15. The person exercising the power of sale hereby conferred 23 & 24 Vict. shall have power by deed to convey or assign to and vest in the c. 145, s. 15. purchaser the property sold, for all the estate and interest therein, Conveyance which the person who created the charge had power to dispose to the of, except that in the case of copy hold hereditaments the bene- purchaser. ficial interest only shall be conveyed to and vested in the purchaser by such deed (ƒ). (ƒ) An equitable mortgagee, by deed, of freeholds can, under this section, convey the legal estate in the fee (Re Solomon Meagher, 40 Ch. D. 508). And where leaseholds are mortgaged by demise, the mortgagee can, under this section, convey to a purchaser the reversion left in the mortgagor (Hiatt v. Hillman, 19 W. R. 694; compare Re Hodson and Howes, 35 Ch. Div. 668, a case under the Conv. Act, 1881). As to the effect of this section where the mortgagor has registered with an indefeasible title under 25 & 26 Vict. c. 53, see Re Richardson (12 Eq. 398; 13 Eq. 142). call for title 16. At any time after the power of sale hereby conferred Owner of shall have become exerciseable, the person entitled to exercise charge may the same shall be entitled to demand and recover, from the per- deeds and son entitled to the property subject to the charge, all the deeds conveyance of and documents in his possession or power relating to the same legal estate. property, or to the title thereto, which he would have been entitled to demand and recover if the same property had been conveyed, appointed, surrendered or assigned to and were then vested in him for all the estate and interest which the person creating the charge had power to dispose of, and where the legal estate shall be outstanding in a trustee the person entitled to a charge created by a person equitably entitled, or any purchaser from such person, shall be entitled to call for a conveyance of the legal estate to the same extent as the person creating the charge could have called for such a conveyance if the charge had not been made. of receiver. 17. Any person entitled to appoint or obtain the appointment Appointment of a receiver as aforesaid may from time to time, if any person or persons has or have been named in the deed of charge for that purpose, appoint such person or any one of such persons to be receiver, or if no person be so named, then may, by writing delivered to the person or any one of the persons entitled to the property subject to the charge, or affixed on some conspicuous part of the property, require such last-mentioned person or persons to appoint a fit and proper person as receiver, and if no such appointment is made within ten days after such requisition, then may in writing appoint any person he may think fit. 18. Every receiver appointed as aforesaid shall be deemed to Receiver be the agent of the person entitled to the property subject to the deemed to be charge, who shall be solely responsible for his acts or defaults, of the unless otherwise provided for in the charge. the agent mortgagor. 19. Every receiver appointed as aforesaid shall have power Powers of to demand and recover and give effectual receipts for all the receiver. 23 & 24 Vict. c. 145, s. 19. Receiver may be removed. Receiver to receive a commission rents, issues and profits of the property, of which he is appointed receiver by action, suit, distress or otherwise, in the name either of the person entitled to the property subject to the charge, or of the person entitled to the money secured by the charge, to the full extent of the estate or interest which the person who created the charge had power to dispose of. 20. Every receiver appointed as aforesaid may be removed by the like authority or on the like requisition as before provided with respect to the original appointment of a receiver, and new receivers may be appointed from time to time. 21. Every receiver appointed as aforesaid shall be entitled to retain out of any money received by him, in lieu of all costs, not exceeding charges and expenses whatsoever, such a commission, not exfive per cent. ceeding five per centum on the gross amount of all money received, as shall be specified in his appointment, and if no amount shall be so specified, then five per centum on such gross Receiver to insure, if required. Application of moneys received by him. This part to relate to charges by amount. 22. Every receiver appointed as aforesaid shall, if so directed in writing by the person entitled to the money secured by the charge, insure and keep insured from loss or damage by fire, out of the money received by him, the whole or any part of the property included in the charge (whether affixed to the freehold or not) which is in its nature insurable. 23. Every receiver appointed as aforesaid shall pay and apply all the money received by him in the first place in discharge of all taxes, rates and assessments whatsoever, and in payment of his commission as aforesaid, and of the premiums on the insurances, if any, and in the next place in payment of all the interest accruing due in respect of any principal money then charged on the property over which he is receiver, or on any part thereof, and, subject as aforesaid, shall pay all the residue of such money to the person for the time being entitled to the property subject to the charge, his executors, administrators or assigns. 24. The powers and provisions contained in this part of this act relate only to mortgages or charges made to secure money way of mort- advanced or to be advanced by way of loan, or to secure an existing or future debt. gage only. [PART III. of the present act (sects. 25 to 30), which contained provisions as to the investment of trust funds and the appointment and powers of trustees and executors, has been repealed by sect. 71 of the Conv. Act, 1881, but new provisions dealing respectively with the same subjectmatter as the repealed sections will be found in the Trust Investment Act, 1889, and in sects. 43, 31, 36, and 37 of the Conv. Act, 1881. The new provisions are in every case retrospective, and may be cumulative (See Re Lloyd, 1888, W.N. 20). Part III. of the present act has accordingly been omitted.] PART IV. General Provisions. execute 31. For the purposes of this act, a person shall be deemed to 23 & 24 Vict. be entitled to the possession or to the receipt of the rents and c. 145, s. 31. income of land or personal property, although his estate may Tenants for be charged or incumbered, either by himself or by any former life, &c. may owner, or otherwise howsoever to any extent; but the estates or interests of the parties entitled to any such charge or incum- withstanding brance shall not be affected by the acts of the person entitled incumbrances. to the possession or to the receipt of the rents and income as aforesaid, unless they shall concur therein (g). (g) PART IV. of the present act has been repealed by sect. 64 of the S. L. A. 1882, but has been retained in connection with Parts I. and II. (See note ante, p. 558). powers, not may be ration. 