any act, deed, matter, or thing whatsoever whereby or by reason whereof the said policy and premises hereby intended to be assigned, or any part thereof, is, can, shall, or may be in anywise charged or encumbered, or whereby he is anywise hindered from assigning the same in manner aforesaid, according to the true intent and meaning of these presents.(?) In witness, &c.

PRECEDENT, No. V.

Mortgage of a Policy of Assurance on the Life of the Mortgagor for securing a gross Sum of Money and Interest thereon.(m)

THIS INDENTURE, made the

day of

1853, between A. B., of, &c. (the mortgagor,) of the one part, and C. D., of, &c. (the mortgagee,) of the other part: Whereas by a policy of assurance dated the day of numbered, sealed with the common seal of the

Life Assurance Company, and signed by two of the directors of the said company, the sum of £1000 is assured to be paid unto the executors, administrators, or assigns of the said A. B. within three calendar months next after proof of his death shall have been given to the satisfaction of the directors of the said company, subject nevertheless to the annual premium of £, and to the conditions and stipulations in the same policy mentioned and *referred to: And whereas the said C. D. hath consented to lend unto the said A. B. the sum of [*400] £upon having the repayment thereof, with interest at the rate of £5 for £100 for a year, secured in manner hereinafter mentioned: Now THIS INDENTURE WITNESSETH that in consideration of the sum of £ at or immediately prior to the execution of these presents to the said A. B. paid by the said C. D. (the receipt whereof the said A. B. doth hereby acknowledge,) he the said A. B. doth by these presents assign unto the said C. D., his executors, administrators and assigns, all that the said recited policy of assurance on the life of the said A. B. with the moneys thereby assured, and all bonuses thereupon and benefits thereof, and all the right, title, and interest whatsoever of him the said A. B. therein or thereto, together with, &c. [power of attorney, short form, ante, Precedent 3.] TO HAVE, RECEIVE, AND TAKE the said policy, moneys, and premises unto the said C. D., his executors, administrators, and assigns, but subject nevertheless to the provisions for redemption next hereinafter contained, that is to say: PROVIDED ALWAYS, and it is hereby agreed and declared that in case the said A. B., his executors,

(7) This is the only covenant that a trustee (and a satisfied mortgagee is such) ever enters into in assigning the trust property.

(m) In this precedent the mortgagee relies solely upon the assigned policy. It, therefore, contains no provision for effecting a fresh policy in the event of its avoidance. For a draft containing such provisions, see Precedent, No. 7..

administrators, or assigns shall pay or cause to be paid unto the said C. D., his executors, administrators, or assigns on the day of next ensuing the said sum of £- together with interest for the same after the rate of £5 for £100 for a year, from the day of the date of these presents without any deduction or abatement whatsoever; then the said C. D., his executors, administrators, or assigns shall and will upon the request and at the costs and charges of the said A. B., his executors, administrators, or assigns, reassign the said policy and premises, if then subsisting, unto the said A. B., his executors, administrators, and assigns, or as he or they shall direct, free from all incumbrances by the said C. D., his executors, administrators, and assigns; AND THE SAID A. B. doth hereby for himself, his heirs, executors, and administrators, covenant with the said C. D., his executors and administrators in manner following, namely, that he the said A. B., his executors or administrators shall and will pay unto the said C. D., his executors, administrators, or assigns, the said sum of £- and interest at the time and in the manner aforesaid, and in case the said sum of £ not be paid on the said day of shall and will thenceforth

