OF TRADER, WITH DIREC ON BUSINESS. income to be youngest son be offered for if he refuses, sons in order to be sold to person. time being be under the age of twenty-one years, and shall accumulate the surplus of the said income in the way of com- TIONS TO CARRY pound interest, by investing the same and all the resulting income thereof: AND I FURTHER DECLARE, that when and so soon Surplus as the youngest for the time being of my said four sons shall accumulated. have attained the age of twenty-one years, my trustees shall When offer the said business for sale to any one of my sons who may attains twenty-one then be manager of the said business, and if he shall refuse the business to offer, or if neither of my sons shall then be the manager of the sale to such said business, my trustees shall offer the said business for sale to son as shall be manager; if my sons then living (other than any son who may have pre- no such son, or viously refused as aforesaid) in order one after the other accord- then to all the ing to seniority of age, and if all my sons shall decline such offer, according to my trustees shall sell the said business to any person or persons if all the sons seniority; and and in such manner as they may think fit: AND I DECLARE that decline, then each of my sons to whom an offer of sale shall be made as afore- any other said shall be allowed ten days within which he must either accept offer to be or decline such offer, and if he shall not accept the same within accepted within given such ten days he shall be deemed to have declined it: AND I time. FURTHER DECLARE that if either of my sons shall accept the Price to be fixed by said offer, the price to be paid for the said business shall be valuation. ascertained by the valuation of two indifferent persons, one to be named by my trustees and the other by the purchaser, or in case of their disagreement, by an umpire to be chosen by such two valuers, and if either party shall fail to name a valuer, or to notify it in writing to the other party for the space of ten days after the day on which the offer shall be accepted, or if the valuer named by either party shall refuse or neglect to act, then the valuation shall be made by the valuer of the other party alone: PROVIDED ALWAYS that no purchaser under this my will shall be obliged or concerned to see or inquire whether the business has been duly offered for sale to my sons as hereby directed, nor whether any such offer shall have been accepted or declined, nor shall the title of such purchaser be afterwards impeached on the ground that the said business had not previously been duly offered for sale as aforesaid, or that any such offer (if made) had not been duly declined: AND I FURTHER DECLARE that if either Lease to be of my said sons shall purchase the business as aforesaid, my business granted of trustees shall grant to him a lease of the premises at which the premises to purchaser of business is carried on, consisting of (describing it), and of business." Proviso that no purchaser OF TRADER, WITH DIREC all the plant and machinery in and about the same for any term TIONS TO CARRY not exceeding fourteen years in possession from the granting of ON BUSINESS. Such lease, at a rent the amount whereof shall be determined by If son purchases onethird of purchasemoney to be paid down, and remaining two-thirds may remain on share in residue. valuation in the same manner as is herein before directed with regard to the purchase-money of the business, And the said lease shall contain covenants by the lessee for keeping in repair the said premises and the plant and machinery therein, for substituting plant and machinery of equal value in the place of any that may be removed by the lessee during the term, and for delivering up the said premises, plant, and machinery at the end of the term in as good repair and condition as at the commencement of such term, and such other covenants and conditions as are usual in leases of the like nature: AND I FURTHER DECLARE that if either of my sons shall purchase the business as aforesaid, he shall pay one-third at least of the purchase-money at the time of completing the purchase, but the remaining two-thirds, or any less proportion of the purchase-money, may remain a debt security of his from him to my estate for any period not exceeding five years from the time of completion, and shall be secured in the meantime, with interest thereon, after the rate of £4 per cent. per annum by a mortgage of all the interest of the purchaser under this my will in my residuary estate or the proceeds thereof: AND I FURTHER DECLARE that when and so soon as the youngest for the time being of my said four sons shall have attained the age of twenty-one years, my trustees shall stand possessed of my residuary estate (including the proceeds of the aforesaid business), IN TRUST to pay out of the income thereof the annual sum of £100 to my said wife during her life, if she shall so long. remain my widow, by equal half-yearly payments, the first of such payments to be made at the expiration of six calendar months after the time hereby appointed for the commencement of the same, and subject to the said annual sum, IN TRUST for all my children who being a son or sons shall attain the age of twenty-one years, or being a daughter or daughters shall attain that age or marry, in equal shares, and if there shall be Advancement only one such child, the whole to go to that one child: AND I EMPOWER my trustees, at their discretion, to raise any part not exceeding one moiety of the presumptive share for the time being of any infant child of mine in my residuary estate, and to apply the same for his or her preferment, advancement, or Trusts of residue after youngest child has attained twenty-one. To pay annual sum to wife during widow hood. And subject thereto for all the testator's children equally. clause. OF TRADER, WITH DIREC TIONS TO CARRY ON BUSINESS. postpone sale sion. benefit as my trustees shall think fit: I ALSO empower my trustees to postpone the sale and conversion of my real and personal estate, or any part thereof, for so long as they shall think fit, and in the meantime to let or demise any real estate Power to including chattels real, for any term of years not exceeding and convertwenty-one