(p) Winter's ease, Dyer, 308; Co. Litt. 215a.

(q) Stat. 22 & 23 Vict. c. 35, s. 3. (r)See above, n. (n). (s)Stat. 41 & 45 Vict, 0. 41, s. 12; see also s. 10, above, p. 103.

Notice to quit where the reversion has been severed.

Stipulation precluding legal apportionment of rent.

We have seen (z) that on the purchase under an open contract of a reversion or remainder expectant on an estate of freehold, the title must be carried back to the instrument creating the same, whatever be its date; and proof must be given that the possession of the land has been in accordance with that instrument. The main difficulty in establishing the title to such interests arises from the fact that, as the tenant of the particular estate is entitled to the custody of the title deeds, no proof can be given, beyond the vendor's affirmation, that the reversion or remainder sold has not been previously disposed of by way of sale or mortgage (a). Purchasers and mortgagees of reversions or remainders expectant on estates for life or other interests conferring the power of sale and other powers given by the Settled Land Acts, 1882 to 1890 (b), take subject to the subsequent exercise of such powers by the particular tenant, and their estates are liable to be divested accordingly, and in the case of sale to be transferred to the purchase money (c). Purchasers and mortgagees of such estates also take subject to the liability to pay any succession or estate duty which shall be charged thereon when the same shall fall into possession (d); and in the case of a sale the purchaser cannot (unless he specially stipulate therefor) require the vendor to procure such duty to be commuted or to discharge it when it falls due; for the tax is regarded as an incident of the estate and not as an incumbrance (c). But where such estates have been bona fide sold or mortgaged for full consideration in money or money's worth, before the 2nd of August, 1894 (the date of the commencement of the Finance Act, 1894), no other duty will be payable by the purchaser or mortgagee, when the estates fall into possession, than would have been payable if that Act had not passed; and in the case of a mortgage, any higher duty payable by the mortgagor shall rank as a charge subsequent to that of the mortgagee (f). Sales of reversionary interests were formerly liable to be set aside in equity on the ground of mere inadequacy of consideration (g). But this rule was abolished by statute as from the 1st of January, 1868, since when no purchase made bona fide and without fraud or unfair dealing of any reversionary interest in real or personal estate is to be opened or set aside merely on the ground of undervalue (h). On the purchase of reversionary property, time is of the essence of the contract (i), and as the wearing out of the interest of the particular tenant is considered equivalent to perception of the profits, interest is payable on the purchase money from the date of the contract, if no time be specified for completion (k);

Reversions or remainders on an estate of freehold or if a time be fixed for completion, then from that time (l).

(t) Stat. 8 & 9 Vict. c. 18; Pigott, v. Middlesex County Council, 1909, 1 Ch. 134, 142, 143. The common law rule (above, p. 405, and n. (p)) is also subject to an exception in favour of the Crown; Knight's case, 5 Rep. 54; Co. Litt. 215a.

(u) Prince v. Evans, 29 L. T. N. S. 835; see also Doe d. Prichitt v. Mitchell, 1 Brod. & Bing. 11; Might d. Fisher v. Cuthell, 5 East, 491, 498, per Grose, J.; Doe d. Aslin v. Summcrsett, 1 B. & Ad. 135, 141.

(x) Stat. 44 & 45 Vict. c. 41, see ss. 10, 12.

(y) Above, p. 81.

(z) Above, pp. 97, 101, 102.

Are subject to exercise of powers given by Settled Land Acts and to succession and estate duty.

(a) Wins. Real Prop. 463, 13th ed.; 599, 21st ed. The purchaser can of course inquire of the person entitled to the custody of the title deeds whether he is aware of any sale of the reversion, and whether the deeds have been produced at the request of the reversioner with a view to any sale or mortgage by him; but the person interrogated is not bound to answer, and an answer in the negative is no certain protection, as the reversion may have been disposed of by way of sale or mortgage without the knowledge of the particular tenant, and without production of the title

(b) Stats. 45 & 46 Vict. c. 38;

47 & 48 Vict. c. 18; 50 & 51 Vict. c. 30; 52 & 53 Vict. c. 36; 53 & 54 Vict. c. 69.

(c) Wheelwright v. Walker, 23 Ch. D. 762; Re Dickin and Kel sall's Contract, 1908, 1 Ch. 213; Re Davies and Kent's Contract, 1910, 2 Ch. 35; see above, pp. 318 - 322.

(d) Stats. 16 & 17 Vict. c. 51, ss. -'. 20, 42; 57 & 58 Vict. o. 30, 88. 1, 2, 9; see the chapter on the Death Duties in vol. ii.

(e) Cooper v. Trewby, 28 Beav. 194; Re Kidd and Gibbons' Contract, 1893, 1 Ch. 696, 698; Re Repington, 1904, 1 Ch. 811,. 814; see also Re Langham, 1890, W. N. 213; 60 L. J. Ch. 110.

Sales of reversionary interests at an undervalue.

Time of essence of contract on sale of reversionary property.

(f) Stat. 57 & 58 Vict. c. 30, s. 21 (3). By stat. 7 Edw. VII. c. 13, s. 12 (which increased the scale of rates of estate duty), where such estates have been sold or mortgaged as above mentioned before the 19th April, 1907, no other duty will be payable by the purchaser or mortgagee, when the estates fall into possession, than would have been payable if that section had not passed; and in the case of a mortgage any higher duty payable by the mortgagor shall rank as a charge subsequent to that of the mortgagee. Stat. 10 Edw. VII. c. 8 (which further increased the scale of rates of estate duty) contains a similar provision (sect. 64) as to sales and mortgages made as above mentioned of such estates before the 30th April, 1909.

(g) See 2 Dart, V. & P. 750 sq. 5th ed.; 844 sq. 6th ed.; 749 sq. 7th ed.

(h) Stat. 31 & 32 Vict. c. 4; see below, Chap. XIV. Sec. 2, as to the construction of this Act.