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Frederick Prideaux.

Prideaux's forms and precedents in conveyancing : incorporating Wolstenholme's forms and precedents with dissertations and notes on its law and practice (Volume 2) online

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7. From and after the time when the Mortgagee shall first Power for
become entitled to exercise the powers of sale and of taking grant licences
possession hereby by reference conferred on him, the Mortgagee becomes"" ^
alone may (subject to any licences granted by the Borrower enforceable.
under the provisions hereinbefore contained) make, use, exercise,

and vend the said inventions, or any of them, and grant licences,
whether exclusive or general or otherwise, under the said Letters
Patent or any of them, for such periods and upon such terms
and conditions, and in such manner as the Mortgagee may
determine ; And any licences so granted by the Mortgagee
shall not at any time thereafter be defeasible by the Borrower.

8. Notiees — Form No. 68.

9. The expressions the " Borrower " and the " Mortgagee " in Definitions.
these presents shall, where the context so admits, include the
persons respectively deriving title under them.

In witness. See.



1150 (precedents) bonds.



DIVISION XVI.
BONDS.

No. I.

BOND hy One or hy Several for Payment of Money hy

Instalments {a).

Bond. KNOW ALL MEN BY THESE PKESENTS that I, A. B., of,

&c. (hereinafter called the Obligor), am [or we, A. B., of, kc,
E. F., of, &c.,and G. H., of, &c. (hereinafter called the Obligors),
are] held and firmly bound {h) to C. B., of, &c. {obligee), in the

sum of 4i {twice the amount o/' the sum to he repaid), to be

paid to the said C. D. [for which payment we bind ourselves and
every two and one of us (<■) jointly and severally by these
presents]. Sealed with my seal [or our seals] : Dated this
day of , 19 — .

(a) For general purposes a covenant shows the intention of the parties
better than a bond, and is now more frequently resorted to ; however, a few
precedents may still be of value to meet simple cases.

By the Stamp Act, 1891, the stamp duties chai'geable on bonds for pay-
ment or repayment of money or the transfer or retransfer of stock, are the
same as on a mortgage for the same purposes; see " Stamps on Mortgages,"
Vol. I. The stamp duties chargeable where the bond is to secure an annuitj',
except upon the original creation thereof by way of sale, are stated under
the head of " Stamps on Settlements," styj. A bond of any kind not specifically
charged with any duty is liable to a 10s. stamp, unless the amount limited
to be recoverable does not exceed £300, in which case the duty will be the
same ad valorem duty as on a bond for the amount limited. See generally,
Alpe, 11th ed.

{h) By the Conv. Act, 1881, s. 59, it is provided that a bond or obligation
under seal, although not expressed to bind the heirs, shall operate in law to
bind the heirs and real estate as well as the executors and administrators and
personal estate of the obligor.

(f) The words "every two and one of us" may be omitted; see 0. IG,
rr. 4, 6.



BOND TO SECURE ANNUITY\ 1151

NOW THE CONDITION of the above-written Bond or obligation Condition of
is such, that if the Obhgor [Obligors or any or either of

them] shall pay to the said C. D. the sum of £, by the

instalments following (that is to say), the sum of M , part

thereof, on the ■ • day of now next ensuing, the sum

of Jl , other part thereof, on the day of ■ •, 19 — , and

the sum of £ , residue thereof, on the day of

in the same year, and shall also at the several times hereinbefore
appointed for payment of the said several instalments of the

said sum of £ pay to the said C. D. interest for the said

sum of £ , or such part thereof as for the time being shall

remain unpaid, at the rate of £ for every i>100 by the

year (such interest to commence and be computed from the day
of the date of the above- written Bond or obligation), Then the
above-written Bond or obligation shall be void, otherwise the
same shall remain in full force and virtue.
Signed, sealed, &c.

No. II.
BOND fur Secueing tlie Payment of an Annuity ((^).

(BOND from A. B. to C. l>. as in Free. I., suj).)

Whereas the Obligor lately agreed with the said C. I), for the Recitals.

sale to him of an annuity of J6 during his life for the sum of

£ , such annuity to be secured by the bond of the Obligor :

And whereas, in pursuance of the said agreement, the said

C. D. has paid to the Obligor the sum of £ , and the Obligor

has executed the above-written Bond :

NOW THE CONDITION of the above-written Bond is such that Condition of
if the Obligor shall pay to the said C. D. during his life one "^'^'^'^'

annuity or yearly sum of £ by equal quarterly payments,

on the day of , the day of , the day of

, and the day of , in every year, the first quarterly

payment of the said annuity to be made on the day of ,

Then the above-written Bond shall be void, otherwise the same
shall remain in full force and virtue

((7) The stamp dutj- on this bond will be the same ad valorem duty as on a
conveyance in consideration of the purchase-money to be paid for the
annuity : Stamp Act, 1891, s. GO ; Fin. (1909-10) Act, 1910, s. 73.