years, to take effect in possession at such rent and subject to such covenants and conditions as my trustees shall think fit, but without prejudice to the directions hereinbefore contained as to granting a lease of the said business premises to any son of mine who may purchase the said business; AND I DECLARE that any moneys, &c. (Investment clause; Clause as to appointment of new trustees; suprà, pp. 536, 537.) IN WITNESS, &c. No. XXII. FOR LIFE, AND WILL giving a FARM to WIFE for life, then to ELDEST FARM TO WIFE Farm, to to wife for life, then to son absolutely, THIS IS THE LAST WILL of me, A. B., of, &c.: I GIVE Devise of farm my farm and lands in the parish of, called my wife, C. B., during her life, and after her death to my addue to eldest son, D. B., absolutely: and I give all the rest of my pro- wife. perty to my said wife: AND I APPOINT my said wife to be the Appointment executrix of this my will, and my said wife and son to be the trustees of this my will as regards the said farm and lands for the purposes of the Settled Land Act, 1882; and if my said son for purposes of dies in the lifetime of my said wife, I empower her to appoint a Act. new trustee for the purposes aforesaid in his place. IN WITNESS, &c. (a) Under this precedent the wife may sell or lease the farm, after giving notice of her intention in that behalf to the son, under the Settled Land Act, 1882. of wife to be executrix, and wife and son to be trustees Settled Land DEVISE OF REAL ESTATE TO SONS SUCCESSIVELY IN TAIL, &C., SUBJECT TO RENT-CHARGE TO WIFE AND BEQUEST OF PERSONALTY IN FAVOUR OF CHILDREN. of executors and trustees. No. XXIII. WILL of REAL and PERSONAL PROPERTY; DEVISE of Appointment I, A. B., of, &c. (Commencement of will.) I APPOINT C. D., of, &c., and E. F., of, &c. (hereinafter called "my trustees"), to be the executors and trustees of this my will for all the purposes herein expressed, and also for the purposes of the Settled Land Act, 1882, and for the purposes mentioned in section 42 of the Conveyancing and Law of Property Act, 1881: AND I DECLARE that new trustees may from time to time be appointed for all the purposes aforesaid under section 31 of the last-mentioned Act. I APPOINT my wife, C. B., during her life, and after her death my trustees to be the guardian and guardians of my infant children: I DEVISE all my freehold messuages, tenements, lands, and hereditaments, situate in the parish of, in the county of, to the following uses (that is to say): To THE USE that my said wife C. B. may receive thereout during her life a yearly rent-charge of £, to be paid by equal quarterly payments, the first of such payments to be made at the expiration of three calendar months after my decease: and subject to the said rentcharge, To THE USE of my first and other sons successively according to seniority in tail, with remainder, To THE USE of all my daughters in equal shares as tenants in common in tail, with cross remainders between or among them in tail, with remainder, TO THE USE of my own right heirs for ever: AND I DECLARE Devise of freeholds to use that wife shall take rent-charge for life. Remainder to sons succes sively in tail, remainder to daughters as tenants in common in tail. (a) It is unnecessary to give the trustees of the above will a power of sale over the real property, as the powers given by the Settled Land Act are sufficient. DEVISE OF REAL ESTATE CESSIVELY IN TAIL, &C., SUBJECT TO RENT-CHARGE TO WIFE AND PERSONALTY IN BEQUEST OF FAVOUR OF Direction as to of rents infancy of upon trust to thereto upon uses of that if my trustees shall enter into possession of the said hereditaments or any undivided share thereof during the infancy of TO SONS SUCa tenant in tail by purchase under this my will, and such tenant in tail shall die during infancy, and if a daughter without having been married, then, and in such case, the accumulation (if any) arising during such infancy shall be held upon such trusts as the same would be held upon if the same were capital money arising from any sale of the said hereditaments under the Settled Land Act, 1882: I GIVE AND BEQUEATH all my lease- accumulations hold messuages, lands, tenements, and hereditaments, situate arising during in the parish of, in the county of, unto my trustees, tenant in tail. for all the estate, term, and interest which I shall at my Bequest of decease have therein respectively, UPON trust out of the rents leaseholds and profits of the said premises to pay the rents and observe pay rents, &c., and perform the covenants by and in the several leases thereof reserved and contained, and on the part of the lessees to be paid, observed, and performed, and subject thereto, UPON SUCH and subject TRUSTS, and with and subject to such powers and provisions as will trusts correcorrespond as nearly as the different tenures will permit with the sponding with uses, powers and provisions herein before declared and contained freeholds. concerning the said freehold hereditaments situate in the same parish, but so as not to multiply charges, and so also that the said leasehold premises shall not vest absolutely in any person hereby made tenant in tail by purchase of the said freehold hereditaments, unless such person shall attain the age of twenty-one years, but on the death of such person under that age shall go and devolve as if the same were freehold of inheritance included in the devise of hereditaments of that tenure herein before contained: AND AS TO ALL THE REST and residue of my real and Devise and bequest of personal estate, I give, devise, and bequeath the same unto my residuary real trustees, UPON trust, to sell, call in, and convert into money the same, or such part thereof as shall not consist of money, with and out of the moneys to arise from such sale, calling in, and converand conversion into money, and out of the money of which I shall be possessed at my death, to pay my funeral and testamentary expenses and debts (other than mortgage debts affecting the said freehold and leasehold hereditaments situate in the parish of aforesaid herein before devised and bequeathed respectively), and the legacies bequeathed by this my will, or by any codicil hereto, and to invest the residue of the said and and personal estate to trustees upon trust for sale sion. |