Receipts of trustees to be discharges,

and the morte gagees and pur. chasers not to be answerable

monies.

with or without power of revocation so attested as aforesaid, or by such last will and testament, or writing in nature thereof, as aforesaid, direct or appoint. And in order to facilitate any mortgage or sale or mortgages or sales of the same messuages, farms, lands, tenements, and hereditaments, or any part or parts of them, for any of the trusts and purposes aforefor the applica- said, I hereby declare, that the receipt or receipts of tion of the mort the said trustees or trustee for the time being, shall be gage or purchase a good and sufficient discharge to the mortgagee or mortgagees, purchaser or purchasers, of any of the same messuages, farms, lands, tenements, and hereditaments, or of any part or parts thereof, for his, her, or their mortgage or consideration-money, or for so much thereof as in such receipt or receipts shall be expressed to be received, and that such mortgagee or mortgagees, purchaser or purchasers, his, her, or their executors, administrators, or assigns, shall not afterwards be accountable for any misapplication or non-application thereof, neither shall he, she, or they respectively be concerned to enquire into the necessity of making any such mortgage or sale for any of the purposes aforesaid. Provided, and my will further is, that it shall be lawful for the said trustees or trustee, for the time being, (with the consent of my said son, signified in writing under his hand, if living, and if not, then at the discre tion of them or him my said trustees or trustee,) to apply so much of the rents, issues, and profits of the premises comprized in the term, as to them or him shail seem expedient, in or for the purposes of repairing or rebuilding any of the messuages or buildings upon the said farm and lands, or improving the same, or any of them, and also to fell, cut down, and dispose of any of the timber or trees, growing or being thereupon, the trusts above for all or any of the last-mentioned purposes, and mentioned, to invest the sur- subject to the trusts, interests, and purposes, hereinplus rents, and before declared of and concerning the messuages, profits, in he funds, during the farms, lands, tenements, and hereditaments, comfirst 21 years of the term, after prized in the said term of 500 years, I declare my testator's death. will and mind to be that the said trustees or trustee

Trustees empowered with consent of the son to apply necessary sums

out of the rents and profits in repairing and rebuilding.

And subject to

for the time being, do and shall, during the first 21a years of the said term of 500 years, to be computed from the 5th day of April, or 10th day of October, next preceding my death, lay out, and invest, (with the consent of my said son, if living, in writing under his hand, and if not, then at the discretion of such trustees or trustee), the residue and clear surplus of the yearly rents, issues, and profits of the said premises, remaining after paying such the said annual sums ofl. or., for the separate use of my said daughter, and such annual sum as shall for the time being be applicable for such maintenances as aforesaid, and the interest of any such portion or portions hereinbefore directed to be raised, as shall be carrying interest, and also of any such mortgage or mortgages as may be made in pursuance of the trusts hereinbefore declared, and after application of such sum or sums of money as it may be thought proper to dispose of for such rebuilding, repairing, or improving, as aforesaid, in the public stocks or funds of Great Britain, or in or upon securities of that government, or real securities in England, at interest, and in like manner, from time to time to invest the dividends, interest, or annual proceeds of such stocks, funds, or securities, so as within that period to produce as great an accumulation of capital as reasonably may be in the nature of compound interest. Provided, nevertheless, and I declare my mind and will to be, that such investments shall cease at the end of 10 or 15 years of the said term of 21 years, if my said son shall in his life-time so direct the same, by any writing under his hand, to be attested by two or more credible witnesses, and then I will and direct that the said trustees or trustee for the time being, do and shall stand possessed of and interested in such stocks, funds, or securities, as shall have been so from time to time purchased, upon the

* Vide post, the note on the Accumulation Act.

ceasing of the term.