shall

pay unto the said C. D., his executors, administrators, or assigns interest at the rate aforesaid thereupon or upon so much thereof as shall for [*401] the *the time being remain unpaid by equal half-yearly payments on day of and day of in every year; And shall and will pay unto the said insurance company the annual and other premiums and expenses for the time being payable in respect of the said policy or necessary for keeping the same on foot, And shall and will produce and deliver unto the said C. D., his executors, administrators, or assigns due vouchers for the payment of such premiums and expenses when and as the same shall have become due, And in case default shall be made in the payment of such premiums and expenses, and the said C. D., his executors, administrators, or assigns shall in his or their discretion think fit to pay the same, shall and will on demand repay unto the said C. D., his executors, administrators, or assigns all such moneys as shall have been advanced by him or them for the purposes aforesaid, with interest thereon at the rate aforesaid from the time or respective times of the payment thereof; and that the same moneys and interest shall be secured by and raisable under these presents in like manner, and as fully in all respects as the said principal sum of £- and the interest thereof: And further that he the said A. B. now hath full power and right to assign the said policy and premises unto the said C. D., his executors, administrators, and assigns free from encumbrances; And that he the said A. B. will not do or suffer any act or thing whatsoever whereby the said policy may become void or voidable, or the said C. D., his executors, administrators, or assigns be hindered from receiving all or any of the money assured thereby, or to become payable by virtue thereof; And further that he the said A. B., his executors and administrators, and all and every person or persons lawfully or equitably claiming or to claim any interest in the premises, shall and will at all times at the request of the said C. D., his executors, administrators, or assigns, but at the cost of the said A. B., his executors or administrators until any sale shall have

been made in pursuance of the power in that behalf hereinafter contained, and after any such sale thereof at the cost of the purchaser or purchasers thereunder, do execute and concur in all such acts, assurances, and receipts for further or better assuring the said policy and premises unto the said C. D., his executors, administrators, and assigns, and for enabling him and them to receive the moneys assured by or to become payable by virtue thereof as by him or them shall be reasonably devised or required: Provided also, and it is hereby agreed and declared, that if the money *assured by the said policy of assurance shall by [*402] reason of the death of the said A. B. become payable or receivable before payment shall have been made of all such sums of money as are hereby secured or intended so to be, it shall be lawful for the said C. D., his executors, administrators, and assigns in their or his discretion immediately after such decease, and although the time at which the said sum of £. is herein before covenanted to be paid shall not have then arrived, to apply for and receive, and if necessary enforce payment unto him or them of the said principal sum, and all bonuses and additions thereto, with full power for him and them to investigate, settle, and adjust all accounts in relation thereto, and to make and agree to any allowance or deduction in respect of costs or otherwise which he or they may deem expedient, and to apply the amount so received in the first place in payment of the interest then current hereunder up to the time of such receipt, and in the next place in payment or part payment, as the case may be, of all and singular the moneys not being in the nature of interest which shall for the time being be due and owing upon the security of these presents, and lastly shall pay the surplus (if any) unto the executors, administrators, or assigns of the said A. B.: PROVIDED ALWAYS, and it is hereby expressly agreed, that if the said principal and interest and other moneys intended to be hereby secured or any part thereof shall not be paid at the time and in the manner herein before appointed, or if any breach shall be committed of any of the covenants on the part of the said A. B. hereinbefore contained, it shall be lawful for the said C. D., his executors, administrators, or assigns immediately or any time thereafter, and without any further concurrence on the part of the said A. B., or any other person or persons, absolutely to sell the said policy and the moneys thereby assured either by public auction or private contract, and in such manner in all respects as the said C. D., his executors, administrators, or assigns shall think fit, with liberty to buy in the same, or rescind or vary any contract for the sale thereof, and again to sell the same without being answerable for any loss to be occasioned thereby, or if he or they shall think fit to surrender such policy to the company granting the same for such consideration as he or they shall deem reasonable, and shall apply to arise from any such sale or surrender after payment of all incidental expenses upon and for the like trusts and purposes as are hereinbefore xpressed of and concerning the moneys to arise by virtue of the said policy in the event of the *decease of the said A. B.: Provided also, and it is hereby further agreed that every receipt which shall be given by the said C. D., his executors, administrators, or assigns for any money to be received by him or them by virtue of these

the

moneys

[*403]

presents shall be a conclusive discharge to the said insurance company and any other person or persons paying the same, and shall release the said company, person or persons from all liability to see to the application thereof, and that neither the said company nor any purchaser or other person making such payment shall be bound or entitled to inquire whether any default shall have been made in the payment of the moneys hereinbefore covenanted to be paid or any of them, or whether the same or any part thereof shall then remain due, or whether there shall have been any such breach of covenant as aforesaid: Provided lastly, that the said C. D., his executors, administrators, or assigns shall not be answerable for any more moneys than he or they shall actually receive, nor for involuntary or accidental losses. In witness, &c.(n)

PRECEDENT No. VI.

