant in tail, see FINES AND RECOVERIES, and INDEX. cumbrances. powers. No. CCCXLIX. meddle with any of the rents issues or prfts nor disavow nor Conveyance in discontinue or become nonsuit in any action or suit to be brought Trust for Creditors. Trust deed. in respect thof nor act or interfere in or about the preses afd or pur No. CCCXLIX. the same heredts and preses or any pt thof shall be sold or disposed of or intended so to be conveyed or assured shall not in Conveyance in anywise be deemed requisite to give effect to the same (a) witness &c. see ante, No. XLVI. In Trust for Creditors. No. CCCL. A Trust Deed for the Benefit of Creditors, to accompany a No. CCCL. Trust Deed. trustees. 2. Trustees are not chargeable for the acts or receipts of one ano- Liability of ther; and although there are not negative words in a deed to that effect, yet courts of equity will not make them liable; but if they will bind themselves, the court will not relieve them, especially in a case of composition of debts, Leigh v. Barry, 3 Atk. 582. 3. Although trustees are intitled to all fair allowances for what they Reimbursement have actually expended, yet the usual clause for reimbursement is to trustees. very necessary, particularly when the cestuique trust aliens the estate, Trott v. Dawson, 1 P. Wms. 779; 7 B. P. C. 266. ness carried on This Indre made &c. (see ante, No. LXXXV.) Betn (debtors) of &c. bankers and coptnrs of the first pt (trustees) of &c. of the second pt and the sevl persons creditors of the sd (D.) whose names and seals are hereunto set and affixed of the third pt Whas the sd (D.) lately carried on the business of bankers as afd under the firm of &c. And whas the sd (D.) became and Recital of businow are indebted on their sd ptnship acct unto the sd sevl psns in partnership. pties to these prests of the third pt in several sums of money or engagements to replace Bk stock or or. property And the sd of carrying on (D.) are also sevlly indebted on their own private and separate acct unto some of the sd sevl psns who are or are intended to be pties to these prests And the sd (D.) being unable at present to pay and discharge the full amount of the debts owing by them as afd it was lately proposed and agrd by and betn all the (a) Where the debtor is a tenant in tail, and there is an unconsenting protector, a covenant to perfect title must be added, see post, FINES AND RECOVERIES. If the debtor be a tenant for life, or it be necessary on any account to nsure his life, add a covenant to that effect, see ante, ANNUITY. business. Trust Deed. to trustees. Testatum. No. CCCL. pties hereto that the sd (D.) shd convey and assign all the este and effects belonging to them on acct of their sd ptnship and also that each of them shd convey assign and transfer all the este and effects belonging to him as his separate property to the sd (T.) their hrs exs ads or ass In Trust and for the purps hnaftr Of conveyance mentd And whas by indres of lease and release (or “bargain and sale") and assnment bearing even date with these prests and made &c. the freehd copyhd leasehd and psnl este of the sd (D.) jtly and severally have been conveyed assigned and covtd to be surrendered by them unto and to the use of the sd (T.) their hrs exs ads or ass In Trust nevss to make sale of the same under the powers in the now reciting indres contd and to pay apply and dispose of the produce of such sale upon the trusts and to and for the ends intents and purps hereby referred to being the same trusts ends intents and purps decld and contd in these prests Now &c. That in pursuance of the sd agrt and for carrying the same into effect the sd pties to these prests do hby declare it to be the true intent and meaning of them and these prests that the sd (T.) and the survors and survor of them and the exs ads and ass of such survor shall stand and be posDeclaration of sessed of and interested in all and singr the mos to arise by such sale of the sd freehd copyhd leasehd and psnl este and effects of the sd (D.) conveyed and assd to them the sd (T.) their hrs &c. as hnbefe mentd and also of and in the rents of the sd freehd &c. este in the mean time until such sale thof Upon the Trusts and for the intents and purps hnaftr decld of and concerning the same that is to say Upon Trust that they the sd (T.) or the survors or survor of them or the exs ads or ass of such survor do and shall in the first place deduct retain and reimburse to himself and themselves all usual outgoings for rent taxes repairs salaries of clks and agents and all such or. costs chas and exps as he and they resply shall or may pay incur or be put unto in the exon of the trusts by these prests resply and by the sd indres of lease and release (or “ of bargain and sale") and assnmt reposed in him and them And in the next place do and shall apply the clear residue of the produce of the separate este of each of them the sd (D.) resply or a competent pt thof in paymt of the debts owing by him separately to such of the crs as have exted or shall exte these prests or their respive trusts. To pay rent, taxes, salaries &c. To apply sepa rate estate to the payment of se parate debts. |