Voluntary conveyances, and conveyances revocable by the grantor, of any estate in lands or other hereditaments were liable to be defeated (r), before the 29th of June, 1893 (s), by a subsequent conveyance thereof by the grantor (t) for any valuable consideration; but this doctrine was not applied to voluntary conveyances in favour of a charity (u). And if the grantee under the voluntary conveyance disposed of the lands for valuable consideration the voluntary conveyance could no longer be so defeated by the grantor (r). Voluntary conveyances of lands, and also of goods, are voidable if they tend to defeat or delay creditors, as against the grantor's creditors seeking to take the lands or goods in execution in his lifetime, or to make the same applicable in payment of his debts after his death, or as against the trustee in the event of his bankruptcy (y). And voluntary conveyances of any property are voidable under the Bankruptcy Act, 1883 (z), as against the trustee in the grantor's bankruptcy, if the grantor become (a) bankrupt within two years thereafter; and such conveyances are further so voidable if the grantor become (a) bankrupt within ten years thereafter, unless it can be shown that at the time of making the conveyance he was able to pay all his debts without the aid of the property so conveyed. But if the grantee under the voluntary conveyance dispose of the lands or goods to a bond fide purchaser for valuable consideration, the purchaser's title cannot be displaced by the creditors or trustee in bankruptcy of the maker of the voluntary conveyance (b). It appears however that, in order to escape the operation of the above provisions of the Bankruptcy Act, 1883 (z), the disposition in favour of the bond fide purchaser must be made before the grantor, who executed the voluntary conveyance, becomes bankrupt (c). It was held that, on a voluntary assignment of leaseholds subject to the payment of rent and performance of onerous covenants, the liability so incurred by the assignee was sufficient consideration to save the assignment from being defeated by a subsequent assignment for value (d); but this liability does not preserve a voluntary assignment of leaseholds from avoidance by the assignor's creditors or trustee in bankruptcy (e). Where title is made under a voluntary conveyance, followed by a conveyance for valuable consideration made by the grantee, the mere fact that the voluntary conveyance was voidable in the interval is not an objection to the title (f). But the purchaser is, as we have seen (g), entitled to require evidence that the voluntary conveyance was not avoided by a subsequent conveyance for valuable consideration, or otherwise: though after long continued possession in accordance with the title under the voluntary conveyance, it will be presumed that it was not so avoided (h). Similarly, where title is made under the avoidance prior to the 29th of June, 1893, of a voluntary conveyance by a subsequent conveyance by the grantor for valuable consideration, it does not appear to be a fatal objection that, in the interval, the voluntary conveyance may have ceased to be defeasible (i); but the purchaser is entitled to require evidence that it did not so cease to be defeasible, though this would be presumed from long continued possession under the title given by the avoiding conveyance for value. Since voluntary conveyances have ceased to be defeasible by subsequent conveyances for valuable consideration, it has been held that a grantee of lands under a voluntary conveyance may oblige a purchaser from him to perform the contract specifically, as the purchaser will obtain a title paramount to the claims of the creditors or trustee in bankruptcy of the maker of the voluntary conveyance (k). Under the Finance Act, 1894 (l), as amended by the Finance (1909 - 10) Act, 1910 (m), if a voluntary conveyance be not made bond fide three years before the grantor's death, or if bond fide possession be not assumed by the grantee under a voluntary conveyance immediately upon the making thereof, and thenceforward retained, to the entire exclusion of the grantor, or of any benefit to him by contract or otherwise, or if a voluntary conveyance reserve a life interest or power of revocation to the grantor, estate duty will be payable at his death in respect of the property conveyed. If however any property taken under such a conveyance would be so chargeable with estate duty by reason only that it was not, as from the date of the conveyance, retained to the entire exclusion of the grantor and of any benefit to him by contract or otherwise, it will not be chargeable with estate duty if subsequently, by means of the surrender of the benefit reserved or otherwise, it is enjoyed to the entire exclusion of the grantor and of any benefit to him by contract or otherwise for three years prior to his death (n). Purchasers of lands from the grantees under voluntary conveyances should have regard to this liability, and require to be satisfied that the grantor lived for three years (o) at least after the making of the voluntary conveyance, or (if not) that the estate duty (which falls upon the grantee) has been discharged, and also that the conveyance was not attended by any other circumstance which would make the lands chargeable with estate duty (p). Since the passing of the Finance Act, 1894, many voluntary conveyances have been made with the object of escaping the liability to pay estate duty on the grantor's death. Under the Finance (1909 - 10) Act, 1910 (q), voluutary conveyances executed on or after the 29th of April, 1910, are chargeable with the like stamp duty as if they were conveyances on sale (r), with the substitution of the value of the property conveyed for the amount or value of the consideration for the sale; and the stamp must be adjudicated.

Voluntary conveyances In favour of a charity.

Voluntary conveyances tending to defeat or delay creditors.

(p) Stat. 15 Car. II. c. 17.