&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, WITNESSETH that in conside

day of

ration of a marriage now agreed *upon and intended to be shortly [*429] hereafter solemnized between the said A. B. and C. D., he the said A. B. doth by these presents assign unto the said E. F. and G. H., their executors, administrators, and assigns, all that policy of assurance effected by the said A. B. upon his own life with the Norwich Union Life Insurance Society, dated the numbered and subject to the annual premium of £——, and the sum of £————, and all other moneys, bonuses, and benefits thereby assured, and all the right, title, and interest whatsoever of him the said A. B. in and to the said policy and premises, to hold, receive, and take the said policy and all other premises hereby assigned or intended so to be unto the said E. F. and G. H., their executors, administrators, and assigns, but nevertheless upon and for the trusts, intents, and purposes hereinafter expressed and declared concerning the same [Covenants for title may be here inserted as in Prec. II]: and he the said A. B. doth hereby, for himself, his heirs, executors, and administrators, covenant with the said E. F. and G. H., 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 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 necessary for keeping the same on foot: AND THIS INDEN. TURE ALSO WITNESSETH, that for the consideration aforesaid, it is hereby agreed and declared between and by the parties to these presesents, that the said E. F. and G. H., and the survivor of them, and the executors and administrators of such survivor (all of which lastly mentioned persons are hereinafter referred to as the said trustees or trustee), shall stand possessed of the said policy and premises herein before assigned upon trust after the solemnisation of the said marriage, when and as the said sum of £— and all and any other moneys assured by the said policy shall become payable by reason of the death of the said A. B., to apply for and receive, and if necessary enforce, payment unto him or them of all and every such sum and sums of money as aforesaid, with full power for them or him 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 they or he may deem expedient; and upon further trust (but with the consent in writing of the said C. D. during her life) to invest all and every such sums and sum of money as shall be by them or him received in manner aforesaid in *the purchase in [*430] their or his names or name of a competent share or shares of any of the parliamentary stocks or public funds of Great Britain, or upon government or real securities in England or Wales (but not in Ireland)(y), with full power for the said trustees or trustee from time to time, with such consent as aforesaid during the life of the said C. D., to alter, vary, and transpose the said investments for any others of the descriptions afore

(y) The investment may be extended, if desired, as in the preceding precedent.

said; and shall pay the annual income of the said trust moneys and the investments thereof unto the said C. D. during her life for her sole and separate use, independently of any man who may be her husband, and so that she shall not have power to deprive herself thereof by way of anticipation, and that her receipts alone shall be sufficient discharges for the same; and after her decease shall stand possessed of the said trust moneys and the investments and annual income thereof upon trust (Here follow as in the preceding precedent-trusts for the children of the marriage as A. B. and C. D. shall jointly appoint, and in default of any joint appointment as the survivor shall appoint, and in default of appointment equally, hotchpotch clause,-provisions for the maintenance, education, and advancement—for accumulation of income with ultimate trust in default of children for A. B.-receipt clause (but applicable to existing policy),-power of appointing new trustees-trustees' indemnity clause). In witness, &c.

PRECEDENT, No. XIII.

Voluntary Settlement of Stock and Policies of Assurance.

(All clauses relating to the stock being included between brackets.)

his own

THIS INDENTURE, made the day of, 1853, between A. B., of, &c. (the settlor), of the first part, and C. D., of, &c., and E. F., of &c. (the trustees of the settlement), of the second part (Recites three policies of assurance, to which the said A. B. is entitled upon life) And whereas the said A. B. being entitled to the two several sums of stock next hereinafter mentioned, namely, the sum of £——— 3 per cent. Consolidated Bank Annuities, and the sum of £3 per cent. Bank Annuities, and being desirous of giving effect to his intention concerning the same hereinafter expressed, hath immediately prior to the execution of these presents transferred or duly authorised the transfer of the same sums of stock into the *names of the said C. D. and [*431] E. F.]: And whereas the said A. B., in consideration of his natural love and affection towards E. B. his wife, and his children F. B., of —, G. B., of, &c., and H. B., of, &c., and K. C. the wife of A. C., of, &c. formerly K. B., and for divers other good considerations, hath determined to settle and assure the said three several policies of assurance [and also the said two several sums of stock] upon and for the trusts and purposes, and subject to the powers and provisions, hereinafter declared and expressed, and hath agreed to enter into the covenant and declaration of trust on his part hereinafter contained: NOW THIS INDENTURE WITNESSETH, that in pursuance of the said recited determination and agreement, and for the considerations aforesaid, he the said A. B., with the privity and consent of the said C. D. and E. F., testified by their respective executions hereof, doth by these presents assign unto the

