MORTGAGES Estate for Life. Life estate not an eligible security for money lent. No. VIII. Mortgage by a Tenant for Life (1). Variations where the Mortgagor is Tenant for his own Where he has a vested or contingent Remainder in Where the Reversioner joins. Where the Conveyance is by a Doweress of her Dower Where by a Tenant by the Curtesy, Where the Mortgage is under a Power to charge, &c. Where the Mortgage is by Demise for a Term of THIS day of HIS INDENTURE of two parts, made the year of the reign, (1) As an estate for life cannot alone be considered an eligible security for the payment of money (and see Walwyn v. Lee, 9 Ves. 32,) unless the mortgagee have a power of sale given to him on default made in payment on the day appointed, and as even then there is a risk of the mortgagor's dying previously to that day, a life estate is more usually made a security for the payment of an annuity; but as this in general consumes the whole of the annuitant's income derived from the security, in consideration of a comparatively small sum advanced to him, the instances, I am happy to have seen, are frequent, where he is prevented from having recourse to that ruinous expedient, by the kindness of friends advancing the sum he may have occasion for, upon a mortgage of his life interest, accompanied by some collateral security. As to what species of life interest may be the subject of a mortgage, see post, p. 190, n. (2). &c. and] in the year of our Lord BETWEEN (the mortgagor) (1) of, &c. one part (2), and (the mortgagee) of, &c. of the other part. WHEREAS (3) A. B. late of, Parties. (1) If the conveyance be by a feme of her dower-estate, say, Doweress. "(The doweress), of, &c. widow and relict of A. B. late of, &c. deceased." (2) Although the vendor be married, yet as a wife is not en- Wife. titled to dower out of the life estate of her husband, she need not be a party, and see ante, Vol. I. No. XXII. p. 328, n. (2). But if it be her estate, a fine must be levied, unless she have a power to appoint, and she must be a party, for the purpose of declaring the uses. If she appoint under a power, see post, rider (A). Power. (3) If the vendor took under a marriage settlement, see the Settlement, form of the recital of such settlement, post, rider (A). If the conveyance be by a doweress of her life estate, recite, Tenant in in the county of "WHEREAS the said A. B. died seised to him and his heirs of an estate of inheritance in possession and in severalty of and in certain messuages, lands, tenements, and hereditaments, situated at which, upon his decease, descended unto (the heir) of, &c. his heir at law, subject to the title to dower of the said (doweress) therein: AND WHEREAS by an indenture bearing date the day of and made, or expressed to be made, between the said (heir) of the one part, and the said (doweress) of the other part, the said (heir) assigned unto the said (doweress) for the term of her natural life, the several messuages, lands, tenements, and hereditaments therein and hereinafter more particularly described, as for and in full of her dower or third part out of or in the lands and hereditaments of which the said A. B. died seised as aforesaid: AND WHEREAS," &c. as above. dower. If the conveyance be by a tenant by the curtesy of his life Tenant by estate, say, “WHEREAS A. B. the wife of the said (mortgagor) at the time of her marriage with the said (mortgagor) was curtesy. deceased, by his last will and testament in writing, bearing date on or about the MORTGAGES &c. Estate for Life. day of Recital of a will vendor claims. under which the (signed, published, and attested as by law is required for the passing of real estates of freehold), gave and devised the several messuages, lands, and hereditaments hereinafter described, unto the said (mortgagor) and his assigns, for the term of his natural life (or "the life of C. D.," as the case may be), with remainders over, as in the said will is expressed. AND WHEREAS the said (testator) departed this life on or about the Death of devisor. Agreement for loan. day of without which was in the year revoking or altering the said devise; and the said will was, soon after his decease, duly proved by the executors therein named, in the prerogative court of AND WHEREAS the said (mortgagor) hath agreed with the said (mortgagee) for the loan to him of the sum of £ upon the security of his bond, with a warrant of attorney Bond. seised to her and her heirs of an estate of inheritance in fee Of the use of a bond to accompany a mortgage, see ante, Estate for Life. to enter up judgment thereupon, and also such MORTGAGES conveyance by way of mortgage of the said hereditaments, and such assignment of the life assurance policy hereinafter recited, as hereinafter is expressed. AND WHEREAS in part performance of the said agreement on the part of the said (mortgagor) he hath executed unto the said (mortgagee) a bond or obligation in writing bearing even date with these presents, conditioned to be void on payment of the said sum of £ in consideration lent, with interest after the rate, at the time and in the manner therein and hereinafter mentioned, and hath also executed a warrant of attorney bearing even date with the said bond, authorising certain attornies therein named to enter up judgment upon the said bond, as by reference being thereunto respectively had will more fully appear. Now The mortgagor, THIS INDENTURE WITNESSETH, that in further per- of the money formance of the said agreement on the part of the said (mortgagor), and in consideration of the sum of £ (1) of lawful and current money of that part of the United Kingdom of Great Britain and Ireland called England, to the said (mortgagor) in hand well and truly advanced and paid by the said (mortgagee) at or immediately before the sealing and delivery of these presents, the receipt whereof the said (mortgagor) doth hereby acknow (1) If the consideration for the mortgage be Bank annuities Stock. instead of money, see ante, No. IV. n. (3). If it be a debt, or money previously advanced, see ib. n. (4). Debt, &c. Estate for Life. Grants and re &c. MORTGAGES ledge, [and of and from the same doth absolutely acquit, release, discharge, and exonerate the said (mortgagee) his heirs, executors, administrators, leases the land, and assigns, by these presents], HE the said (mortgagor) HATH granted, bargained, sold, and demised, and by these presents DoтH grant, bargain, sell, and demise, unto the said (mortgagee) his executors, administrators, and assigns (1), ALL, &c. (2) or howsoever otherwise the said messuages, lands, tenements, and hereditaments, or any part thereof, now are, or is, or heretofore were or was situated, tenanted, called, known, or described, and also all other the messuages, lands, tenements, and hereditaments (if any) comprised in the indenture of bargain and General appur- sale for a year hereinafter referred to: TOGETHER with all [outhouses, buildings, yards, cellars, tenances. Parcels. What estates (1) An estate for the life of the mortgagor, when vested in the purchaser, or his estate pur autre vie, may be limited either to the real or personal representatives as for a freehold or a chattel interest; see ante, Vol. I. p. 332, n. (1), p. 334, n. (2). But in the case of a mortgage, a limitation to the personal representatives of the mortgagee (they being entitled to the money) seems preferable, and see post. (2) Here describe the subject of the conveyance by its ancient and present name, situation, tenancy, &c. See ante, No. III. p. 33, n. (2). Generally speaking, every species of life interest may, equally for life may be as a greater estate, be made the subject of a mortgage security; mortgaged, there are some, however, which, from a principle of public policy and convenience, are not allowed to be aliened, or charged, either at law or in equity, and some which are expressly forbidden by act of parliament. Thus the pay, whether |