Deed of further Charge. (To be indorsed on the Mortgage Deed.) THIS INDENTURE, made the day of, 1853, between the within. named A. B., of the one part, and the within-named C. D., of the other part: Whereas the within-mentioned sum of £1000 still remains due and owing upon the security of the within-written indenture, but all interest thereon hath been paid up to the - day of

last: And whereas the said C. D. hath consented to advance unto the said A. B. the further sum of £500, upon having such security for the repayment thereof as is hereinafter mentioned: Now THIS INDenture WITNESSETH, that in pursuance of the said agreement and in consideration of the sum of £500 at or immediately prior to the execution of these presents to the said A. B., paid by the said C. D. (the receipt whereof the said A. B. doth hereby acknowledge,) he the said A. B. [*404] doth hereby for himself, his heirs, executors, and administrators, covenant with the said C. D., his executors and administrators, that he the said A. B. shall and will pay unto the said C. D., his executors, administrators or assigns the sum of £500, with interest for the same after the rate of £5 per £100 for a year on the day of ensuing these presents without any deduction or abatement whatsoever; and in case the said sum of £500 shall not be paid on the said of ——, shall and will thenceforth, during the continuance of this present security, pay or cause to be paid unto the said C. D., his executors, administrators or assigns interest thereon at the rate aforesaid, or for so much thereof as shall for the time being remain unpaid, by equal halfyearly payments on the day of and the day of every year; AND FURTHER, that until the repayment of the said sum of £100 and interest thereon, and every part thereof, the within-mentioned

next

day

in

(n) The following proviso was formerly invariably added, but under the alteration of the Stamp Act appears unnecessary, and, if so, is of course objectionable: Provided lastly, that the total amount of money hereby secured or to be ultimately recoverable hereupon shall not exceed the sum of £Ante, p. 367.

policy of assurance and the moneys thereby assured or to become payable thereunder shall remain and be a security for and shall be charged and chargeable with the payment unto the said C. D., his executors, administrators, or assigns, as well of the said sum of £500 and interest thereon, according to the covenant of the said A. B. for the payment thereof herein before contained, as of the within-mantioned sum of £1000 and interest thereon, and that the same policy, monies, and premiums shall not in anywise be redeemed or redeemable but upon payment by the said A. B., his executors, administrators, or assigns unto the said C. D., his executors, administrators, or assigns, as well of the said sum of £500 and interest, as of the said sum of £1000 and interest thereon: And it is hereby expressly agreed and declared that the power of sale in the withinwritten indenture contained for better securing payment of the said sum of £1000 and interest and all other the trusts, powers, and provisions in relation thereto, shall extend and be applicable so as to be a further security for the said sum of £500 and interest in like manner as for the said sum of £1000 and interest secured by the within-written indenture. In witness, &c.

*PRECEDENT, No. VII.

[*405]

Mortgage of a Policy of Assurance to three Persons upon a joint Account, with Provisions for effecting a new Policy in the event of Forfeiture.

THIS INDENTURE, made the day of, 1858, between A. B., of, &c., of the one part, and C. D., of, &c., E. F., of, &c., and G. H., of, &c., of the other part: Whereas by a policy of assurance under the hands and seals of two of the trustees of the London Life Association, dated the day of, and numbered the sum of £ is assured to be paid to the executors, administrators, or assigns of the said A. B. within three calendar months next after proof of his decease, subject nevertheless to the payment of the annual premium of £ during his life, and the observance and performance of the conditions and agreements in the same policy mentioned or referred to: and whereas the said A. B. hath requested the said C. D., E. F., and G. H., hereinafter referred to as the "said mortgagees," to advance unto him the sum of £1000 sterling, which they have agreed to do out of moneys belonging unto them upon a joint account upon having the repayment thereof, with interest in the meantime, secured in manner hereinafter mentioned: NOW THIS INDENTURE WITNESSETH, in consideration of the sum of £1000 out of such moneys as aforesaid, at or immediately prior to the execution of these presents, paid unto the said A. B. by the said mortgagees (the receipt thereof he the said A. B. doth hereby acknowledge,) he the said A. B. doth by these presents [assignment of the said policy to the mort