trusts hereinafter declared concerning the same. Proviso for the Provided that when, and so soon as all and every the trusts hereinbefore declared concerning the said term of 500 years, shall in all things have been fully performed, satisfied, or discharged, or shall have become incapable of being carried into execution, and they the said G. N., and C. B., and each of them, and the executors, administrators, and assigns, of them, and each of them, shall be fully reimbursed and satisfied, all costs, charges, and expenses, occasioned by or relating to the trusts of the said term of 500 years, then the same term or so much as shall remain undisposed of for the purposes aforesaid, shall cease, determine, and be absolutely void to all intents and purposes whatever, (any thing herein, &c.) Provided also, and I hereby declare that it shall and may be lawful to and for my said son S. K., from time to time, and at all times during his natural life, and after his decease, to and for the person or persons who for the time being, shall, under and by virtue of the limitation herein-before contained, be entitled to the hereditaments comprized in the said term of 500 years, either in possession or in remainder after the determination of the same term, if he, she, or they shall have attained the age of 21 years, and if not then, for his, her, or their guardian or guardians, (power to lease, see before p. 535). And as to, for, and concerning all my copyhold messuages, farms, lands, tenements, and hereditaments, with their respective appurtenances not herein before disposed of for the benefit of my said wife, during her life, with remainder for the benefit of my said son and his heirs, I give and devise the same unto and to the use of the said S. K. my son, his heirs, and assigns, for ever, yet nevertheless upon such trusts, intents, and purposes, as will correspond with the uses, trusts, interests, and purposes hereinbefore expressed, and declared of and concerning my said freehold messuages, farms, lands, tenements, and hereditaments comprized in the term of 500 years,

cumulated stock.

son to receive

his death to go

among his

dren.

either in possession or in remainder, after the decease of my said wife, and with which estates such copyhold premises are respectively held and enjoyed, and under and subject to such and the same powers, provisos, and declarations, or as near thereto as may be, and the different nature of the tenure and the rules of law and equity will admit of. And as touching such stocks, funds, and securities as shall have been so purchased as aforesaid, I will and de- Trusts of the ac clare that the said trustees thereof for the time being, do and shall stand possessed of, and interested in, the same, upon the trusts following, that is to say, upon trust that they or he do and shall pay unto, or empower my said son, (if living,) or his assigns to receive To permit the the dividends or interest thereof during his natural the dividends for life, and from and immediately after his decease, (or life, and after in his life-time, if he shall so direct, by any such according to his deed or writing as hereinafter is mentioned,) do and appointment shall pay or transfer such stocks, funds, or securities younger chilunto such one child, or to and amongst such two or more of the children of my said son (other than and except an eldest or only son for the time being) at such age or time, and if more than one, at such ages or times, in such shares and proportions, and in such manner and form as my said son by any deed, &c. shall direct or appoint; and in default of such direction or appointment, then the same shall become vested in such two or more of the children of my said son (other than and besides such eldest or only son) as shall attain the age of 21 years, in equal shares, but if there shall be no more than one such child (other than and besides such eldest or only son) who shall attain such age, then one moiety only thereof shall vest in such child, and the other moiety shall be considered as having vested in my said son, and be paid or transferred accordingly to his executors, administrators, or assigns; and in case there shall be no child of my said son (other than, &c.) who shall attain the said age, then the whole of such

stocks, funds, or securities, shall be considered as having vested in my said son, and be paid or transferred accordingly to his executors, administrators, or assigns; and as to any dividends or interest which may arise in respect of such last-mentioned portion or portions from the decease of my said son, until the vesting thereof, I will and direct that such dividends or interest shall be invested in such stocks, funds, or securities, (to accumulate as before).

Recital of provisions and limitations of

al property, unby deeds and wills,

der settlements

A Will comprising various Dispositions of real and personal Estate, partly of Testator's own Estate, and partly in Performance of various Trusts and Obligations imposed on him by ante cedent Settlements.

of

ments at W.

This is the last will and testament of me J. N. Whereas, under and by virtue of real and person- the settlement made previous to my marriage with Mary, my wife, (then Mary S.) certain heredita(whereof she was seised in fee simple) stand limited to the use of me for life, with remainder to the use of the trustees therein named, and their heirs, during my life, in trust to preserve the contingent remainders; remainder to the use of my said wife for life; remainder to the use of all and every the child and children of our marriage, in tail, with cross remainders; remainder to such uses as my said wife shall by such deed or will as is therein mentioned appoint, and in default of such appointment, to the use of her right heirs; and by the same settlement, her portion, consisting of the sum of 15007., was agreed to be vested in the trustees therein named, upon trust, after the