1152



(PRECEDEKTS) BONDS.



Recital of
conveyance of
property to
obligee.



As to the
obligor's title.



Agreement for
Bond.



Condition of
Bond.



No. III.

BOND for quiet Enjoyment given hy Vendor to Purchaser
taking a doubtful Title.

{BOND from A. B., defined as the Obligor, to C. I)., see
Prec. I., suji.)

Whereas by an Indenture, bearing even date with but
executed before these presents and made, &c., certain heredita-
ments known as in the County of were conveyed by

the ObHgor to the use of the said C. D. in fee simple :

And whereas the hereditaments conveyed by the said Inden-
ture were formerly the property of G. H., and were conveyed in
exchange by him to W. M., deceased, in fee simple by an Inden-
ture dated, &c., and made, &c., and the title of the Obligor to
the said hereditaments is derived under the Will, dated, &c.,
and proved, &c., of the said W. M., and under an Indenture of

Appointment dated the — — - day of (being an appointment

to the Obligor under a power contained in the said Will) :

And whereas it was agreed that in addition to the ordinary
covenants for title implied by law in the said Indenture of even
date herewith the Obligor should, for the satisfaction and
indemnity of the said C. D., execute the above-written Bond or
obligation, subject to the condition hereinafter contained :

NOW THE CONDITION of the above-written Bond or obligation
is such, that if the said C. D. and the persons deriving title
under him shall from time to time, and at all times hereafter,
hold, possess, and enjoy the hereditaments comprised in the said
Indenture of even date herewith, and every part thereof, and
receive the rents and profits of the same, and of every part
thereof, for his and their own use, without any lawful interrup-
tion, claim, or demand whatsoever of, from, or by any person or
persons whomsoever, and free from all adverse estates, titles,
liens, charges, and incumbrances whatsoever, Then the above-
written Bond or obligation shall be void, otherwise the same
shall remain in full force and virtue (e).
Signed, sealed, &c.



Indemnity

against

defects.



(e) See also Sjiecial Condition of Sale in Vol. I., for other modes of
indemnifying a pnrcliaser. Unless the blot on the title necessarily appears



INDEMNITY FOR LOSS OF TITLE DEEDS. 1153

No. IV.

BOND «)/' Indemnity hy a Vendor to a Purchaser on account
of the Loss of a Title Deed.

(BOND from A. B., defined as the Ohliiior, to C. D., see Free. I.
Recite conveyance to C. D. (pureltaser) ofrveii date) :

And whereas an Indenture (hereinafter called the Conveyance Eecitai of loss

^ "^ of convej-ance.

of 18 — ), dated the day of , and made between, <kc.

(parties), whereby the hereditaments comprised in the said
Indenture of even date herewith were (as is represented by
the Obligor) conveyed to the Obligor in fee simple, has been
diligently sought for by the Obligor but cannot be found :

And avhereas it was agreed that for the satisfaction and Agreement
indemnity of the said C. D., and in addition to the ordinary
covenants for title implied by law in the said Indenture of even
date herewith the Obligor should execute the above-written Bond,
subject to the condition hereinafter contained :

NOW THE CONDITION of the above- written Bond or obligation Condition of
is such, that if the Obligor shall at all times hereafter save
harmless and keep indemnified the said C. D, and the persons
deriving title under him from and against all proceedings,
losses, costs, charges, expenses, claims, and demands whatsoever
in respect of the hereditaments comprised in the said Indenture
of even date herewith to which he or they would not have
been subject or liable if the Conveyance of 18 — (being an abso-
lute conveyance of the said hereditaments to the Obligor in fee
simple) had been duly delivered to the said C. I), upon the com-
pletion of the purchase, and in particular from and against all
proceedings, losses, costs, charges, expenses, claims, and demands
whatsoever to which he or they is or are, or shall or may become
subject or liable in case it shall appear that the Conveyance of 18 —
is not in effect an absolute conveyance of all the said heredita-
ments to the Obligor for an estate in fee simple in possession, free
from incumbrances and equities, or that the Conveyance of 18 —
has been deposited with any person or persons by way of security,

in the conveyance, it is proper for the indemnity to be taken separately, .is
to the effect of recitals on the condition of a ooiul, see Australian Joint. Siocl-
llanh V. BuUtij, 1899, A. C. 090 ; 6.S L. J. P. ('. 95 ; Norton on Deeds,
Chap. XI.