32. None of the powers or incidents hereby conferred or Powers, &c. annexed to particular offices, estates, or circumstances, shall hereby given take effect or be exerciseable if it is declared in the deed, will, negatived by or other instrument creating such offices, estates, or circum- express declastances that they shall not take effect; and where there is no such declaration, then if any variations or limitations of any of the powers or incidents hereby conferred or annexed are contained in such deed, will, or other instrument, such powers or incidents shall be exerciseable or shall take effect only subject to such variations or limitations. those entitled 33. Nothing in this act contained shall be deemed to em- No persons power any trustees or other persons to deal with or affect the other than estates or rights of any persons soever, except to the extent to under the which they might have dealt with or affected the estates or settlement, rights of such persons if the deed, will, or other instrument &c. to be under which such trustees or other persons are empowered to act had contained express powers for such trustees or other persons so to deal with or affect such estates or rights. affected. of act. 34. The provisions contained in this act shall, except as here- Commenceinbefore otherwise provided, extend only to persons entitled or acting under a deed, will, codicil, or other instrument executed after the passing of this act, or under a will or codicil confirmed or revived by a codicil executed after that date. 35. This act shall not extend to Scotland. Extent of act. THE VENDOR AND PURCHASER ACT, 1874. 37 & 38 VICTORIÆ, CAP. 78. An Act to amend the Law of Vendor and Purchaser, and further to simplify Title to Land. [7th August, 1874.] 37 & 38 Vict. WHEREAS it is expedient to facilitate the transfer of land by c. 78, s. 1. means of certain amendments in the law of vendor and purchaser: Forty years substituted for sixty years as the Be it enacted as follows: 1. In the completion of any contract of sale of land made after the thirty-first day of December one thousand eight hundred and seventy-four, and subject to any stipulation to the root of title. contrary in the contract, forty years shall be substituted as the period of commencement of title which a purchaser may require in place of sixty years, the present period of such commencement; nevertheless earlier title than forty years may be required in cases similar to those in which earlier title than sixty years may now be required. Rules for regulating obligations and rights of vendor and purchaser. 2. In the completion of any such contract as aforesaid, and subject to any stipulation to the contrary in the contract, the obligations and rights of vendor and purchaser shall be regulated by the following rules; that is to say, First. Under a contract to grant or assign a term of years, Third. The inability of the vendor to furnish the purchaser Fifth. Where the vendor retains any part of an estate to which any documents of title relate he shall be entitled to 37 & 38 Vict. retain such documents (a). (a) The first rule controls the right of a litigant in an action for specific performance to production of deeds, where there is merely a general denial of the title of the other party; but the rule does not prevent the title being shown to be bad aliunde (Jones v. Watts, 43 Ch. Div. 574). An agreement to grant a right of way for a term is within the rule (S. C.) The rule does not prevent a lessee being affected with constructive notice of his lessor's title (Patman v. Harland, 17 Ch. D. 353). In connection with this rule, see Conv. Act, 1881, s. 3 (1), post, p. 574, and s. 13 (1), post, p. 586. Under the second rule, it was held that a recital in a deed more than twenty years old that the vendor was seised in fee simple prevented a purchaser from demanding any abstract of prior title (Bolton v. School Board for London, 7 Ch. D. 766). So a recital that a sale was made in pursuance of a trust for sale precluded a requisition as to whether it was a valid exercise of that trust (Re Marsh and Granville, 24 Ch. D. 11). As to a covenant for production, see Conv. Act, 1881, s. 9 (8), post, p. 585. c. 78, s. 2. 3. Trustees who are either vendors or purchasers may sell or Trustees may buy without excluding the application of the second section of sell, &c. notwithstanding this act. rules. 4. The legal personal representative of a mortgagee of a free- Legal perhold estate, or of a copyhold estate to which the mortgagee shall sonal reprehave been admitted, may, on payment of all sums secured by sentative may the mortgage, convey or surrender the mortgaged estate, whether estate of the mortgage be in form an assurance subject to redemption, or mortgaged an assurance upon trust (b). property. (b) This section has been repealed by the Conv. Act, 1881, s. 30 (2), post, p. 600. 5. Upon the death of a bare trustee of any corporeal or Bare legal incorporeal hereditament of which such trustee was seised in estate in fee fee simple, such hereditament shall vest like chattel real in simple to vest the legal personal representative from time to time of such administrator. trustee (c). (c) Sect. 5 was, as to England, repealed and re-enacted in a limited form by 38 & 39 Vict. c. 87, s. 48. The last-named section has been repealed by the Conv. Act, 1881, s. 30 (2), post, p. 600. Sect. 5 has been repealed, as to Ireland, by the Conv. Act, 1881, s. 73, post, p. 622. As to what was a bare trustee within the section, see Christie v. Ovington (1 Ch. D. 279); Re Cunningham and Frayling (60 L. J. Ch. 591); Morgan v. Swansea Authority (9 Ch. D. 582). woman who 6. When any freehold or copyhold hereditament shall be Married vested in a married woman as a bare trustee, she may conveys a bare or surrender the same as if she were a feme sole (d). (d) A married woman who was a trustee for sale was held, after an order for sale had been made by the court and the purchase-money had been paid into court, to be a bare trustee within this section (Re Docura, Docwra v. Faith, 29 Ch. D. 693). trustee, may convey, &c. |