Copyright.

PURCHASES. and required, so as such acts, deeds, matters, and things, shall not contain any other or more general covenants or stipulations than for or on the part of the person or persons by whom the same are to be made, done, or executed, or his or their personal representatives (1). IN WITNESS, &c.

Future editions.

(1) It is sometimes (and should be always) agreed that if the work go through a succession of editions a further sum should be paid (*).

"Provided always nevertheless, and the said (purchaser) doth hereby for himself, his heirs, executors, and administrators, promise declare and agree with and to the said (vendor) his executors and administrators, that he the said (purchaser) his executors, administrators, or assigns, shall and will in addition to and over and above the said sum of £ so now paid to the said (vendor) as aforesaid, well and truly pay or cause to be paid to him the said (vendor) his executors, administrators, and assigns, the further sum of £ of such lawful and current money as aforesaid for every one thousand copies of any future or other edition or impression which he the said (purchaser) shall at any time or times hereafter print and publish of the said work, within the period of twenty-eight years from the

day

of
last, or any time thereafter, during the life time
of him the said (vendor), and so in proportion for any greater
or less number of copies thereof."

(*) For want of a stipulation of this kind the late unfortunate Dr. Buchan lost the great profit of his sensible and valuable treatise on medicine for a merely nominal recompense, and the necessities of many other ingenious authors have, it is too well known, obliged them to submit to similar sacrifices.

No. CI.

An Assignment of a present Life-interest in Bank
Annuities to a Purchaser.

Variations where the Vendor is entitled to a Moiety or
other part only.

PURCHASKS.

Life Interest in Bank Annuities.

THIS INDENTURE, made the

in the

day of

year of the reign, &c. and in

the year of our Lord
vendor) (1) of, &c.
(the purchaser) of, &c.
WHEREAS, by virtue and in
denture (2), bearing date the
which was in the year
pressed to be made between, &c. &c. purporting
to be a settlement made upon a marriage then in-
tended, and which afterwards took effect, between

BETWEEN (the Parties:

of the one part, and
of the other part.
pursuance of an in- Recital of mar-
day of

and made or ex

riage settle.

> ment.

(1) The Court of Chancery has no jurisdiction to take a wife's Wife. consent to part with her, contingent interest to accrue on her surviving her husband, Richards v. Chambers, 10 Ves. jun. 580; but see Woollands v. Crowcher, 12 ib. 174, where such consent was taken for the sale of her contingent reversionary interest in stock.

(2) If the interest of the vendor arise under a will, recite the Will. will, &e. as ante, p. 369.

PURCHASES. the said

Life Interest in

£

and

the sum (1) of

three per cent. Consolidated Bank AnBank Annuities. nuities, was transferred into the names of the said (trustees) in the books of the governor and company of the Bank of England, upon trust, that they the said (trustees) and the survivors and survivor of them, or other the trustees or trustee for the time being of the said funds and securities, should (from and after the solemnization of the said then intended marriage), pay and apply the interest, dividends, and proceeds thereof, as the same should from time to time arise and be received, or be payable, unto the said (vendor) and his assigns, or otherwise permit and empower him and them to receive and retain the same, to and for his and their own use and benefit, during the term of his natural life, and from and immediately

Bank annuities.

(1) Bank annuities, although usually considered direct property, and styled money, are so called with very little propriety, as they are in fact a security only for the payment of an annual sum, by way of a perpetual annuity, to the proprietor of particular stocks or funds, in lieu of a sum of money advanced to government by way of loan, see Rex v. Capper, 1. Pri. 217; but differing from other loans in that they cannot be reclaimed at the option of the lender, but are to be repaid or continued on the security, at the option of the borrower, (in which respect they much resemble the grant of life annuities), Wildman v. Wildman, 9 Ves. jun. 177. And an assignment of bank annuities is therefore in truth no other than the assignment or transferring to an assignee or purchaser, a right or title which the vendor and his representatives have to receive an annuity during the pleasure of parliament, and may properly be called a personal inheritance.

after his decease, upon trust, to pay, apply, and PURCHASES. dispose of the same and the said funds and secu- Life Interest in rities in such other manner as therein expressed. Bank Annuities. AND WHEREAS the said (vendor) hath contracted Contract for with the said (purchaser) for the sale to him of the purchase. said dividends and interests arising from the said

sum of £

sum of £

That in consi

three per cent. consolidated Bank annuities during the life of the said (vendor) at the sum of £ NOW THIS INDENTURE WITNESS. WITNESSETH, that in pursuance and execution of deration of the the said contract, and in consideration (1) of the purchase money. of lawful money of the United Kingdom of Great Britain and Ireland, of English value and currency, to the said (vendor), in hand well and truly paid by the said (purchaser) at or before the sealing and delivery of these presents, the receipt whereof, and that the same is in full for the absolute purchase of the said dividends, interests, and proceeds, during the life of him the said (vendor), the said (vendor) doth hereby acknowledge, [and of and from the same doth acquit, release, discharge, and exonerate the said (purchaser) his executors, administrators, and assigns, by these presents, HE the said (vendor) The vendor HATH granted, bargained, sold, assigned, trans- signs. ferred, and set over, and by these presents DOTH

grants and as

(1) If choses in action be the property of the wife, a valuable Wife. consideration is necessary to establish the assignment by the husband, M'Cauly v. Philips, 4 Ves. 15. Lamb v. Milnes, 5 ibid. 517. and see 7 ibid. 183. 9 ibid. 99.

PURCHASES. grant, bargain, sell, assign, transfer, and set over
unto the said (purchaser) his executors, admini-
Life Interest in
Bank Annuities. strators, and assigns, ALL (1) and every the divi-
Dividends, &c. dends, interest, and proceeds now accruing,

of three per cent. Bank annuities.

arising, or becoming due, or which at any time,
and from time to time hereafter, during the
natural life of the said (vendor) shall or may ac-
crue, arise, or be payable from, upon, or in re-
spect of the said sum of £
three per

cent. consolidated Bank annuities, or other the
funds and securities to and upon which the same,
or any part thereof, shall or may for the time
being be transferred or invested, and all and every
the powers and remedies, both at law and in
equity, of him the said (vendor) for recovering,
receiving, or enforcing the payment of the same,
and all benefit and advantage incident or be-
longing thereto. AND all the estate, right, title,
interest, use, trust, property, possession, possi-
bility, claim and demand whatsoever, both at
law and in equity, of him the said (vendor) of, in,
and to the said sum of £
three per cent.
Bank annuities, and of, in, and to the present and
future funds and securities of or for the same, and
the dividends, interest, and proceeds to accrue
therefrom, or to be paid or payable in respect

Moiety, &c.

(1) If the vendor be entitled to a moiety or proportionable part only of the premises, say,

"ALL and every the undivided part, share, or proportion of him the said (vendor), of and in ALL, &c."