P. — VOL. II. 73



1154



[precedents) bonds.



or has been otherwise dealt with in such a manner as to prejudice
or affect the absokite title of the Obligor to the said heredita-
ments or any j^art thereof, Then, and in such case, the above-
written Bond shall be void, otherwise the same shall remain in
in full force and virtue.

Signed, sealed, &c.



Recite provi-
sions inArticles
of Partnersliip
for making
surviving
partner
p'jrcliaser of
deceased
X^artner's
share.



Bond to be
entered into
by surviving



No. V.

BOND by Surviving Partner /or Payment of the Estimated
Value of Deceased Partner's Share by Instalments
to Ids Executors, and for Indemnifying Ms Estate
against the Partnership Liabilities.

(BOND from A. B., defined as the Obligor, to C. D., of, dc, and
E. F., of, (C-c, the executors, see Free. I., sujh) :

Whereas by Articles of Partnership entered into on the

day of , betw^een the Obligor, of the one part, and G. H., of

the other part, it was, amongst other things, provided that the
Obligor and the said G. H. should from thenceforth, become and

be partners in the trade or business of under the style of

for the term of years, and also that in case either of

the said partners should die before the expiration of the said
term, then the surviving partner should, within three months next
after the death of the partner so dying, settle with the executors
or administrators of the deceased partner all accounts and
matters relating to the said partnership, and that such sur-
viving partner [should pay unto the executors or administrators
of such deceased partner such a sum as by the books of the
firm should appear to have been contributed by such deceased
partner to the capital of the firm at his death, and that such
surviving partner should be considered to be the purchaser of such
share of the deceased partner in the said capital at such sum as
aforesaid, and that such surviving partner] should purchase the
share of the deceased partner in the [residue of the] property,
credits, and effects of the said partnership, and that the value of
such assets should be ascertained by two persons, one to be chosen
by the surviving partner, and the other by the executors or
administrators of the deceased partner, and that the surviving
partner should enter into a bond for securing to the executors



BOND BY A SURVIVING PARTNER. 1155

or administrators of the deceased partner the amount of such partner for
[sum and] vakiation by four equal instalments at the respective estimateci°sum
periods of six, twelve, eighteen, and twenty-four calendar months l^fents^*^^'
next after the death of the partner who should die as aforesaid,
with interest at the rate of £. — per cent, per annum from the
time of such death, and also a bond for indemnifying the estate
of the deceased partner against the debts and liabilities of the
said partnership :

And whereas the said G. H. died on the day of , Death of de-
having duly made his Will, dated, &c., wherebj^he appointed the appointing" '

said C. D. and E. F. to be his executors, who on the day of executorsr

duly proved the said "Will in the Principal Probate Eegistry :

[And whereas hj the books of the said partnership it appears [Contribution

that the said G. H. had contributed the sum of £ sterling to partner to

the capital of the partnershij) at his death :] capital.]

And whereas, pursuant to the provisions contained in the Sum at whioh
said Articles, the value of the share of the deceased partner in estimated.
the said property, credits, and effects of the partnership has been

ascertained to be the sum of £ , [making with the aforesaid

sum of £ the aggregate sum of £. :]

And whereas, in further pursuance of the said provision, the
Obligor has executed the above-written Bond :

NOW THE CONDITION of the above-written Bond is such that Bond exe-
if the Obligor shall pay to the said C. D. and E, F., as part of

the estate of the said G. H., deceased, the sum of £ at the

times and by the instalments following (that is to say) : the sum Condition of

of £ on the day of -, the sum of £ on the ^°"'^-

day of , the sum of .;^ on the day of , and the

sum of £ on the ■ day of and also on the same

several days interest on the said sum of £ or such part

thereof as for the time being shall remain unpaid, at the rate of
£ — per cent, per annum, from the date of the above-written
Bond, and shall at all times hereafter save harmless and keep
indemnified the said C. D. and E. F. respectively, and all the
estate and effects of the said G. H., deceased, from and against
all debts and liabilities whatsoever, in respect of the said partner-
ship business. Then the above-written Bond or obligation
shall be void, otherwise the same shall remain in full force
and virtue.

Signed, sealed, l^'c.

73—2



1156



(precedents) bonds.



Appointment
of obligor to
office.

Condition of
Bond.



No. VI.

BOND icitli tiro Sureties /or tlic Faithful Performance of
Duties o)i Appointment to a Responsible Office.