said C. D. and E. F., their executors, administrators, and assigns all those three several policies of assurance effected upon the life of him the said A. B., in manner aforesaid, together with the three said several sums of £, £, and £ thereby assured respectively, and all other moneys, &c., and all the right, &c., together with full power &c.,(z) to have, hold, receive, and take the said three several policies of assurance, and all and singular other the premises hereby assigned or intended so to be unto and by the said C. D. and E. F., their executors, adminis trators, and assigns, in as full and ample a manner as the said A. B. can assign or otherwise assure the same, but nevertheless upon and for the trusts and purposes, and with and subject to the powers and provisions hereinafter declared and contained of and concerning the same: And the said A. B. doth hereby [covenant to pay the annual premiums upon the said policies, antè, Precedent XII]. AND THIS INdenture also WITNESSETH, that for the purposes and considerations aforesaid, it is hereby agreed and declared by and between the said persons, parties hereto, that the said C. D. and E. F., and the survivor of them, and the executors and administrators of such survivor (hereinafter referred to as the said trustees and trustee), shall stand possessed of and be interested in the said [several sums of £ bank annuities and £ bank annuities, and the dividends and annual income thereof, and the aforesaid] policies of assurance, moneys, and other premises herein before expressed to be assigned upon trust [during the natural life of the said A. B., to pay unto him or his assigns, or authorise or permit him or them to [*432] receive the dividends and annual income of the aforesaid several sums of stock or bank annuities for his or their own use or benefit, and upon further trust] that the said trustees and trustee do and 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 several sums of £, £, and £, and all other moneys to become payable by virtue of the said several policies as aforesaid, 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, to invest all such moneys as shall be by them or him received by virtue of the said policies of assurance, in the purchase, in their or his names or name, of a competent share or shares of any of the parliamentary stocks or public funds of Great Britain, or upon government or real securities in England or Wales (but not in Ireland), with full power for the said trustees or trustee, from time to time, to alter, vary and transpose the said investments for any others of the descriptions aforesaid; but as to every such investment or variation of such investment with the consent in writing of the said E. B. during her life: And it is hereby declared and agreed that the said trustees and trustee shall stand possessed of and be interested in the said trust moneys which shall be by them or him received in manner aforesaid and the stocks, funds and securities in and upon which the same moneys shall, for the time being, be invested [and

(z) See preceding precedents.

bank

also of and in the said sums of £- bank annuities and £ annuities, from and after the decease of the said A. B.], upon trust to pay the dividends and annual income thereof unto the said C. B. and her assigns during her life or until she shall again marry :(a) and from and after

(a) This limitation is the simplest of all possible limitations, and will be appropriate when the children are of age, or nearly so, and has the advantage of vesting the shares immediately, so as to enable the children to settle, or otherwise deal with them; those of the male children will, indeed, be subject to their liabilities, and, particularly, would vest in their assignees upon their bankruptcy or insolvency, and the share of the female will be an equitable chose in action to which her husband will be absolutely entitled by survivorship; but these objections will be rendered of little weight by the power of revocation retained by the settlor. The trust, however, subsequent to the life interest given to the widow, must depend upon the circumstances of the family; when it is intended that the widow shall take for her life, and not during her widowhood only, and the estates of the children living at her decease, or previously dying, leaving children then living, shall alone be benefited, the following limitations will be appropriate :

"From and after the decease of the said A. B., upon trust, to pay the dividends "and annual income thereof, unto the said C. B. during her life, for her sole and "separate use, independently of any man who may then be her husband; and of "his debts, contracts, and engagements. And from and after the decease of the "said C. B. shall stand possessed of, and be interested in the whole of the said "trust-moneys, stocks, funds, and securities, upon trust, to pay and divide the "same unto and among such of them, the said F. B., G. B., H. B., and K. C., as "shall be living at the death of the survivor of the said A. B. and C. D., or shall "be then dead, leaving issue then living, the share or shares of such of them as "shall be then dead, leaving issue then living, to be paid unto his, her, or their "respective executors, or administrators, as part of his, her, or their respective "personal estates."

