£ pursuant to the said deed- PRECEDENT XL. APPOINTMENT OF NEW TRUSTEE HAVE BEEN TRUST FUNDS. 10. Change of investment. 11. Receipt of further sums from estate of wife's grand father. 12. Present advancement of the said poll, and for payment of costs and expenses incurred by the said trustees in the execution of the said trusts; AND WHEREAS the remainder of the said Reduced £3 per cent. Annuities was on the day of sold by the said trustees with the consent of the said A. B. and C. B., and the proceeds thereof were with the like consent invested by them in the purchase of Stock of the Bank of England: AND WHEREAS since the date of the above-written deed-poll all the said annuitants under the will of the said X. Y. have died, and further sums amounting to £ Consolidated £3 per cent. Annuities have been received in respect of the fund retained to answer the said annuities. bequeathed by him, making with the said sum of £—— Consolidated £3 per cent. Annuities the sum of £- like annuities. AND WHEREAS by the means aforesaid the said trust funds now consist of the sums of £per cent. Annuities, £-- New £3 per cent. Annuities, and £-- Bank Stock, standing in the names of the said E. F., G. H., I. K., and L. M.: AND WHEREAS the said L. M. is desirous of being discharged from the trusts of the within- of retiring written indenture (e): AND WHEREAS the said A. B. and C. B. are desirous of appointing the said N. O. to be trustee of the within-written indenture in the place of the said L. M. AND WHEREAS it is intended that the said re- 15. of inten. spective sums of £-- Consolidated £3 per cent. Annuities, stocks. £--New £3 per cent. Annuities, and £-- Bank Stock shall be forthwith transferred into the names of the said E. F., G. H., I. K., and N. O. NOW THIS INDENTURE 16. Witnesseth appointment of WITNESSETH that in exercise of the power for this the new trustee. purpose by the joint operation of the Act of 23 & 24 Vict. Consolidated £3 a c. 145, intituled, "An Act to give to trustees, mortgagees, (e) As to the right of a retiring trustee with respect to having in his hands evidence of the appointment of the new trustee, see Warter v. Anderson, 11 Hare, 301. state of trust funds. 13. Of desire trustee to be discharged; 14. of desire to appoint new trustee; tion to transfer APPOINTMENT OF NEW TRUSTEE HAVE BEEN TRUST FUNDS. 17. Declaration of trust of the stocks. PRECEDENT XL. and others certain powers now commonly inserted in settlements, mortgages, and wills," and of the withinwritten indenture given to the said A. B. and C. B., and of every or any other power in anywise enabling them in this behalf, they the said A. B. and C. B. do hereby appoint the said N. O. to be a trustee in the place of the said L. M. for the purposes of the within-written indenture. AND IT IS HEREBY agreed and declared, that the said E. F., G. H., I. K., and N. O., their executors and administrators, shall stand possessed of the said sums of £ Consolidated £3 per cent. Annuities, £ New £3 per cent. Annuities, and £ Bank Stock (when the same respectively shall have been transferred as aforesaid), Upon the trusts and with and subject to the powers, provisoes, declarations, and agreements, upon, with, and subject to which the same ought to be held under or by virtue of the within-written indenture, regard being had to the advancement made as mentioned in the above-written deed-poll of the day of, and to the appointment made by such deed-poll and other intervening circumstances (ƒ). IN WITNESS, &c. (f) Attention is directed to the form of the declaration of trust in the text, as to which see also supra, p. 613, note. This precedent gives an example of recitals deducing the history of the trust property, so as prima facie to show that the trust has been correctly administered, and to account for the present condition of the trust property, a course which is thought to be proper when circumstances admit of its being pursued, which, however, is not always the case (see p. 607, supra). Some obscurity is perhaps inseparable from the connection of the appointment with the settlement, which is not before the reader, but it is hoped that the general tenor of the recitals in the above precedent will be sufficiently apparent. XLI. APPOINTMENT (by endorsement) of NEW TRUSTEES of PRECEDENT XLI. SETTLEMENT where there had been a PREVIOUS EN APPOINTMENT OF SETTLEMENT, DORSED appointment of a new trustee, part of the OF NEW TRUSTEES RAILWAY BONDS PERSONALTY. THIS INDENTURE, made, &c., BETWEEN the within- 1. Parties. named A. B. and C. B. his wife formerly C. D. withinnamed [the appointors] of the first part, the within-named I. K. and L. M. [retiring trustees] of the second part, N. O. of &c., and P. Q. of &c. [new trustees], of the third part, and the within-named E. F. and the above-named G. H. [continuing trustees], and the said N. O. and P. Q., of the fourth part. WHEREAS the said I. K. and L. M. are respectively unwilling to act any longer in the trusts of the within-written indenture (b): AND WHEREAS the said A. B. and C. B. are desirous of nominating the said appoint new N. O. and P. Q. to supply the place of the said I. K. and L. M. respectively: AND WHEREAS it is intended that the within-mentioned mortgage debt of £— and the secu (a) See, in connection with this Precedent, the two immediately following, being the transfer of the railway bonds and conveyance of the real estate. The mortgage forming part of the trust estate is supposed to have been created or transferred to the trustees of the settlement in the usual way by a deed not disclosing the trust, and is transferred in a similar manner on the appointment of the new trustees. For a precedent of such a transfer, see ante, Vol. ii., part 2, Mortgages, 3rd ed., p. 1321. As to the stamp duty where the trust estate is transferred by separate instruments, see supra, p. 609, note. (b) In consequence of the language of the settlement having been somewhat peculiar, there is also some peculiarity both in the recitals and operative part of the precedent in the text. As to the import of such phrases as "refusing or declining to act," see Lewin, Trusts, 7th ed., p. 560. 2. Recital of unwillingness of retiring trustees to act; 3. of desire to trustees; 4. of intention to transfer mort gage and railway bonds and convey real estate forming part of APPOINTMENT OF SETTLEMENT, COMPRISING RAILWAY BONDS AND LAND HELD AS PERSONALTY. the trust pro 5. and other trust funds. PRECEDENT XLI. rities for the same, and also the within-mentioned bonds or obligations of the Railway Company, and also OF NEW TRUSTEES the above-mentioned farm and hereditaments purchased as above-mentioned with part of the trust property (c), shall be forthwith transferred and assured by separate deeds or instruments, so that the same respectively may be vested in the said N. O. and P. Q. jointly with the said perty by separate E. F. and G. H., AND WHEREAS it is also intended that the instruments; other stocks, funds and securities which are now held upon the trusts of the within-written indenture, and which consist of the particulars following (that is to say) [particulars of remaining securities] shall be forthwith transferred into the joint names of, or so as to be under the joint legal control of (d) the said E. F., G. H., N. O., and P. Q. NOW THIS INDENTURE WITNESSETH, that in exercise of the power for this purpose by the withinwritten indenture given to the said A. B. and C. B., and of every or any other power in anywise enabling them in this behalf, They the said A. B. and C. B. do hereby nominate the said N. O. and P. Q. as trustees to supply the place of the said I. K. and L. M. respectively, for the purposes of the within-written indenture. AND IT IS HEREBY agreed and declared, that the said E. F., G. H., N. O., and P. Q., their heirs, executors, and administrators respectively, shall stand seised and possessed of all and singular the said trust estate and premises when the assurance and transfer thereof respectively to them shall have been made as aforesaid, upon and for the trusts and purposes applicable thereto respectively by virtue of the within-written indenture. IN WITNESS, &c. 6. Witnesseth appointment of new trustees. 7. Declaration of trust. (c) The purchase of the real estate with part of the trust property preceded, and was recited in the previous endorsed appointment of a new trustee. (d) These words have reference to securities to bearer forming part of the trust estate. XLII. TRANSFER of RAILWAY BONDS on appointment of new PRECEDENT XLII. trustees (a). TRANSFER OF RAILWAY BONDS OF NEW TRUSTEES. WE, E. F. of &c., G. H. of &c., I. K. of &c., and L. M. ON APPOINTMENT of &c. [the continuing and retiring trustees], Do HEREBY TRANSFER to the said E. F. and G. H., and N. O. of &c., and P. Q. of &c., [the new trustees], their executors, administrators and assigns, TWO SEVERAL BONDS, numbersand, made by the Railway Company (whose rights and obligations have devolved on the per cent. per annum, and all our right, estate, and interest in and to the money so secured. IN WITNESS, &c. (b) (a) See in connection with this Precedent those immediately preceding and following. (b) The above transfer is in the form (slightly modified to meet the circumstances) of that in schedule (E.) to the Companies Clauses Consolidation Act, 1845, (8 Vict., c. 16), by the 46th section of which it is enacted that any party entitled to a bond of the kind authorised by the Act may from time to time transfer his interest therein to any other person, the transfer being required to be by deed duly stamped and authorised to be according to the form in the schedule. The assignment in the present case is made by the continuing and retiring trustees to the continuing and new trustees, under the 21st section of Lord St. Leonard's Act (22 & 23 Vict., c. 35), enabling any person to assign personal property now by law assignable, directly to himself and another or others, by the like means as he might assign the same to another. |