KNOW ALL MEN BY THESE PEESENTS that we, A. B.,
of, &c. {i)rmciiKil ohlujor), C. D., of, &c., and E. F., of, &c. (sureties),
are held and firmly bound to G. H., of, &c. (ohligec), in the sum of

£ to be paid to the said G. H., for which payment we bind

ourselves and every ,two and one of us jointly and severally by

these presents. Sealed with our seals : Dated this day of

, 19-.

Whereas the said A. B. has lately been appointed to and
now holds the office of in the (societi/) :

NOW THE CONDITION of the above-written Bond or obliga-
tion is such that if the said A. B. shall from time to time and at
all times hereafter, so long as he shall hold the said office of

, duly and regularly account for and pay to the directors

for the time being of the said society, or to any person or persons
who may be appointed for this purpose, all money which shall

come to his hands, either in the capacity of of the said

society, or by any other means on account of the said society, and
in every other resj)ect fully and faithfully perform and discharge
the duties and obligations which from time to time shall devolve
on him in such capacity as aforesaid, Then the above-written
Bond or obligation shall be void, otherwise the same shall
remain in full force and virtue.

Signed, sealed, &c.

No. VII.



BOND 0/ Resignation of an Ecclesiastical Benefice (/).

{BOND hij A. B., defined as the Obligor, to CD. in the penal
sum of £ , see Prec. I.) :

Recital of Whereas the abovc-iiamed C. D. is the patron of the rectory
agreement to Qf the parish chui'ch of , in the County of , and Diocese

present

QlQy„y (/) Under the Clergy Kesignation Bonds Act, 1828, a patron may present

Resignation any clerk to a spiritual office under agreement to resign in favour of any one



BOND OF RESIGNATION OF BENEFICE. 1157

of , which rectory is now vacant by the death of X. Y., the obligor on

late rector thereof ; and the said C. D. is about to present the hi"executh!g
Obligor to the said rectory : i^ond.

And whereas the Obligor has agreed to resign the said rectory
in favour of E. D., a son of the said C. D., and now a student

of College, in the University of , in case he takes holy

orders, and the said C. D., or other the patron or patrons for the
time being of the said rectory, shall desire to present him
thereto :

NOW THE CONDITION of the above-written Bond is such condition of

that in case the said E. J), shall at any time during the life of the ^°"*^'

Obligor be admitted into the full orders of a priest of the Church

of England, and the Obligor shall, within six calendar months

after being requested so to do in writing by the said C. D. or

other the patron or patrons for the time being of the said

rectory, well and effectually resign the said rectory to the bishop

of the said Diocese, and cause such resignation to be accepted,

so that tbe said C. D. or other jDatron or patrons for the time

being of the said rectory may present thereto the said E. D., or

in case the said E. D. shall not be admitted into priest's orders

as aforesaid during the life of the Obligor, or the Obligor shall

not be requested to resign the said rectory in manner aforesaid.

Then and in any of the said cases the above- written Bond shall

be void, otherwise the same shall remain in full force and

virtue.

Signed, sealed, &c.

person or in favour of one of two persons, provided that each is hv blood or Bonds Act,
marriage an uncle, son, grandson, brother, nejihew, or grand-nejjhew of the
patron or of one of the patrons of such spiritual office. One pai't of the
instrument by which such agreement is made must within two months be
deposited in the office of the registrar of the diocese in which the benefice is
situated. This Act does not apply to presentations by the Crown or by any
ecclesiastical or public body.

The Benefices Act, 189.S, s. 1 (o), makes void any agreement on the Benefices
transfer of a right of patronage for the resignation of the benefice in favour ^^^' l^^^-
of any person, but does not affect the validity of resignation bonds given
under the Act of 1828.



1158



(precedents) arrangements with creditors.



DIVISION XYII.

AEEANGEMENTS WITH CREDITOES.



Parties.



Assignment of
all the debtor's
property for
benefit of
creditors, an
act of bank-
ruptcy.



Position of
trustee if
assignment
avoided.



Remuneration
of trustee.



Private
arrangement
deeds must be
registered.



No. I.

ASSIGNMENT hy a Debtor of all his j^ure Personal
Estate to Trustees /or the benefit of his Creditors (a).



THIS INDENTUEE, made the



day of



Between



A. B., of, &c. (hereinafter called the Debtor), of the 1st part,

(a) A private arrangement between a debtor and bis creditors, as distin-
guished from one made under the Banki'uptcy Acts, binds only those creditors
who assent to it. It ordinarily (though not always) takes the form of an
assignment of the whole or the bulk of the debtor's property to trustees for
division among the creditors. Such an assignment is itself an act of bank-
ruptcj^, and any creditor (who has not impliedly acquiesced, see Ex jj. Stray
(1867), L. E. 2 Ch. 314; 36 L. J. Bk. 7; Be Brindhij, 1906, 1 K. B. 377;
75 L. J. K. B. 211) may, instead of coming in under it, make it the ground
of a petition for adjudication, provided that his j)etition is presented within
three calendar months after the execution of the deed. Adj udication avoids
the assignment, and the debtor's property will vest in the trustee in bank-
ruptcy, and be distributable by him according to the law of bankruptcy.

