and concerning the same.(t) And it is hereby declared and agreed by and between the said parties hereto according to their respective interests, that they the said E. F. and G. H., their executors or administrators, shall stand possessed of and be interested in the said policy and premises hereby assigned or intended so to be, upon trust for the said A. B., his executors, administrators, and assigns, until the solemnization of the said intended marriage, and immediately thereafter upon trust that they the said E. F. and G. H., or the survivor of them, or the executors or administrators of such survivor (all which lastly mentioned persons are hereinafter referred to as the said trustees or trustee,) shall upon the decease of the said A. B. apply for and receive, and if necessary enforce, payment unto them or him of the said sum of £ and all other *moneys to become payable by virtue of the said policy as afore[*419] said, with full power for them or him to investigate, settle, and adjust all accounts in relation thereto, and to make or agree to any allowance or deduction in respect of costs or otherwise which they or he may deem expedient; And upon further trust, that they the said trustees or trustee shall stand possessed of the moneys so to be received; and in the meantime during the life of the said A. B., of the said policy of assurance upon and for the trusts and purposes and with and subject to such powers and provisions as are expressed and declared of and concerning the same policy in and by these presents and an indenture already prepared and intended to bear even date and to be executed concurrently herewith, and to be made between the same persons as are parties hereto. [Provided always, and it is hereby agreed and declared, that it shall be Tawful for the said trustees or trustee at any time during the lifetime of the said A. B., with the consent in writing of the said C. D. during her life, and if they or he shall think fit, but not otherwise, and after her decease at their or his sole and absolute discretion, in any of the events next hereinafter mentioned-namely, in case the said A. B. shall become bankrupt, or take the benefit of any act for the relief of insolvent debtors, or compound with his creditors, or shall in any other manner, in the opinion of the said trustees or trustee, become incapable of performing his covenant for the payment of the annual premiums of the said policy contained in the said lastly mentioned indenture-to make sale and dispose of the said policy, moneys, and premises or of any further policy or policies effected in lieu thereof either by public auction or private contract (including herein a power to surrender the said policy to the said insurance office,) and for such consideration and subject to such conditions of sale, and generally in such manner, as the said trustees or trustee shall think fit, with liberty at any auction to buy in the said premises or to 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, and to assign the said premises, when sold, unto or by the direction of the purchaser or purchasers thereof; and all moneys which shall be received by the said trustees or trustee upon any such sale or surrender shall be by them or him held upon and for the trusts and purposes and subject to

(t) Here covenants for title are sometimes inserted. See ante, Prec. II.

the powers and provisions expressed and declared concerning the same by the said indenture already referred to and mentioned to bear even date *herewith :(u) Provided also, that it shall be lawful for the said trustees or trustee, and they are hereby required at the request of [*420]

the said A. B., at any time or times to surrender unto the said insurance society (and in like manner unto any other insurance company with which any policy or policies may be effected in lieu of the policy hereby assigned or intended so to be,) any sum or sums of money which may be hereafter added by way of bonus to the principal sum assured by the said policy, and to apply the money so to be received or any part thereof in commutation, reduction, or satisfaction of the annual premiums and expenses thenceforth payable for keeping the said policy on foot, but so that no larger amount of such bonus shall be surrendered than shall be sufficient for the total extinction and payment of such premiums and expenses as aforesaid:] Provided also, and it is hereby expressly agreed and declared, that every receipt which shall be given by the said trustees or trustee for any money to become payable to or be received by them or him by virtue of these presents shall be a good and conclusive discharge to the aforesaid assurance society or other the person or persons paying the same, and release the said society and such other person or persons from all obligation of seeing to the application of the same money and from all lien or liability by reason of the loss, misapplication, or nonapplication thereof; and that the said society or such other person or persons shall not be bound or entitled to require the production of the indenture of even date herewith herein before referred to, or be in any manner affected by or obliged or competent to inquire into the trusts, purposes, powers, and provisions therein contained, or any matter or thing whatsoever relating thereto Provided also,() and it is hereby further agreed and declared, that in case the said trustees or either of them, or any trustees or trustee to be appointed in their or either of their *places by virtue of this present provision, shall die or be desirous of being dis- [*421] charged from the execution of the aforesaid trusts, or shall refuse to act or become incapable of acting therein, or shall be about to reside or shall for six calendar months consecutively actually reside out of the jurisdiction of the Court of Chancery at Westminster, then and in every such case it shall be lawful, after the solemnization of the said intended mar

(u) The insertion of clauses within the brackets, in this and in the following precedent, is by no means of course, but must depend upon the intention of the parties.

