place, do and shall pay and satisfy all the expenses attending the preparing and executing of these presents; And if the said premises comprised in the firstly hereinbefore recited indenture of lease shall be sold with an agreement that the same shall be discharged from the said annuity or yearly sum of £, then upon this further trust, that the said A. B., his executors, administrators, and assigns, do and shall stand and be possessed of all the residue of the said monies, after performance of the trusts hereinbefore contained, Upon the several trusts, and for the ends, intents, and purposes which are declared and expressed of and concerning the same, in or by a certain indenture bearing even date herewith, and made or expressed to be made between &c. XXVI. And if all or any of the said premises shall be sold with an agreement that the same shall be discharged from the several annuities and other incumbrances which at the time of such sale shall be subsisting, and affect the property so sold, Then upon this further trust, that the said A. B., his heirs, executors, administrators, and assigns, do and shall apply a competent part of the money arising from the sale of the said premises in the repurchase of such annuities, or the satisfaction and discharge of such incumbrances respectively, and in the next place, do and shall, by, with, and out of the residue of the same monies, or if the same premises respectively, or any of them, shall be sold subject to the several incumbrances then subsisting, and affecting the same, then by and out of all the same monies, (after paying and retaining such costs, charges, and expenses as aforesaid), retain and pay unto and for himself and themselves &c. XXVII. Nevertheless upon trust, that the said A. B., his executors and administrators, do and shall, by and out of the said goods, monies, and effects, gains and profits, retain and take, to and for himself and themselves, the full sum of £ by instalments, as hereinafter mentioned; (that is to say), by successive quarterly payments of £—, until the whole of the said sum of £ shall be paid and satisfied, together with interest after the rate of £5 per cent. per an In a transfer of a West Indian mortgage, where the mo ney was ad vanced by bills of exchange, secure the pay- gee, as well as to so far as the bills should be honoured. num, for so much of the said sum of £- - as from time to time shall remain unpaid, such interest to be payable quarterly, and to be computed from the day of——————; and the first of the said quarterly payments of the said sum of £ to be made on the day of next ensuing, together also with all such costs, charges, and expenses as the said A. B. shall sustain or incur by reason of the nonpayment of any of the said several instalments and interest, on the days or times when the same shall be payable, or in or about the execution of the trusts of these presents; and, subject to the trusts hereinbefore contained, Upon trust for the said C. D., his executors, administrators, and assigns. XXVIII. And it is hereby agreed and declared, between and by the parties to these presents, as far as they respectively are interested, that the said A. B. and C. D., their heirs, executors, administrators, and assigns respectively, shall stand and be possessed and seised respectively of, and interested in, as well the said sum of £—, and the interest thereof, and the two last-mentioned bonds and other securities for the same, as also the said plantation, slaves, stock, and all other the hereditaments and premises hereby released and assigned respectively, or intended so to be, and every part thereof, upon and for the trusts, intents, and of the securities, purposes following; (that is to say), Upon trust, in the first place, for securing unto the said E. F. and G. H. [mortgagees' executors], their executors, administrators, and assigns, the due payment of the said two bills of exchange for the said sums of £ and £, when and as the same shall respectively become payable as aforesaid, and all other costs, damages, and expenses to be sustained or incurred by them or either of them, by reason of any non-payment thereof respectively; And, in the second place, when and as the said I. K. and L. M. [acceptors], their executors, administrators, and assigns, shall pay the said two sums of £ and £making together the sum of £, and the interest for the same, in discharge of the said bills of exchange, or any costs, charges, or expenses for or on account of the same, Upon trust for securing to them the said I. K. and L. M., their executors, administrators, and assigns, the repayment of the sum of £, being the amount of the said aggregate sum of £- and the interest thereon, and also any such costs, charges, or expenses as aforesaid, with interest. for the same respectively, from the respective times of advancing the same until the repayment thereof, after the rate of £5 per cent. per annum; And also upon trust for securing to them the said I. K. and L. M., their executors, administrators, and assigns, the repayment of the said sum of £by them this day paid and satisfied to the said N. O. [another mortgagee], in his individual capacity as aforesaid, with interest for the same sum from henceforth, after the said rate of £5 per cent. per annum: And for effecting the several purposes aforesaid, Upon trust, or to the intent that they the said A. B. and C. D., or the survivor of them, their or his executors, administrators, or assigns, do and shall, at the request in writing of the said E. F. and G. H., their executors, administrators, or assigns, or of the said I. K. and L. M., their executors, administrators, or assigns, at any time or times after default shall be made in payment of the several monies hereby secured as aforesaid, or any of them, or the