If the assignment is avoided by baukruptcj' ensuing within three months,
the trustee in bankruptcy may treat the trustee under the deed as a tres-
passer : Re Vaughan (1884), 14 Q. B. D. 25 ; Be Coolc (1909), 53 Sol. J. 359 ;
and see Davis v. Pdrie, 1906, 2 K. B. 786 ; 75 L. J. K. B. 992. If the trustee is
unwilling to take this risk, a clause should be inserted in the deed postponing
realization for three months, or a clause of indemnity from the creditors.

If the trustee wishes for remuneration, it must be provided for by the
deed.

Sometimes the creditors are willing to accept a composition uuaccom-
j)anied by a ccAsio honorum, and in such cases the composition is generally
made payable by instalments, and secured by a joint and several covenant
of the debtor and a surety, or by joint and several promissory notes given by
them.

By the Deeds of Arrangement Act, 1887, all instruments made after the
1st January, 1888, whether render seal or not, made by, for, or in respect of
the affairs of a debtor for the benefit of his creditors generally (otherwise
than in pursuance of the bankruptcy laws), that is to say, an assignment of
property, a deed of or agreement for a composition, a deed of inspectorship.



ASSIGNMENT OF PERSONALTY. 1159

C. D., of, &c., and E.F., of, Sec. (liereinafter called the Trustees),
of the 2nd part, and the several persons and firms mentioned in
the second Schedule hereto, creditors of the Debtor, who or
whose attorneys or agents (h) on their behalf execute or other-
wise accede to these presents, of the 3rd part :

Whereas it has been agreed between the Debtor and his Recital of
creditors that such arrangement shall be made as is hereinafter afraii"ement*^
contained :

And whereas the Debtor has furnished a statement of his tiiat debtor
affairs to the Trustees, and from such statement it appears that statement of
his property consists of the particulars mentioned in the first TrusfeeT *°
Schedule hereto :

And whereas the names of the creditors, and of the amounts Creditors in
owing or claimed to be owing to them respectively, are inserted schedule.
or intended to be inserted in the second Schedule hereto :

NOW THIS INDENTURE WITNESSETH as follows :— witnessing

part.

1. In consideration of the release hereinafter contained the pet^on^afm^-'^^
Debtor, As Beneficial Owner, hereby assigns unto the Trustees Pf^^-y ^^

letter of licence, and any agreement or instrument for carrying on or
winding up the debtor's business, &c., are required to be registered in the
manner provided by the Act within seven clear days after the first execution
thereof hj the debtor or any creditor, or, if executed abroad, within such
further time as therein mentioned. An unregistered deed is void : Hedges v.
I'reston (1899), 80 L. T. 847 ; secus in the case of named creditors : Be
Saumarez, 1907, 2 K. B. 170 ; 76 L. J. K. B. 828. This Act does not apply
to arrangements made by limited companies : He Rileys, 1903, '_' Ch. 590 ;
72 L. J. Ch. 678. Every such deed must also be duly stamped with the
proper inland revenue dutj% and also with a stamp denoting a duty at the
rate of one shilling for everj- £100 of the sworn value of the property passing,
or (where no property jiasses) the amount of composition payable under the
deed.

Under the Lands Charges, &c. Act, 1888, a deed of arrangement affecting
land must also be registered at the Land Eegistry in order to bind purchasers.

By the Bankruptcy Act, 1890, s. 25, trustees of arrangement deeds are
required to transmit accounts to the Board of Ti'ade. For the rules under
this section see Williams on Bankruptcy, 9th ed., 798.

The execution of a deed of arrangement by other creditors and the
insertion of their names with the amount of their debts in a schedule after
the deed is registered does not invalidate the registration : Re Batten (1889),
22 Q. B. D. 085; 58 L. J. Q. B. o33 ; and see Maskehjne v. Smith, 1903, 1
K. B. 671 ; 72 L. J. K. B. 237.

{b) This includes one member of a firm signing on behalf of the firm.



1160



(precedents) arrangements with creditors.



Trust for sale
and conver-
sion, and to



Online LibraryFrederick PrideauxPrideaux's forms and precedents in conveyancing : incorporating Wolstenholme's forms and precedents with dissertations and notes on its law and practice (Volume 2) → online text (page 127 of 138)