(c) Re Cotton's Trustees and the School Board for London, 19 Ch. D. 624; Re Sudeley and Baines .\ Co., 1894, 1 Ch. 334; Re Jump, 19 1 Ch. 129; Re Horsnaill, 1909, 1 Ch. 631, 635.

(d) Taite v. Swinstead, 26 Beav 526, 529

(e) Lewin on Trusts,:374, 391, 6th ed.; 493, 526. llth. ed.; Price v. Price, 35 Ch. D. 297: Bee above, p. 224.

Jessel, M. R'.. Re Cooper and Allen to Harlech, 4 Ch. D. 802, 815.

(g) Speight v. Gaunt, 22 Ch. D. 727, 9 App. Cas. 1; see also Falkner v. Equitable Reversionary Society, 4 Drew. 352.

(h) See above, p. 70.

(i) ISee White v. Cuddon, 8 CI. & Fin. 766, 788, 789, 793. 798. It is thought that trustees for sale are justified in stipulating either that no compensation shall be allowed for errors of description (which seems best for them) or that compensation shall be allowed, and that on either side, for such errors, as it does not appear that either of these conditions is depreciatory; see Hill v.Buckley, 17 Ves. 395; Crompton v. Melbourne, 5 Sim. 353; Hobson v. Bell, 2 Beav. 17, 19, 23; Dunn v. Flood, 28 Ch. D. 586, 591 sq.; 1 Key & Elph. Prec. Conv. 267, n. (e), 4th ed.; 255, n. (g), 8th ed.; above, pp. 65, 66; below, Chap. XII., Sec. 4.

(k) Stat. 56 & 57 Vict. c. 53, s. 13, replacing 44 & 45 Vict, c. 41, s. 35.

(l) Like powers were given by Lord Cranworth's Act to trustees having an express power of sale over any hereditaments by virtue of an instrument executed on or after the 28th Aug. 1860; Stat. 23 & 24 Vict. c. 145, ss. 1, 2, 34; but these powers were not usually relied on in practice; Davidson, Prec. Conv. vol. iii. 557, 565, n. (u), 858, 1013-1018, 3rd ed.; vol. iv. 33, n. (h), 4th ed.

(m) Thus, in the absence of any restriction as to the mode of sale, trustees for Bale might sell the trust property either all together or in lots, and either by public auction or private contract: Sug. V. & P. GO, 61; Lewin on Trusts, 383, 384,6th ed., 507-511, 11th ed. They might make such special conditions of sale as might be reasonable and necessary in the state of their title; Hob-sou v. Bell, 2 Beav. 17; Falkner v. Equitable Reversionary Society, 1 Drew. 352; Lewin on Trusts, 384. 6th ed.; but they might not depreciate the trust property by unnecessary conditions of Bale; Donee v. Goldingham, L. R. 8 Oh. 902. They might concur with other persons in selling the trust property together with other pro-party, if Bach a mode of Bale were clearly advantageous to the cestui-que-trusts, and the trustees took due precautions to ascertain that they would receive a proper proportion of the purchase money, and were careful to receive the money themselves; but otherwise not; Redi v. Oakes, 4 De G. J. & S. 505; Re Cooper and Allen to Harlech, 4 Ch. D. 802, 814-821.

They might consequently join with the owners of prior charges in Belling the whole property free from incumbrances, or they might sell the particular interest only, which had been vested in them on trust for sale, whichever course would be likely to be most advantageous to their cestui-que-trusts; see 4 Ch. D. 817. Trustees were justified in fixing a reserved price on a sale by auction, and they might buy in at that price; Re Peyton's Settlement, 30 Beav. 252; Sug. V. & P. 62; but if, after buying in, they made undue delay in effecting a sale, they were answerable for any loss occasioned thereby; Taylor v. Tabrutn, 6 Sim. 281. It appears also that trustees might vary or rescind any contract for sale. if such a course clearly appeared to be for the advantage of their cestui-que-trusts; Falkner v. Equitable Rever-sionary,Society 1 Drew. 352: Lewin on Trusts, 384, 6th ed., 510, 11th ed.

