Hay Estate Act 1874
| Jurisdiction | UK Non-devolved |
| Citation | 1874 c. 4 |
[37 & 38 VICT.] Hay's Estate Act, 1874.
CHAPTER 4.
An Act to authorise the Trustees of the deceased John Hay,
A.D.
1874.
of Letham Grange, in the county of Forfar, to sell the Lands
comprised in his Trust Disposition and Settlement ; to pay
his Debts ; to invest the residue of the price ; and for other
purposes. [16th July 1874]
W
HEREAS hy hond of annuity executed hy the now deceased B°nd of
John Hay, of Letham Grange, in the county of Forfar (herein- joj^Ha/
after called "the truster"), dated the twelfth day of April one. ofLetham
thousand eight hundred and sixty-seven, and recorded in the books ^?nP%tl
of Council and Session the thirty-first day of May one thousand April 1867.
eight hundred and sixty-nine, he, for certain good causes and con-
siderations, hut subject always to the conditions therein expressed,
bound and obliged
himself,
and his heirs, executors, and successors
whomsoever, without the necessity of discussing them in their
order, to make payment of a free yearly annuity of seven hundred
and fifty pounds sterling, at two terms in the year, videlicet,
Whitsunday and Martinmas, by equal portions, beginning the first
term's payment at the first term of Whitsunday which should
happen after the first day of January occurring one year after his
death, for the half year preceding, and the next term's payment at
Martinmas thereafter, and so forth yearly, termly, and proportionally
thereafter during the successive lives therein and herein-after
mentioned, until the said annuity should cease as therein provided,
with a fifth part more of each of the said termly payments of
liquidate penalty in case of failure, and interest at the rate of five
pounds per centum per annum from the respective terms of
payment thereof during the not-payment of the same ; but it was
therein expressly declared that in no year should more be demand-
able by any annuitant under the said bond or payable to such
annuitant than one third of the free produce of the means and
estate left by him and placed in trust by his trust disposition and
deed of settlement herein-after recited as such surplus should arise
[Private.-^.] A 1
[OH. 4.1
[OH. 4.]
HMJ'S
EsUde Acfi1871 L3? & 38 VICT.]
A.D.
1874. from rents, fruits, thinnings, or cuttings of wood or timber, or other
sources of income whatsoever (excepting the interest arising on the
other two thirds of the free produce of his estate in any previous
year or years, which interest the truster provided should to no
extent he liable for payment of the said annuity), and after
payment of all interest of debts and annual burdens of every kind,
including upholding of steadings, fences, and plantations, reasonable
allowances to tenants in case of need, and all other outgoings
necessary or proper for upholding his said estate, and the expenses
of management
thereof,
and of the trust constituted by him by the
said trust disposition and deed of settlement; and he thereby
declared that the first entire year from the first day of January
occurring after his death to the first day of January following
should constitute the first annual period for fixing and determining
the amount of the first year's annuity (if less than seven hundred
and fifty pounds) payable nnder the said bond of annuity, and that
each successive year thereafter should in like manner be taken for
determining each future year's annuity, and that the rents and
yearly produce of the estate for the first annual period, and each
successive subsequent year which might actually be received in the
course of each such year, should alone be taken into account in
fixing the amount of annuity due under the bond for the year of
period regulated thereby; and the truster further declared that
any surplus or deficiency in one year should not be taken into
account in any future year, but that the rents and produce of the
estate for each year should be taken by themselves for settling the
amount payable to the annuitant, without regard to what might
have been the amount thereof in any previous year; and he declared
that the annuitant for the time being should be entitled, at times to
be fixed by his trustees, to inspection of the trustees' yearly
accounts, showing the surplus of the annual income of his estate,
but that no annuitant as such should have any control in the affairs
of the trust constituted by the truster, or with the management of
his affairs, and that the annuity should be payable to the persons
after specified one after another in the order after mentioned, during
th eir lives respectively, after the said annuity should become
payable to them; viz., to Alexander Hay Miln, of "Woodhill, his
nephew, eldest son of the late James Miln Yeaman, of Woodhill
and Murrie; whom failing, to John Alexander Hay Miln, younger,
of Woodhill, eldest son of the said Alexander Hay Miln, and the
heirs whatsoever of his body; whom failing, to the other heirs
whatsoever of the body one after another of the said Alexander Hay
Miln; whom failing, to Robert Miln, nephew of the truster, third
son of the said James Miln Yeaman, and the heirs whatsoever of
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