Incidents of general. Nature and veyance in trust to secure the annuity, &c., or as to Annuities in any lease made afterwards by the grant or by parol, or by deed not indented (4), or as to a tenant from year to year, the receiver may distrain as the attorney of the trustee alone, as he has the immediate legal estate in reversion; and that as to any lease made by the grantor only by indenture, after the conveyance in trust to secure the annuity, the receiver may distrain as the attorney of the grantor alone, because the lessee would be estopped by the indenture from pleading that his grantor had not the legal estate: Wms. n., 2 Saund. 418 a. And if a receiver who has no estate grants a lease, the lessee is estopped from objecting to his right to distrain: Dancer v. Hastings, 4 Bing. 2. But the authority of the receiver ceases, as to each of the persons appointing, on their respective deaths. A right to pos- receiver is entitled to the possession of the estate, holding it where the right is in dispute for the party who in the end proves to be entitled: Sharp v. Carter, 3 P. Wms. 375. But he cannot bring ejectment against any tenant without the authority of the Court; Wynn v. Lord Newborough, 3 Br. C. C. 88; 1 Ves. jun. 164; and, though it is a contempt to bring ejectment against him, Angel v. Smith, 9 Ves. 335; see Johnes v. Claughton, Jac. 573; Brooks v. Greathead, 1 Jac. & W. 176, he cannot defend any action without leave: Ib.; Swaby v. Dickon, 5 Sim. 629; Malcolm v. O'Callaghan, 3 Myl. & Cr. 52. But he may distrain for rent in arrear; Brandon v. Brandon, 5 Mad. 473; but not for arrears beyond the year: Ib. Receiver's session, &c. Authority to pay for repairs, &c. It seems prudent to authorize the receiver to pay taxes, &c., and the expenses of repairs. For without an express authority he cannot make those payments. A receiver appointed by the Court will not be permitted to lay out more than a very small sum at his own discretion, Waters v. Taylor, 15 Ves. 26, without a previous application to the Court: Attorney (q) That is to say, by deed to which the lessee is not a party, for the mere indenting of a deed is immaterial to its effect as an estoppel. General v. Vigor, 11 Ves. 563. But where the master reported that a previous expenditure was for the lasting benefit of the estate, and it was made by the direction of the trustees, an order for the allowance was made. Blunt v. Clitherow, 6 Ves. 799. See further, as to extraordinary expenditures, &c. by a receiver, Malcolm v. O'Callaghan, 3 Myl. & Cr. 52; Keys v. Keys, 1 Beav. 425. Nature and Incidents of Annuities in general. ceiver. Although a receiver appointed by the Court can- Ejectment not proceed in ejectment against the tenants of the against reestate, without application to the Court, yet a receiver, who has a term conferring on him the immediate reversion, may maintain an ejectment in his own name, or a receiver under a power of attorney may maintain an ejectment in the name of the person appointing him, if such person has the immediate legal estate in reversion. So, an ejectment cannot be brought against the tenants in possession, where there is a receiver appointed by the Court, without the leave of the Court, under the pain of being committed for a contempt; Anonymous, 6 Ves. 287; Angel v. Smith, 9 Ves. at p. 340; but it is, of course, otherwise where a receiver is appointed by deed. losses. A receiver, whether appointed by the Court or by Involuntary deed, is not answerable for involuntary losses : Knight v. Lord Plymouth, 3 Atk. 480; 1 Dick. 120; Rowth v. Howell, 3 Ves. 565; Ex parte Belchier, Amb. 218; Wren v. Kirton, 11 Ves. 377. Wood v. Wood, 4 Russ. 558; Keys v. Keys, 1 Beav. 425. See In the case of Salway v. Salway, 4 Russ. 60, an Salway v. Salattempt was made to fix a receiver, appointed by way. the Court, with a loss arising from the failure of bankers, on the ground, among others, that he had placed the money under the control of other persons, and that interest had been made and proved on it; but, as it appeared that the money had been merely placed to the joint account of the receiver's sureties, in order to insure its due appropriation, and as the receiver himself was ignorant that interest had been made on it, not being aware that the bankers allowed interest on deposit notes; Sir J. Leach, M.R., Incidents of general. Nature and held that the receiver was not, on these accounts, Annuities in responsible for the loss. The debt, including interest, had been proved against the bankers' estate by one of the sureties. But the decision of the Master of the Rolls was, on appeal, reversed by Lord Brougham, C.; Salway v. Salway, 2 Russ. & M. 215; and that reversal was affirmed by the House of Lords: White v. Baugh, 3 Cl. & Fin. 44; 9 Bligh, Receiver must 181, S. C. "I could not," said Lord Brougham, not delegate his powers. Money due from receiver a debt of record. REGISTRATION "affirm the decision of the Court below without laying down this rule that a receiver under the control of the Court, and paid out of the estate, is nevertheless entitled to substitute for his own discretion, responsibility, and integrity, the discretion, responsibility, and integrity of a stranger. Will it be said that he is able to exercise that discretion when he has tied up his own hands, and can no longer exercise it himself, but must apply for the