(n) Dance v. Goldingham, L. R. 8 Ch 902, 907, n.. 909, 910; Dunn v. Flood, 25 Oh. D. 634, 28 Ch. D. 586, .591, 592.

(1.) No sale made by a trustee shall be impeached by any beneficiary upon the ground that any of the conditions subject to which the sale was made may have been unnecessarily depreciatory, unless it also appears that the consideration for the sale was thereby rendered inadequate.

(2.) No sale made by a trustee shall, after the execution of the conveyance, be impeached as against the purchaser upon the ground that any of the conditions subject to which the sale was made may have been unnecessarily depreciatory, unless it appears that the purchaser was acting in collusion with the trustee at the time when the contract for sale was made.

(3.) No purchaser, upon any sale made by a trustee, shall be at liberty to make any objection against the title upon the ground aforesaid.

Trustees are, moreover, expressly empowered to sell subject to any of the stipulations implied in contracts by virtue of the Vendor and Purchaser Act, 1874 (r), or the Conveyancing Act, 1881 (s). Subject to these enactments, however, trustees for sale must still exercise the discretions conferred upon them by the above-mentioned statutory powers (t) in a reasonable manner, and with an eye to obtaining the best advantage they can for their cestui-que-trusts (u).

It is important to note, with regard to the exercise of a trust for or power of sale, that the term "sale" is, as a rule, taken in the strict sense of conveyance in consideration of a price paid in money (x). Trustees acting under a trust for or power of sale are not, therefore, at liberty to accept any other consideration for their conveyance than the payment of money. They must not, for example, sell in consideration of receiving stock, shares, bonds, debentures or similar securities (x), or in consideration of the grant of a rentcharge (y), unless the terms of the trust or power specially authorize them to convey for such considerations (z). For trustees are bound strictly to pursue the powers or authorities, with which the creator of the trust has invested them; and they cannot, as a rule, obtain any enlargement of their authority by an application to the Court (a). So, also, a conveyance by way of exchange or partition is not a valid execution of a trust for or power of sale (b). But trustees for sale, who are authorized to invest the purchase money on real securities, may well agree to leave a proper proportion of the purchase money on mortgage of the lands sold (c). A trust for or power of sale created for the purpose of effecting an out-and-out conversion of lands into money does not authorize a mortgage of the lands (d). But if the intention of the author of the trust or power were simply to facilitate the raising of a sum of money charged on the lands, and not to disturb the ownership of the lands further than should he necessary in order to satisfy the charge, a mortgage made under the trust or power may be supported as a conditional sale (e). A trust or power to mortgage lands does not authorize a sale of them (f). Upon this ground it has been held that a power to mortgage lands does not authorize a mortgage of them with power of sale (g); but in later cases this rule has been abandoned in favour of the doctrine that a power of sale is an usual and a necessary incident of a mortgage, and may therefore properly be inserted in a mortgage made under a trust or power to mortgage (h). A trust for sale of lands does not authorize a lease of them, so that a trustee for sale of leaseholds is not justified in disposing of them by way of underlease at an improved rent (i). But where leaseholds are vested in trustees for sale they are justified in making a sale of them by way of underlease - that is, in granting an underlease for the whole term less a day or two at the rent at which they hold in consideration of receiving a lump sum of money - if such a course be advantageous to the trust estate; for this method of disposition is essentially a transfer in consideration of a price in money, that is, a sale, and the assurance of the property by way of underlease is regarded as mere machinery for making the conveyance to the purchaser (k). Tims if such trustees propose to sell their leaseholds in lots as they lawfully may (l), they may well sell them under the usual conditions that the purchaser of the largest lot in value shall take an assignment of the lease and grant to the other purchasers underleases at apportioned rents and that in case any of the lots shall not be sold the vendors themselves shall grant similar underleases (m). So also if such trustees hold land let together with other land for a term of years at one entire rent, they may well sell their land by way of underlease at an apportioned rent (n). And it appears that trustees for sale will be justified in selling leaseholds by way of underlease in any circumstances in which such a course is expedient in the interests of their cestui-que-trusts (0).