Equitable estate in fee simple.
No escheat of a trust estate.
(y) 1 Sand. Uses, 300 (324, 5th ed.)
(z) Stat. 3 & 4 Will. IV. c. 74, ss. 70, 71, repealing stat. 7 Geo. IV. c. 45, which repealed stat. 39 & 40 Geo. III. c. 56.
(a) Sugd. Vend. & Pur. 146 (162, 13th ed.)
(b) Bower v. Cooper, 2 Hare, 408.
(c) 1 Sand. Uses, 288 (302, 5th ed.)
Trust for alien.
Naturalization Act, 1870.
(d) Burgess v. Wheate,lWm. Black. 123; 1 Eden, 177; Taylor v. Haygarth, 14 Sim. 8; Davallv. New River Company, '3 De Gex & Smale, 394; Beale v.Symonds, Hi Beav. 406.
(e) Stat. 33 Vict. c. 14.
(f) Sec ante, p. 63.
(g) Barron v. Wadkin, 24 Bear. 1. See however Rittsonv. Stordy, 3 Sii. & Gill. 230, qu.?
(h.) Du Hourmelin v. Sheldon,, 1 Beav. 79; 4 My. & cr. 525.
(i) Ante, P. 65.
(k) Stat. 33 Vict. c. 14, s. 2.
(l) 1 Hale, P. C. 249.
(m ) Ante, p. 56.
(,n) Stat. 33 & 34 Vict. c. 23.
(o) Stat. 13 & 14 Vict. c.60,repealing -tat. 4 & 5 Will. IV. c. 23, to the same effect.
The descent of an equitable estate on intestacy follows the rules of the descent of legal estates; and, therefore, in the case of gavelkind and borough-English lands, trusts affecting them will descend according to the descendible quality of the tenure (q).
Trusts or equitable estates may be created and passed from one person to another, without the use of any particular ceremony or form of words (r). But, by the Statute of Frauds (s) it is enacted (t), that no action shall be brought upon any agreement made upon consideration of marriage, or upon any contract or sale of lands, .tenements or hereditaments, or any interest in or concerning them, unless the agreement upon which such action shall be brought, or some memorandum or note thereof, shall be in writing, and signed by the party to be charged therewith, or some other person thereunto by him lawfully authorized. It is also enacted (u), that all declarations or creations of trusts or confidences of any lands, tenements or hereditaments, shall be manifested and proved by some writing, signed by the party who is by law enabled to declare such trust, or by his last will in writing; and further (x), that all grants and assignments of any trust or confidence shall likewise be in writing, signed by the party granting or assigning the same, or by his last will. Trusts arising or resulting from any conveyance of lands or tenements, by implication or construction of law, and trusts transferred or extinguished by an act or operation of law, are exempted from this statute (y). In the transfer of equitable estates it is usual, in practice, to adopt conveyances applicable to the legal estate; but this is never necessary (z). If writing is used, and duly signed, in order to satisfy the Statute of Frauds, and the intention to transfer is clear, any words will answer the purpose (a).
Descent of an equitable estate.
Creation and transfer of trust estates.
Statute of Frauds,
(p) Stat. 13 & 14 Vict. c. GO, s. 47.
(q) 1 Sand. Uses, 270 (282,5th ed.)
(r) 1 Sand. Uses, 315,316 (343, 344,5th ed.)
(s) 29) Car. II. c. 3.
(t) Sect. 4; Sug. V. & P. c. 4, pp. 96 et seq., 13th ed.
(u) Sect. 7; Tierney v. Wood, 1 9 Beav. 330.
(x) Sect. 9.
The sale of real estate by auction is now regulated by an act which renders invalid every such sale where a puffer is employed; and which requires that the particulars or conditions of sale shall state whether the sale is without reserve, or subject to a reserved price, or whether a right to bid is reserved. And if the sale is stated to be without reserve or to that effect, the seller may not employ any person to bid at the sale, and the auctioneer may not knowingly take any bidding from any such person. But where the sale is declared to be subject to a right for the seller to bid, he or any one person on his behalf may bid at the auction in such maimer as he may think proper (b). This act also very properly abolishes a practice which had long prevailed in Courts of Chancery of opening the bidding's after a sale by auction of land under their authority, if a price considerably higher was afterwards offered; so that a bona fide purchaser was never sure of his bargain. But now the highest bona fide bidder is to be declared and allowed the purchaser, except in the case of fraud or improper conduct in the management of the sale (c). The County Courts have now jurisdiction in equity in all suits for specific performance of, or for reforming, delivering up or cancelling of any agreement for the sale, purchase or lease of any property, where, in the case of a sale or purchase, the purchase-money, or in case of a lease the value of the property, shall not exceed five hundred pounds (d).
Sale of land by auction.
Opening of biddings abolished.
(y) 29 Car. II. c. 3, s. 8. (z) 1 Sand. Uses,.'342 (377, 5th ed.)
(a) Agreements, the matter whereof is of the value of five pounds or upwards, now bear a stamp duty of sixpence, which may be denoted by an adhesive stamp, which is to be cancelled by the person by whom the agreement is first exceuted. Stat. 33 & 34
Vict. c 97, s. 36.The stamp is cancelled by writing on or across the stamp the name or initials of the person required by law to cancel the same, or the name or initials of his firm, together with the true date of his so writing. Stat. 33 & 34 Vict. c. 97, s. 24. Declarations of trust of any erty made by any writing not being a deed or will, or an instrument chargeable with ad valorem duty, bear the same duty as nary deeds. Stat. 33 & 34 Vict c .97, schedule; ante, p. l46.
(b) Stat. 30 & 31 Viet. c. 48, ss. 4, 5, 6,
Trust estates, besides being subject to voluntary alienation, are also liable, like estates at law, to involuntary alienation for the payment of the owner's debts. By the Statute of Frauds it was provided, that if any cestui que trust should die, leaving a trust in fee simple to descend to his heir, such trust should be assets by descent, and the heir should be chargeable with the obligation of his ancestors for and by reason of such assets, as fully as he might have been if the estate in law had descended to him in possession in like manner as the trust descended (e). And the subsequent statutes to which we have before referred, for preventing the debtor from defeating his bond creditor by his will, and for rendering the estates of all persons liable on their decease to the payment of their just debts of every kind, apply as well to equitable or trust estates as to estates at law (f).