consent and co-operation of another? The control was not given without an object, for it was given partly to induce the sureties to undertake the responsibility." And Lord Lyndhurst observed that the Court exercises a much stricter vigilance over receivers whom it appoints, and who are paid for the performance of their duty, than even ordinary trustees. In the recent case of Seagram v. Tuck, 18 Ch. D. 296, it was held that moneys due from a receiver, whether an ascertained balance or not, so long as the recognizance lasts, are a debt of record; and Kay, J., further said that, even in case of the recognizances being vacated, he "should be strongly inclined to hold that as to any money due from a receiver and not brought into account, either through mistake or through fraud, he would be a trustee for the persons entitled to the money," and that therefore the Statute of Limitations would be no defence. Registration.]-Previous to the repeal of the Usury OF ANNUITIES. Laws it was a common practice to raise money by means of grants of annuities in consideration of the payment of sums purporting to be purchase-moneys, and which in point of fact constituted advances, for In which the annuities stood in lieu of interest. order to regulate these transactions, and to ensure their publicity, it was provided by the stat. 53 Geo. 3, c. 141, that all grants of annuities for money, or money's worth (with certain exceptions) shall be void, unless registered in the Court of Chancery within thirty days, according to the form of memorial, and other formalities prescribed by the Act. These restrictions were removed in 1854 by the same statute, whereby the Usury Laws were repealed, viz., 17 & 18 Vict. c. 90. But by the stat. 18 & 19 Vict. c. 15, which passed on the 26th April, 1855, after reciting the 53 Geo. 3, c. 141, it is enacted that: Nature and Incidents of Annuities in general. and rent senior master. Sect. 12. "Any annuity or rent-charge granted after the pass- Life annuities ing of this Act, otherwise than by marriage settlement, for one charges not to or more life or lives, or for any term of years or greater estate affect lands as determinable on one or more life or lives, shall not affect any &c. until to purchase, lands, tenements, or hereditaments as to purchasers, mortgagees, memorandum or creditors, unless and until a memorandum or minute contain- left with ing the name, and the usual or last known place of abode and the title, trade, or profession of the person whose estate is intended to be affected thereby, and the date of the deed, bond, instrument, or assurance whereby the annuity or rent-charge is granted, and the annual sum or sums to be paid, shall be left with the senior master of the Court of Common Pleas at Westminster (r), who shall forthwith enter the particulars aforesaid in a book, in alphabetical order, by the name of the person whose estate is intended to be affected by the annuity or rentcharge, together with the year and day of the month when every such memorandum or minute is so left with him; and he shall be entitled for every such entry to the sum of two shillings and sixpence; and all persons shall be at liberty to search the same book, together with the other books or registers in the office, on payment of the sum of one shilling." Sect. 13. "The searches of the several registers, by the said recited Acts, or by this Act authorized to be made for the sum of one shilling, may be made by the parties themselves under proper regulations in the office; and the sum of one shilling only shall be payable on one search, although more names than one shall be searched for, where such names relate to the same purchase, mortgage, or other transaction." (r) Now at the Central Office. Searches may be made by the parties themselves. Nature and Sect. 14. "The provisions of this Act shall not extend to Annuities in require the registry of annuities or rent-charges given by will." Incidents of general. Annuities, &c. given by will excepted. Notice of un registered annuity. STAMPS. It was decided by James, Baggallay, and Bramwell, LL.J. (reversing the decision of Jessel, M.R.), that sect. 12 of this Act does not render an unregistered annuity void as against subsequent incumbrancers who have had notice of the annuity: Greaves v. Tofield, 14 Ch. D. 563. As to entry of satisfaction of an annuity, see 23 & 24 Vict. c. 115, s. 2, see ante, p. 107. Stamps.]-An instrument creating an annuity by way of mortgage on sale must be stamped accordingly see tits. MORTGAGE, PURCHASE; see also the Stamp Act, 1870 (33 & 34 Vict. c. 97), ss. 75, 105. By the schedule to that Act it is provided that the following duties shall be payable : BOND, COVENANt, or InstrumeNT OF ANY KIND WHATSOEVER. (1) Being the only or principal or primary security for any annuity (except upon the original For a definite and certain period, so that the For the term of life or any other indefinite For every 51., and also for any frac- (2) Being a collateral or auxiliary or additional or ୮ The same ad valorem duty as a bond or covenant for such total amount. £ s. d. 026 The same ad valorem Where the total amount to be ultimately duty as a payable can be ascertained other case: For every 57., and also for any fractional part of 57., of the annuity or sum periodically payable bond or covenant of the same kind for such total amount. £ s. d. 006 |