(v) Where powers of appointing new trustees are omitted, it will be necessary to apply to the Court of Chancery, whenever the appointment of a new trustee is required, and this may be now done with greater facility than formerly under the New Trustee Acts (13 & 14 Vict. c. 60, 15 & 16 Vict. c. 55). But the Court will not interfere, unless it is absolutely necessary, and there is no power (Sugden's Real Property Statute, 408), and cannot delegate its authority by giving to the trustees so appointed, the power of appointing in their turn; so that it will be necessary to repeat the application whenever a fresh appointment is required (Holder v. Durbin, 11 Bea. 594). At least the same number of trustees must be appointed; but it would seem that the appointment of a greater than the original number will be supported (Meinertzhagen v. Davis, 1 Coll. C. C. 353). The insertion of this power will obviate the necessity of producing and giving a covenant for the production of the settlement in the event of any change of trustees.

riage, for the said A. B. and C. D., and for the survivor of them, and the executors or administrators of such survivor, and, as to the said C. D., notwithstanding her said intended or any future coverture [or in case of their, his, or her default for the space of three calendar months next after they, he, or she shall have been thereunto requested in writing by the acting or retiring or surviving trustees or trustee for the time being, or the last acting trustee for the time being, or the executors or administrators of such last surviving or last acting trustee, then to and for the said acting or retiring or surviving trustees or trustee or last acting trustee, or the executors or administrators of such last acting or such surviving trustee,](w) by any deed or deeds under their, his, or her respective hands and seals or hand and seal, to nominate and appoint any fit persons or person to supply the place of the said deceased, retiring, or incapable trustees or trustee; and immediately after any such appointment, the said policy, moneys, and premises hereby assigned or intended so to be, shall be assigned and transferred, so that the same may vest in such new trustees or trustee either jointly with the surviving or continuing trustee or solely, as the case may require, and in their executors and administrators, upon and for the trusts and purposes herein declared and contained concerning the same; and every such new trustee shall have the same powers, authorities, and discretions, and act in the execution of the trusts and provisions of these presents as effectually in all respects, as if he had been hereby originally appointed a trustee, instead of either of them the said E. F. and G. H. In witness, &c.

[*422]

*PRECEDENT, No. XI.

Settlement of Moneys assured by a Policy on the Life of the intended Husband assigned by a Deed of even Date to the Trustees.

1853, between A. B.,

THIS INDENTURE, made the day of of, &c. (the intended husband,) of the first part, C. D., of, &c. (the intended wife), of the second part, and E. F., of, &c. and G. H. of, &c. (the trustees of the settlement,) of the third part: Whereas a marriage hath been agreed upon, and is intended to be shortly solemnized, between the said A. B. and C. D. And whereas upon the treaty of the said intended marriage it was agreed that a certain policy or instrument of assurance effected by the said A. B. upon his own life for the sum of £5000, with the Society for Equitable Assurances upon Lives and Suvivorships," dated the day of, numbered, and subject to the annual premium of £ and to certain provisos, stipulations and agreements in the same policy mentioned or referred to, should

(w) By the insertion of these words, trustees retiring need not be driven to file a bill to relieve themselves of the trust in the event of the cestui que trust refusing to concur in the appointment of new trustees.

be settled upon the trusts and subject to the powers and provisions hereinafter expressed or referred to, and that the said A. B. should enter into such covenants for the payment of the annual premiums and expenses thereupon and otherwise in relation to the said policy as are hereinafter contained; And whereas in pursuance of the said agreement, by an indenture bearing even date with but executed prior to the execution of these presents, and expressed to be made between the same persons as are parties hereto, the said policy and the moneys thereby assured were by the said A. B. assigned unto the said E. F. and G. H., their executors, administrators, and assigns, upon trust for the said A. B. until the solemnization of the said intended marriage, and immediately thereafter upon trust to apply for and receive the said insurance moneys when the same shall become payable by reason of the death of the said A. B., and to stand possessed of the moneys so to be received, and in the meantime during the life of the said A. B. of the said policy upon and for the trusts and purposes and with and subject to the powers and provisions to be declared, concerning the same, by an indenture therein mentioned to be already prepared, and to bear even date *with

