BONDS.

For Payment of

tors,] do and shall well and truly pay or cause to be paid unto the above named (John obligee) his Money. [or (John obligee) and (Charles obligee) or either of them, their or either of their] executors, administrators, or assigns, at or in the bankinghouse of Messrs. between the

For Payment of
Money by
Instalments.

hours of nine and ten of the morning of
day of

the

full and just sum of

now next ensuing, the of lawful money of

the united kingdom of Great Britain and Ireland, of English value and currency, with interest for the same at and after the rate of five pounds for every one hundred pounds by the year [or with lawful interest for the same ;] Then the aforesaid obligation to be void and of no effect, but otherwise to be and remain in full force and

virtue.

When by Instalments.

The full and just sum of with interest for the same, at and after the rate of five pounds for every one hundred pounds by the year, [or otherwise as aforesaid] in manner hereinafter mentioned or expressed, (that is to say) the sum of

, being one fifth part of the principal, with one year's interest, after the rate aforesaid, on the whole of the principal, on the

now next ensuing; the sum of

other fifth part of the principal,

day of , being one with one year's

interest on four-fifths of the principal [or of the

remaining principal] on the

day of

; the

which will be in the year of our Lord

sum of

being one other fifth part of the

principal, with one year's interest, after the rate
aforesaid, on three-fifths of the principal [or of
the remaining principal] on the
day of

which will be in the year of our Lord

sum of

, being one other fifth part of the For Payment of

day of

; and

principal, with one year's interest, after the rate
aforesaid, on two-fifths of the principal [or
the remaining principal,] on the
which will be in the year of our Lord
the sum of
being one other fifth part or
the remainder of the principal, with one year's
interest for the same, after the rate aforesaid, on

the

day of

year of our Lord

which will be in the

For Payment of Mortgage Money. AND which said sum of

same sum of

Money by Instalments.

and interest is the

For Payment of
Mortgage
Money.

and interest as is mentioned

or expressed to be secured to be paid in and by a certain INDENTURE of mortgage bearing even date herewith, and made or expressed to be made between the said, &c. of the one part, and the said, &c. by their respective additions therein of the other part: THEN the above written bond or obligation to be void and of no effect; but if default shall be made of or in payment of any of the sums of money aforesaid, Then the same shall be and remain in full force and virtue (2).

The Condition of a Post Obit Bond (3). THE CONDITION of the above written obligation is such, that if the above bounden (obligor)

(2) Where a bond is given as a collateral security for payment of mortgage money, it should refer to the mortgage; but vice versa is neither usual nor at all necessary.

(3) Many expressions are used in the reports which seem ge-. nerally to condemn all post obit bargains; but there is no determination which extends so far, and if the transaction is fair, and there has been a real, and not merely a colourable risque, there is no ground for the interposition of a court of

BONDS.

his heirs, executors, or administrators, do and
shall well and truly pay, or cause to be paid
unto the above named (obligee) his executors,
administrators, or assigns, the full and just sum
of lawful money of the united kingdom of
Great Britain and Ireland, of English value and
currency, within
months from and after the
decease of
at present of

in the county of

No. III.

For securing an Condition of a Bond for securing an Annuity.

1

Annuity.

WHEREAS the above named (obligee) hath contracted and agreed with the above bounden (two obligors) for the purchase of an annuity or yearly sum of the natural life of price or sum of

during the term of (cestui que vie) at or for the

day of

which said sum of

now last past, by

she the said (obligee) paid to the said (obligors)
on the
the hands of (her solicitor) in the following man-
ner, that is to say, by three exchequer bills
severally dated the

day of

and

Equity; for a reversionary interest may be sold as legally as an estate in possession. Whether a court of Equity would interfere to relieve against post obit bonds upon payment of the sum really advanced, with legal interest, and an allowance for insuring the risque, is a question that has frequently been agitated, and in the variety of cases that have occurred, the court has, according to the particular circumstances, granted or denied relief. If there is any circumstance of fraud or circumvention, if an undue advantage has been taken of the necessities of the vendor, or if the terms of the agreement are grossly unequal, the court will so far interfere, as to consider it only a security for money lent.

payable on the

day of

then next,

with interest after the rate of three-pence per day per centum: one of the said bills numbered

for the sum of numbered

one other of the said bills

for the like sum of

the remaining bill numbered

of

on the said

, and

for the sum

and the interest thereon respectively due

day of

to the said (obligee) on the

amounting to

, was paid by (one of the obligors)
day of the
AND for the compleat-

BONDS.

For securing an

Annuity.

same month of ing such contract, and for better securing the payment of the said annuity, the said (obligors) have executed, or at the time of sealing and delivering hereof will execute, a certain INDENTURE bearing or intended to bear even date herewith, and made between the said (obligors) of the one part, and the said (obligee) of the other part. AND the same annuity or annual sum is intended to be still further secured by the above written obligation and a warrant of attorney to confess judgment thereon, also bearing even date herewith. NOW THE CONDITION of the above written The condition. obligation is such, that if the above bounden (obligors) or either of them, their, or either of their heirs, executors, or administrators, do and shall well and truly pay or cause to be paid unto the above named (obligee) or her assigns. yearly and every year during the natural life of the said (cestui que vie), an annuity, yearly rent charge, or clear annual sum of lawful money of the united kingdom of Great Britain and Ireland, of English value and currency, by two equal half yearly payments on the day of and the

of

day

BONDS.

For securing an
Annuity.

of
in each and every year, without any
abatement or deduction whatsoever, for or by
reason of any parliamentary or other tax, charge,
or imposition, or any other matter, cause, or thing
whatsoever (the tax on property only excepted),
AND DO AND SHALL make the first payment of
he said annuity or yearly sum on the
day of

now next ensuing the date of the above writ-
ten obligation, being or intended to be the same
days and times as are appointed in and by the
above mentioned INDENTURE for payment of the
said annuity, and also(4) a proportional part of the
said annuity for the time which shall bave elapsed
from the last half yearly payment thereof up to
the time of the decease of the said (cestui que
vie); or lastly, if the said (obligors) or either of
them do or shall at any time after one year
within the space of
years from the date
hereof, well and truly pay or cause to be paid unto
the said (obligee) or her assigns the full and just
sum of
of lawful money of the united
kingdom of Great Britain and Ireland, of English
value and currency, (three calendar months' notice
of such payment having been given previously
thereto) as and for the repurchase and extin-
guishment of the said annuity or yearly sum of
together with all arrears which at the
time of such payment shall be in respect of the

(4) This provision is necessary, for equity will not make any apportionment; 3 Atk. 261. The payment of an annuity is similar, in this case, to the application of the dividends arising upon money in the public funds, payable to one for life; in which case, if the person to whom they are payable, should die before the day of payment, they cannot be apportioned; 2 Vez. 672. Amb. 279. 3 B. C. R. 99, 101,