When the children are young at the time that the settlement is executed, it will be generally desirable that the trusts should run as in an ordinary marriage settlement, namely, for the wife, for her life, for her separate use, and without power of anticipation, with remainder to the children, including afterborn children, as the parents or the survivor of them may appoint, and in default of appointment, equally at twenty-one or marriage, with the usual clauses. See ante, Precedent, XI.

It may sometimes happen that the settlor may wish the share of a daughter to be paid to the trustees of the settlement made upon her marriage, in satisfaction of a covenant already entered into by himself in such settlement, for the payment of a sum of money after the death of himself and his wife. In such a case, supposing the settlor to have three children only, namely, a son and an unmarried daughter, and a daughter upon whose marriage he has entered into an obligation of this nature, the trust will be, "that is to say, as to two equal third parts, or "shares thereof, upon trust for my son X. and my daughter Y. and their respective "executors, administrators, and assigns, in equal shares and proportions as tenants "in common, and not as joint-tenants, and as to the remaining equal third part "or share thereof, upon trust to pay and transfer the same unto and "their executors, or administrators, or other the trustees and trustee for the time "being acting in the execution of the trusts and provisions of an indenture dated "the —, and expressed to be made between [parties] being the settlement made "previously to and in consideration of the marriage then intended, and shortly "afterwards solemnised between my said daughter [and the said -]; such "transfer and payment to be made in satisfaction or part satisfaction (as the case "may be) of the covenant entered into by me in and by the same indenture for "the payment by my executors or administrators unto the said trustees or trustee "of a sum of 1. in manner therein mentioned, and to be by the said trustees "or trustee held upon and for the trusts, interests, and purposes, and with, under, "and subject to the powers, provisoes, declarations, and agreements in and by the "same indenture expressed and declared of and concerning a sum of. thereby "settled, or as near thereunto as the deaths of parties and circumstances will "admit."

AUGUST, 1853.-19

the determination *of the trust herein-before declared for the benefit [*433] of the said C. B., whether such determination shall happen by her death or by her second marriage, shall stand possessed of and be interested in the said trust moneys, stocks, funds and securities, and the dividends and annual income thereof upon trust for the said F. B., G. B., H. B., and K. C., and their respective executors, administrators and assigns in equal shares and proportions as tenants in common, and not as joint-tenants [Provided always, and it is hereby declared and agreed by and between the said persons parties hereto that it shall be lawful for the said trustees or trustee, at any time or times, with the consent in writing of the said A. B. during his life, and after his decease with the consent in writing of the said C. B. during her life, (b) to make *sale and [*434] dispose of the said sums of £ bank annuities, and £bank annuities or any part thereof, and invest the moneys to be derived from every such sale in any of the stocks, funds, and securities hereinbefore appointed for the investment of trust funds, with full power, from time to time, to alter, vary and transpose the said stocks, funds, and securities in and upon which the said trust moneys shall for the time being, be invested for any others of the like nature.] Provided always, and it is hereby further declared and agreed, that any bonus, accumulation, or profit which may from time to time be declared, or become payable upon or in respect of any or either of the said policies of assurance which shall for the time being be subject to the trusts and provisions of these presents, beyond and in addition to the principal sum or sums thereby originally assured, shall or may be, (but subject to the rules in that behalf of the assurance company or companies by whom such policy or policies shall have been granted,) in the option of the said A. B., testified by some writing under his hand, applied either wholly or in part in reduction of the annual premium or premiums upon the same policy or policies respectively, or shall or may be otherwise applied in such manner in all respects as the said A. B. by any writing under his hand shall direct, and in default of and subject to any such exercise of the aforesaid option, and of and to any such direction as aforesaid, the same bonus, accumulation, or profit shall be added to and shall be subject to the same trusts and provisions as the said principal sum or sums so assured by the same policy or policies. Provided always, and it is hereby further agreed and declared, that every receipt which shall be given by the said trustees or trustee for any money to become payable unto or be received by them or him by virtue of these presents shall be a good and conclusive discharge to the person or persons paying the same, and particularly to the said assurance societies or companies, and every of them, for all and every such sums and sum of money as shall become payable by virtue of the said policies or any of them, and shall release such persons or person, societies or companies, and every of them, from all obligation of seeing to the application or non-application thereof: Provided also, and it is hereby further agreed and declared,

(b) When it is intended that the trusts should be of longer duration than the life of the survivor of the settlor and his wife, the power of investment after their decease should be at the discretion of the trustees.