— each, the first in- stalment to be paid on the 2. In case of default in the punctual payment of any Dated this day of WITNESS A. B. 18-. [Signature of Hirer]. L. AGREEMENT for the SALE of a REVERSIONARY MEMORANDUM OF AGREEMENT made the day of, 18-, BETWEEN [vendor], of &c., of the Parties. as settled by him was not liable to be registered as a bill of sale The subject of the registration of bills of sale will be fully treated in a subsequent volume of this work, sub. tit. MORTGAGES. As to reputed ownership, see ante, p. 631, note (a). WHEREAS the said [trustee] and [trustee] are trustees for "the Reversionary Interest Company" but enter into this agreement personally, to the intent that they, and not the company, may be bound hereby, and that they the said trustees may be parties to sue and to be sued herein: AND WHEREAS the said [rendor] hereby represents that he is absolutely entitled, free from incumbrances, under the will dated day of 18-, and proved in the Principal the Registry of the Probate Division on the - day of 18-, of [testator], late of in the county of deceased, in reversion expectant on the decease of [tenant for life] to one equal part or share of and in the sum of Consolidated Bank Annuities, and of £ 31. per cent. and in the sum of £ debenture stock of the 1. The vendor shall sell to the said company, and the trustees 2. The vendor shall also pay all costs, charges and expenses of and attending and relating to the investigation of the title and of and attending and in relation to all deeds, statements and writings requisite for carrying into effect and completing the said sale and purchase. 3. The said trustees shall be entitled to the said reversionary part or share from the date hereof. 4. The vendor shall within ten days from the date hereof deliver to the said trustees or to of &c., their solicitor, an abstract, and within two calendar months from the delivery of such abstract to deduce and show a good title to the said reversionary part or share, and to make and exe (b) In the absence of stipulation to the contrary the purchaser of a reversion is liable to pay the succession duty: Cooper v. Trewby, 28 Beav. 194. The usual course is for the amount of the succession duty, calculated according to actuarial tables with reference to the age of the tenant for life, to be deducted from the purchase-money. cute such assignment or assurance thereof as will be satisfac- L. Sale of tory to the said solicitor. 5. If the title and evidence supplied in support thereof shall not be deemed sufficient by the said solicitor, or if the said [vendor] shall neglect to procure and deliver to the same solicitor the evidence and information which may be required by him to establish, make out and verify such title, or shall neglect or refuse to execute such assignment or assurance as the same solicitor shall or may require, then the said trustees shall not be any further bound by this agreement. And the said [vendor] in that case hereby agrees to pay to the said trustees the full amount of all the reasonable and proper costs, charges, fees and expenses which shall or may be incurred or paid by the said trustees in and about investigating the said title, and considering the sufficiency of the same, and preparing such assignments and assurances for completing the same sale and purchase, or otherwise in relation thereto, in pursuance of these presents. 6. It is hereby expressly agreed that time shall be of the essence of the contract for all the purposes of these presents (c). And that the death of the said [tenant for life] before the said day of - 18-, shall not affect this agreement. the AS WITNESS, &c. LI. AGREEMENT for the CONSTRUCTION of a STEAMSHIP. AN AGREEMENT made the day of 18-, Between [shipbuilders], of &c., of the one part, and Steamship Company, Limited, having registered of the other part. WHEREBY it is agreed as offices at follows: Reversionary Stock. 1. In this agreement the term "the contractors" means Interpretathe said [shipbuilders], and the survivor of them, their or his tion clause. executors or administrators and assigns; the term "the com their successors and assigns; the term "the parties" includes (c) See as to this, ante, p. 406, note (h). ship, Con struction of LI. Steam- of the company; and the term "the engineer" includes the said [company's engineer], and any other the consulting engineer for the time being of the company, and any duly-qualified deputy-engineer whom the said [company's engineer], or other such consulting engineer as aforesaid, shall appoint; AND the said company's engineer and any other consulting engineer for the time being of the company is accordingly hereby authorized from time to time to appoint and in his discretion