What is "the settlement." and Iveagh.

(s) Stat. 45 & 46 Vict. c. 38, s. 2 (1). (t) 1893, 2 Ch. 345.

20 (2)

Re Mundy and Roper's Contract.

(u) 37 Sol. J. 336; Wolsten-holme's Conveyancing and Settled Land Acts, 289, 7th ed. (x) 1899, 1 Ch. 275.

Assignments of or charges on the life estate in consideration of marriage or by way of family arrangement.

When, however, a settlement for the purposes of the Settled Land Acts was first held to be constituted by a series of deeds of family settlement, the question arose, who could be the trustees of such settlement; for any trustees appointed by any of the deeds were only trustees of the family settlement made by that deed. The difficulty was solved by the appointment by the Court of trustees for the purposes of the Acts of the compound settlement (as it was called) constituted by the series of family settlements (c). It is accordingly necessary, whenever title is made through an exercise of the statutory power of sale by a tenant for life under such a compound settlement, for the purchaser's counsel to satisfy himself that the persons who are alleged to be the trustees of the settlement are the duly constituted trustees of the compound settlement (d). In regard to this question, care must be taken to distinguish the cases where a tenant for life purports to convey the settled land for all the estate limited by a compound settlement from those in which he is really selling and conveying as tenant for life under a simple deed of family settlement, of which trustees for the purposes of the Settled Land Acts have been duly appointed. Where a deed of family settlement in the usual form has been executed containing powers of jointuring or charging portions and an appointment of trustees for the purposes of the Settled Land Acts, and these powers have been executed by some subsequent deed or deeds, the original deed still remains the settlement for the purposes of the Acts, and on a sale by the tenant for life thereunder the trustees thereof are the proper persons to receive the purchase money (e). The original deed also remains the settlement for the purposes of the Acts and the trustees thereby appointed remain the trustees of the settlement, notwithstanding the absolute assignment over (f) or the re-settlement of any estate limited by the original deed in remainder after the estate of the tenant for life (g). Where there has been a deed of settlement creating estates for life and in tail and appointing trustees for the purposes of the Settled Land Acts, and afterwards a disentailing assurance has been executed with the concurrence of the tenant for life and a re-settlement made limiting the lands to the use of the tenant for life in restoration of his former estate or otherwise expressing the intention that the powers given to the trustees of the original deed of settlement shall not be destroyed (h), the tenant for life can exercise his statutory power of sale as tenant for life under the settlement made by the first deed and require the purchase money to be paid to the trustees for the purposes of the Settled Land Acts appointed by or under that deed. And he may do this, although he subsequently part with his old life estate, and even if his old life estate were extinguished by the re-settlement; since the powers conferred by the Acts are incapable of assignment or release (i). It follows that, where upon such a re-settlement the former estate of the tenant for life is not expressed to be restored, and the powers given by the original settlement are not expressly preserved, the tenant for life can nevertheless, by an exercise of his statutory power, sell under the original settlement and convey all the estate thereby limited, including that dealt with by the re-settlement; and upon such a sale the trustees of the original settlement will be enabled to give a good discharge for the purchase money. As we have seen (h), after a settlement and re-settlement of this kind, any person who has taken a life estate under the re-settlement (whether he were tenant for life under the original settlement or not) can sell as tenant for life under the compound settlement (consisting of the original settlement and the re-settlement taken together) and convey all the estate limited by and still subsisting under such compound settlement; but in such a case trustees of the compound settlement must be duly appointed to receive the purchase money (l). It has further been considered that in such cases of a settlement and re-settlement, the re-settlement alone may be treated as the settlement for the purposes of the Settled Land Acts, notwithstanding that the settlement and re-settlement may together be treated as a compound settlement (m). If in such cases the tenant for life purport to sell and convey as tenant for life under the re-settlement alone, the purchase money can be paid to the trustees for the purposes of the Acts appointed by the deed of re-settlement: but the assurance made by the tenant for life will only operate to convey the settled land discharged from the limitations of the re-settlement; and if on such a sale any estate or interest limited by the original settlement should be still subsisting, the persons entitled thereto must concur in the conveyance to the purchaser in order to release the same.

The compound settlement.

Trustees of the compound settlement.

(y) See also Re Wimborne and Browne's Contract, 1904, 1 Ch. 537; Re Phillimore's Estate, 1904, 2 Ch. 460; Re Marshall's Settlement, 1905, 2 Ch. 325.

(z) Above, pp. 1, 266.

(a) Stat. 53 & 54 Vict. c. 69, s. 4, which is to apply and have effect with respect to every disposition before as well as after the passing of that Act, unless inconsistent with the nature or terms of the disposition.

(b) See Re Ailesbury's Settled Estates, 69 L. T. N. S. 493; Re Tibbits' Settled Estates, 1897, 2 Ch. 149; Re Du Cane and Nettle-fold's Contract, 1898, 2 Ch. 96, 108 - 110. Section 50 of the Act is stated below, p. 321.