Vendor to deliver over the muniments of title on completion.

Or give proper statutory acknowledgments and undertakings as to any documents of title rightfully retained.

(t) Church v. Brown, 15 Ves.

258; Williams. Real Prop. 447 - 449, 13th ed.; 607 -610, 21st ed.; Williams, Conv. Stat. 74 - 86.

(u) Esdaile v. Oxenham, 3 B. & 0. 225, 228, 229; Sug. V. & P. 557, 558, 561: 2 Dart. V. & V. 707, 721, 722. 5th ed.; 798, 814. 6th ed.; 714, 723, 7th ed.; 1 Davidson, Prec. Conv. 572, 612, 4th ed.: Re Sander and Walford's Contract, L900, W. N. 183, 83 L. T. 316.

(x) Above, p. 34: below, Chap. XII. Sec. 3

(y) V. & P. Act, 1874, stat. 37 4 38 Vict. c. 78, s. 2( rule 5); see below, Chap. XII. Sec. 3.

(z) Sug. V. & P. 146 450, 453; 1 Dart, V. V; P. 626, 6th ed. 578, 7th ed.

(3.) A proper statutory acknowledgment or undertaking can only be given by the person who retains possession of the documents (b).

(4.) Such statutory acknowledgments and undertakings as the purchaser can and shall require shall be furnished at his expense; but the vendor shall bear the expense of the perusal and execution thereof on behalf and by himself and all necessary parties other than the vendor (c).

(5.) The inability of the vendor to furnish the purchaser with proper statutory acknowledgments and undertakings with regard to any documents of title shall not be an objection to title in case the purchaser will on completion of the contract have an equitable right to the production of such documents (d).

7. - (1.) Any act necessary to be done by either party in order to carry out the contract, such as the delivery of the abstract, the statement of the objections to or the acceptance of the title, or the preparation of the conveyance, shall he done within a reasonable time (e).

Time for carrying out the contract.

(a) Cooper v. Emery, 1 Ph. 388: Sug. V. & P. 446 - 450, 453, and n.; Conv. Act, 1881, stat. 44 & 4;') Vict. c. 41, ss. 3 (6), 9(8, 11); see below, Chap. XII. Sec. 3.

(b) See Conv. Act, 1881, stat. 44 & 45 Vict. c. 41, s. 9 (1, 9).

(c) V. & P. Act, 1874, stat. 37 & 38 Vict. c. 78, s. 2 (rule 4), as modified by Conv. Act. 1881, stat. 44 & 45 Vict. c. 41, s. 9 (8, 11).

(d) V. & P. Act, 1874, stat. 37 & 38 Vict. c. T8, s. 2 (rule 3), as modified by Conv. Act, 1881, stat. 44 & 45 Vict. c. 41, s. 9 (8, 11).

(2.) In the case of unreasonable delay by either party in the performance of any act necessary to carry out the contract, the other party may serve a notice on the party in default requiring him to do the act, which he delays to perform, within some time (which must be a reasonable space of time as from the date of the notice) specified in the notice, and intimating the other party's intention to put an end to the contract, if the notice be not complied with; and if such a notice be served and be not complied with, the party in default shall not enforce the specific performance of the contract in equity ( f), and shall be liable at law for a breach of the contract (g).

8. - (1.) As from the date of the contract for sale the property shall in equity belong to the purchaser, with this exception, that the vendor shall until the proper time for completion take the rents, crops and other ordinary profits for his own use: but with this exception the vendor shall in equity have no other beneficial interest in the property than a lien for the price (h).

(2.) The vendor shall be entitled to an apportioned part of all rents accrued due at but not payable until after the proper time for completion (i).

Rights of property and possession pending completion.

(e) Romilly, M.R., linker v. Metropolitan By. Co., 31 Beav. 504, 509, 510; Fry, J., Green v. Sevin, 13 Ch. D. 589, 599; Howe v. Smith, 27 Ch. 1). 89, 103, 104; Romer, J., Compton v. Bagley, 1892, 1 Ch. 313, 821.

(f) Spurrier v. Hancock, 4 Ves, 667: Langdale, M.R.. Taylor v. Brown 2 Beav. 180,183; Romilly, M.R., Parkin v. Thorold, 16 Beav. 59, 71; Pegg v. Wisden, 16 Beav. 239, 244; Fry. J., Crawford v. Toogood, 13 Ch. D. 153, 158: Green v. Sevin, 13 Ch. D. 589, 599 - 601

(g) Compton v. Bagley, 1892, 1 Ch. 313.

(h) Paine v. Meller, 6 Ves. 349, 352; Plumer, M.R., Wall v. Bright, 1 J. & W. 494, 500; Cairns, C, Shaw v. Foster. L. R. 5 E. L. 321, 338; Jessel, M.R., Lysaght v. Edwards, 2 Ch. D. 199, 505-8: Be Cory Etwes' tract, 1906, 2 Ch. 143, 149; Dart, V. & P. 247, 649, 5th ed.; 733, 6th ed.; 289, 672, 7th ed.

(i) Apportionment Act, 1870, stat. 33 & 34 Vict. c. 35, a. 2.

W

(3.) Pending the completion of the purchase the vendor shall retain possession of the property sold, and shall manage and preserve it with the same care as a trustee is hound to use with regard to the property subject to his trust (k).

(4.) The vendor shall pay all rates, taxes and other outgoings payable in respect of or charged upon the property sold up to the proper time for completion.

(5.) Of such outgoings as are apportion able by law he shall only pay a due proportion up to the proper time for completion: but he shall discharge all outgoings not apportionable and becoming charged on the premises before such time, notwithstanding that they may not be payable until after such time (l).

9. - (1.) If the purchase shall not be completed at the proper time (m), the purchaser shall pay interest at the rate of 4/. per cent. per annum (n) on the price agreed upon from that time until the completion of the purchase, and shall be entitled as from that time to the rents and other ordinary profits of the property (o): but the vendor shall retain possession or receipt of the rents and profits until the purchase shall be actually completed, when he shall account to the purchaser for all rents and profits accrued due since the proper time for completion (p).

Interest payable if completion be delayed.

(k) Phillips v. Silvester, L. R. 8 Ch. 173; Egmont v. Smith, 6 Ch. D. 469; Royal Bristol, etc. Bdg. Soc. v. Bomash, 35 Ch. D. 390; Clarke v. Ramuz, 1891, 2 Q. B. 456; see 2 Dart, V. & P. 649-651, 5th ed.; 733-735, 6th ed.; 673-675, 7th ed.