interest thereof, or any part thereof respectively, call in and enforce the payment of the said sum of £ hereby assigned, and the interest thereof, or any part thereof, either from the heirs, executors, or administrators of the said R. S., or any other person or persons liable thereto, or by resorting to the said plantation and other premises whereon the same are secured as aforesaid, or by any other legal and proper means, or else shall and do assign and transfer the same sum, with the several securities for the same or any part thereof, unto any person or persons willing to advance the monies due thereon, or which shall be so required to be raised as aforesaid, or otherwise do and shall sell and dispose of the said sum of £and interest, and the securities for the same, or any part thereof, to any person or persons whomsoever, either by public sale or private contract, for the best price or prices in money that can be reasonably had for the same; and thereupon and in every such case do and shall make and execute, or cause to be made, done, and executed, all necessary assignments and conveyances of the said sum of £, or any part thereof, and the interest and securities for the same, to To effect an insurance on the falling in of one of the lives, and pay premium out of the rents and profits. (In a mortgage of leasehold for lives by way of trusts for sale). the XXIX. And upon this further trust, that in case any one of the said A. B. &c. shall happen to die during the continuance of the said sum of £or any part thereof, or the interest thereof or any part thereof, upon this present security, Then he the said C. D., his heirs, executors, administrators, or assigns, do and shall from time to time, in the mean time, till such sale as aforesaid, or, which shall first happen, in the mean time, till the lease of the said messuage &c. hereby released or otherwise assured, shall be renewed for another life in the place of the life so dying, insure any sum not exceeding £ in any one of the public offices of insurance in London or Westminster, upon any one of the surviving lives, or upon the survivor of the same lives; and so from time to time, when and as often as any one of the three subsisting lives for the time being shall happen to depart this life: And do and shall retain the premiums to be paid for such insurance, and also the costs, charges, and expenses of and attending the same insurance, and such renewal, by and out of the said rents and profits of the said messuages &c., and the money to arise from such sale or sales as aforesaid (a). (a) As a distinguished writer (M'Culloch's Com. Dict., p. 709) has lately cast a doubt upon the legality of the condition inserted in the policies of certain assurance offices (the Guardian and the Albion), viz. " that the responsibility of the individual members shall, in all cases, be limited to their respective shares,” I take this occasion to observe, that the late Mr. Butler was of opinion that if, both in the proposals and the policies of an insurance company, it is expressed that the capital stock of the company shall be charged with the debts of the company, and that no member is to be liable to any demands on the company beyond his share in the company's stock, the insured could not have any demand at law or in equity on the members beyond their respective shares. Mr. Butler, too, had attended several consultations on this subject with persons of the first eminence, who were all of that opinion. -- XXX. Upon trust, that he the said A. B., his executors, administrators, and assigns, do and shall, after deducting the said sum of £ -, pay and discharge to C. D. and E. F., of &c., their executors or administrators, or to their attorney or agent, the costs of the said C. D. and E. F. in the said actions of debt and ejectment, and suit in equity, as the same costs shall be taxed as between attorney and client, by the respective proper officers of the several courts in which the said actions and suits respectively have been brought, commenced, and instituted. XXXI. And it is hereby declared and agreed, by and between the said parties to these presents, as far as they respectively are interested, that the said annuity or yearly sum of £ " is granted to the said A. B., his executors, administrators, and assigns, In trust for the said company, and to be assigned or transferred and disposed of as the directors for the time being of the same company, or a competent number of them, according to the order and constitution of the same company, shall direct or appoint. XXXII. Upon the trusts nevertheless, and to and for the intents and purposes, and with, under, and subject to the powers, provisoes, agreements, and declarations hereinafter expressed or declared of or concerning the same, that is to say; Upon trust that he the said A. B., his executors, administrators, and assigns, do and shall permit the said C. D., and his assigns, to receive and take the rents, issues, and profits of the said messuages, lands, and other hereditaments, until the said annuity, yearly rent, or sum of £or some part thereof, shall be in arrear or unpaid by the space of forty days next after any of the days or times whereon the same ought to be paid as aforesaid; and when and so often as the said annuity, yearly rent, or sum of £, or any part thereof, shall be in arrear or unpaid by the space of forty days next after the same shall become payable, do and shall, by and out of the rents, issues, and profits of the said messuages, lands, and other hereditaments, or by demising, leasing, mortgaging, or selling the same premises respectively, or any part thereof respectively, for To raise costs to be taxed as between attorney and client. of an annuity company. for an insurance Trusts of term for securing annuity. |