the said indenture now in recital, meaning thereby this present [*423] indenture : [And it was by this said indenture now in recital further declared that it should be lawful for the said E. F., and G. H., or the survivor of them, or the executors or administrators of such survivor, at any time during the lifetime of the said A. B. with the consent in writing of the said C. D. during her life, and if they or he should think fit, but not otherwise, and after her decease in the sole and absolute discretion of the said trustees or trustee, or in any of the events following -namely, in case the said A. B. shall become bankrupt, or take the benefit of any Act for the relief of insolvent debtors, or compound with his creditors, or in any other manner become incapable, in the opinion of the said trustees or trustee, of perfoming the covenants on his part hereinafter contained for the payment of the annual premium and expenses from time to time to become payable for keeping the said policy in force, to make sale thereof and of the money thereby assured, either by public auction or private contract (including therein a power to surrender the said policy to the said insurance society), and subject to such conditions of sale, and generally in such manner, as the said trustees or trustee should think fit; and that all moneys which should be received by the said trustees or trustee upon any such sale or surrender should be by them or him held upon and for the trusts, interests and purposes, and subject to the powers and provisions, to be declared thereof by the said indenture referred to in manner aforesaid, meaning thereby this present indenture, and it was by the same indenture further declared, that it should be lawful for the said trustees or trustee to surrender any bonus or additions that should be made to the said policy for the reduction or satisfaction of the annual premiums thereon:] THIS INDENTURE WITNESSETH, that in further pursuance of the said agreement, and in consideration of the premises, he the said A. B. doth hereby, for himself, his heirs, executors and administrators, covenant with the said C. D. and E. F., their executors and administrators, that in case the said intended

marriage shall take effect he the said A. B. will at all times thereafter during his life [unless and until any such sale or surrender shall be made of the said policy by virtue of the power in that behalf herein before referred to,] pay or cause to be paid the annual or other premiums and expenses for the time being payable in respect of the said policy of assurance, and every further or renewed policy to be effected in lieu thereof, pursuant to the covenants and provisions in that behalf next hereinafter contained; and that in case, and as often as the said [*424] policy, or any further or renewed policy to be effected in pursu ance of these presents shall suffer or become liable unto any forfeiture, avoidance, or impeachment, he the said A. B. shall and will forthwith thereafter at his own costs, obtain the revival or confirmation of the same policy, from or by the insurance society or company by which the same shall have been granted, and in default thereof effect and obtain of and from the aforesaid assurance society, or any other assurance society or company to be appointed by the trustees or trustee for the time being acting in the execution of these presents, one or more further policy or policies upon the life of him the said A. B. for the said sum of £—, [or at the option of the said trustees or trustee, such other greater sum or sums of money as would have been payable or recoverable by virtue of the policy or policies which shall have become forfeited or avoided, in case the same had remained in force, and the said A. B. had died at the time at which such forfeiture or avoidance shall have happened:] and that every such policy or policies, and the moneys assured thereby, shall be assigned unto or otherwise vested in the said trustees or trustee, to be by them or him held upon the trusts, and subject to the powers, by these presents or by the said recited indenture of even date herewith expressed concerning the said policy assigned by such lastly mentioned indenture, and shall and will produce and deliver unto the said trustees or trustee for the time being due vouchers for the payment of all such premiums and expenses as aforesaid, when and as the same shall have become due, and also all and every such future policy or policies as may be effected in manner aforesaid; and further that the said A. B. shall not nor will at any time hereafter do, commit, or suffer any act, matter, or thing whereby or by reason whereof the said subsisting policy or any such further or renewed policy or policies as aforesaid shall suffer or become liable unto any forfeiture, avoidance, or impeachment whatsover: AND THIS INDENTURE ALSO WITNESSETH, that in furthur pursuance of the said agreement, and in consideration of the said intended marriage, it is hereby agreed and declared between and by the parties to these presents, that the said E. F. and G. H. and the survivor of them, and the executors and administrators of such survivor (hereinafter referred to as the said trustees or trustee,) shall stand possessed of and be interested in all and every such sum and sums of money as shall be received by them or him by virtue of the said policy of assurance [or any such further or renewed policy or policies as *aforesaid, whether upon the death of the said A. B., or upon [*425] any such sale or surrender as aforesaid] upon trust, with the consent in writing of the said C. D. during her life, and after her decease at the discretion of the said trustees or trustee, to lay out and invest the