to remove a deputy-engineer as and when he shall think proper; PROVIDED ALWAYS that the secretary of the company shall notify in writing to the contractors the appointment or removal of any such consulting or deputy-engineer as aforesaid not less than days thereafter. Contractors to build and 2. The contractors shall build, equip, and completely finish equip steamer. for, and deliver at the time and place hereinafter mentioned to the company, a steamship, for the purpose of passenger and goods traffic between with proper and suitable engines, machinery, rigging, fittings, and equipment, according to the specifications. Character of steamship. Steamship, &c. to become forth with the property of the company (d). and 3. The said steamship shall be built and equipped in all particulars according to the requirements of the specifications, with such additions, alterations, and omissions only (if any) as may be made in accordance with the stipulations herein contained; and the whole of the materials and workmanship shall be of the best quality and description, and such as is in accordance with Lloyd's Rules, and such as to entitle the said steamship to be classed A- in Lloyd's Registry. 4. The said steamship shall, from and after the execution of this agreement, and all the engines, machinery, fittings, and materials intended for the construction or equipment of the said steamship shall, from and after their respective appropriation for such purposes, become and continue to be the absolute property of the company, but shall until the completion and delivery of the said steamship as aforesaid be at the risk of the contractors, who shall make good all damage which may happen to the said steamship, engines, machinery, (d) This clause is intended to take the unfinished ship out of the order and disposition of the contractors in case of their bankruptcy. See, on this point, Wood v. Bell, 6 E. & B. 355; Wood v. Russell, 5 B. & A. 942; Ex parte Lambton, L. R., 10 Ch. 405; McBain v. Wallace, 6 App. Cas. 588. See Ex parte Hodgkin, L. R., 20 Eq. 746, as to how far an unfinished ship is within the Bills of Sale Acts; see also infra, tit. MORTGAGES. fittings, or materials by fire or otherwise. The contractors shall immediately upon the execution of this agreement [or, if the work has not been commenced, so soon as the keel shall have been laid], mark the said steamship as belonging to the company, conspicuously, by painting thereon or affixing thereto, and keeping so painted or affixed, the style or name of the company; and so soon as the said steamship shall have been launched, the company shall be duly registered as the owners thereof. LI. Steamstruction of. ship, Con to be sub 5. All drawings, plans, and estimates which shall from Drawings, &c. time to time be prepared by the contractors for the purposes mitted to enof the construction and equipment of the said steamship and gineer. its appurtenances shall be submitted to the engineer for his approval, and shall not be used unless and until initialled by him in token of such approval. done under his supervi 6. The whole of the work shall be executed under the Work to be supervision of the engineer, who shall at all times during the progress of the work have full liberty of access to the said sion. steamship to survey and examine the same and the materials used or intended to be used in the construction and equipment thereof, and to test all such materials as he shall think proper, and to reject such as he shall find not to be in accordance with the specifications or with the stipulations herein contained, and thereupon the contractors shall, at their own expense, remove the materials so rejected and replace the same with others of proper quality. 7. The said steamship shall be tried at sea as often as the Trials at sea. engineer shall think advisable, and the contractors shall at their own expense furnish and supply the crew, and all fuel and other things necessary for such trials, and also pay all expenses of the marine insurance; the engineer and any of the directors of the company and any other persons authorized in writing by the secretary of the company may attend every such trial as aforesaid on board the said steamship, and the steamship shall not be deemed to have been completed, nor shall it be delivered, until the engineer has certified in writing that a final satisfactory trial thereof has taken place. alterations, 8. If the company or the engineer shall desire to make any Extra work, addition, or alteration to, or omission from the works hereby agreed to be executed, or to have any extra work executed thereon or in relation thereto, notice of such addition, alteration, omission, or extra work, together with instructions for |