ANNUITIES.

Annuities in General.

216. The preliminary steps as to the value and title will be the same as on a mortgage. The security will be found in Appendix 332, as to ordinary cases; and in more special cases a reference to Bythewood's Conveyancing will give the required information. The security being drawn, the other steps will be the same as in a mortgage, with the addition of the memorial, full information as to which will be obtained in Bythewood's work, and which, from the infrequency of copyhold annuities, added to its great speciality, cannot be added here.

Annuities when Mortgage to be paid off.

217. The practice in these cases will be in the preliminary steps the same as in the case of a mortgage, where previous one to be paid off. The only difference between the security in this case and in the last will be the special statement of the mode in which the consideration is paid, and the preparing a common warrant to enter satisfaction on the mortgage. (See 306, &c.)

DISCHARGE OF MORTGAGES
OR ANNUITIES.

218. Unless the parties will waive notice, a six months' notice must be given in the case of a mortgage, and the notice required by the security in the case of an annuity. A warrant to enter satisfaction should then be prepared (see forms 306, &c.) and sent for perusal by the solicitor of the party; on its return engrossed in duplicate, on plain paper, and an appointment made for signature and delivery of writings; and on attending the appointment to pay off the money, a receipt should be given on the deed of covenant or mortgage bond for the amount paid. The writings should be taken with the warrant properly signed, and which should be delivered to the steward for presentment, and his receipt obtained in the usual way. His fee will be 13s. 4d. The costs of mortgagee's solicitor for perusal, attendance, &c. must be also paid.

Partial discharge of a Mortgage.

219. This must of course take place by consent of the mortgagee, who retains the writings till an entire discharge, giving a receipt for the part paid on the bond or collateral security, and signing a warrant to enter satisfaction as to the amount paid (see form Appendix 307); and which is to be presented as in other cases.

Discharge of a Mortgage as to certain parts of Property.

220. It frequently happens on a sale of part of property in mortgage, that the mortgagee agrees to ac

cept part of the purchase money, and discharge the part of the premises agreed to be sold, from his mortgage in such case form No. 308 in Appendix should be followed, and a memorandum endorsed on the copy surrender and bond, as to such discharge of part of the premises.

Notice to pay off Mortgage.

221. A form is given in Appendix 333; but in strictness, unless the mortgage contains a stipulation that the mortgagee shall give notice, he is not bound to do so.

Proceedings to enforce payment on Copyhold Mortgages or Annuities.

222. Should the interest not be duly paid up, the party will, in the case of an annuity, or in the event of his not requiring payment of the principal on a mortgage, give the tenants notice to pay their rents to him in discharge of interest, or to pay as much as the interest amounts to (see Form 334); and in default of payment under such notice, the mortgagee will, under the authority of a recent case, be able to distrain, whether the tenancy commenced previous or subsequent to the mortgage.

223. Should the premises be in the occupation of the mortgagor, the mortgagee will not be able to distrain, unless he has inserted in his security an agreement by the mortgagor to be tenant of the mortgagee at a rent equal to the interest; and though the attornment might be deemed to operate as a lease, the writer has seen the opinion of an experienced counsel, that no stamp beyond that for a mortgage would be required.

224. The expediency of having a warrant of attorney to confess judgment in ejectment has been before adverted to; and if the mortgagee has attended to it, he will be able without difficulty to obtain possession of the premises, and by letting them can insure payment of the interest, and retain the control

over the possession till the principal is paid off or the mortgage foreclosed.

225. It may happen that a mortgagee, who has not obtained the warrant of attorney, has a power of sale; and if desirous to avail himself of it, he must give the notice to the mortgagor required under the power, and on the expiration of that period he will proceed to a sale agreeably to the power.

226. It would frequently be of advantage, with a view to save ultimate expence, that with a power of sale should be given a power of attorney to surrender on behalf of the mortgagee, by obtaining which and framing the conditions of sale similarly to those under a Dr. and Cr. deed, the sale might be more readily effected, and the necessity for admission by the mortgagee guarded against.

227. Should no power of sale have been given, the mortgagee must of course resort to the common remedies, and obtain payment by proceeding on the mortgage bond or other collateral security and bill of foreclosure in equity.

228. The proceeding by ejectment has the disadvantage that the mortgagee cannot recover in ejectment till after admittance, which is attended with very considerable expence, and a question might afterwards arise as to the liability of the mortgagee to pay it under the security.

229. It should seem that where it is deemed requisite to proceed for recovery of possession, the better way would be to give the mortgagor notice that the mortgagee requires possession under the security, and that unless given by a fixed time, he shall be obliged to obtain possession by ejectment, and for that purpose to take admission; and that in the event of his so doing, the mortgagor will be held liable for all consequent expences. This course might obviate the difficulty on the subsequent proceedings to a foreclosure.

230. In cases where no power of sale exists, but the mortgagee can obtain possession, and it is not expected that the mortgagor will attempt to redeem,

and it is important to guard against the expence of a suit for foreclosure, the mortgagee will obtain admission on the forfeited conditional surrender, and retain the possession as owner. In this case it might be as well to give the mortgagor or his representative notice of the intention to take admission, for the reason before stated, in connexion with the costs, in the event of a subsequent suit to redeem.

231. The mode of obtaining admission will be similar to that on a purchase, merely apprizing the steward that the principal and an arrear of interest is due, and that the mortgagee intends to take admission.

232. After an admission under a forfeited conditional surrender, the mortgagee will take care that no accounts of subsequent interest appear on any of the documents of title, as such accounts would throw difficulties in the way on a future sale.

233. The steps to be taken on annuity surrenders will be similar to those on mortgages, depending in like manner upon the nature of the particular security taken, and in the case of annuities it would be always prudent to put the grantee in such a position that he can always have the power of distraining. This will be effected by the appointment of a receiver or the attornment of the grantor.