Hay Estate Act 1874

Publication Date:January 01, 1874
 
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Hay Estate Act 1874

(37 & 38 Vict.) c. 4

An Act to authorise the Trustees of the deceased John Hay, 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]

[37 & 38 Vict.] Hay's Estate Act, 1874. [Oh. 4.1 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 Bnd 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.] 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 2 [37 & 38 Vict.] Hay's Estate Act, 1874.. [Ch. 4.] his body; whom failing, to William James Hay (therein named and A.D. 1874. designed William Hay), eldest son of William Hay of Dunse Castle, and the heirs whatsoever of his body; whom failing, to Alexander Hay, second son of the said Y^illiam Hay of Dunse Castle, and the heirs whatsoever of his body ; whom failing, to Robert Hay, third son of the said William Hay of Dunse Castle, and the heirs whatsoever of his body; whom failing, to the other sons one after another of the said William Hay of Dunse Castle, and the heirs whatsoever of their respective bodies; whom all failing, to the daughters one after another of the said William Hay of Dunse Castle, and the heirs whatsoever of their respective bodies, the eldest daughter, in the case of female succession to the said annuity, throughout the whole course of succession, excluding heirs-portioners, and succeeding without division; and by the bond now in recital it was declared that the said annuity should come to an end and cease, and the said bond itself become void and. extinct, so soon as the disposition and deed of entail mentioned in the trust disposition and settlement herein-after recited should be duly executed by his trustees and registered in the register of entails, but not sooner; and the truster expressed it as his desire and purpose in executing the deed under recital to make provision for the persons above specified in their order respectively as therein appointed, until the said bond should be superseded by the actual execution and registration of the said deed of entail; and he declared that it should not be in the power of the said Alexander Hay Miln, or of any of the annuitants substituted to him, either alone or in conjunction with others, or of the creditors of the said Alexander Hay Miln, or of any of the other annuitants or others in their right, to defeat the right of any postponed annuitant or annuitants by process of declarator or any other action or proceeding under the Entail Amendment Act, or under any other Act or law in force at the time, to have the trust brought to an end before the time appointed by the truster therefor, and the trust estate made over to him or them in fee simple; but, on the contrary, the truster expressly provided and declared that any annuitant attempting to carry through any such proceeding, and any other annuitant or annuitants joining therein, and the annuitant or annuitants for whose debts or under whose act or deed such proceedings might be attempted to be carried through, and the descendants of all such annuitants, should eo ipso forfeit and lose the said annuity, and all right and interest under the bond now in recital, and that the party or parties postponed to such annuitants, and to their descendants, should be entitled to take up the said annuity, and have right thereto, in the same manner as if the parties so forfeiting had all A 2 3 [Oh. 4.] Safs Estate Act, 1874. [37 & 38 Vict.] A.D. 1874. died, and he entitled to enforce the said annuity against the said estate and all parties claiming right thereto ; and the truster declared that immediately on any declarator or other proceedings being led or attempted to be led for prematurely bringing the trust to an end, any postponed annuitant should be entitled to adopt all proceedings and use any diligence necessary against the said estate, or otherwise to prevent the defeat of the said bond of annuity, and of his right of succession, and the right of succession of those coming after him under the same; and he further declared that in the event of bis trust being on any ground brought to an end before the execution of the said entail by his trustees, in the manner and at the time appointed by him, the obligation above mentioned should to the full extent of the said seven hundred and fifty pounds per annum, with penalty and interest, become perpetual in favour of the parties postponed to those forfeiting their rights under the said bond, and that the said obligation should be enforceable against the said estate and all parties claiming right thereto; and the truster further expressly provided and declared that if the said Alexander Hay Miln, or his son John Alexander Hay Miln, or any of the other persons on whom the said annuity was settled in the order before narrated should institute or join in any proceedings for setting aside, or in any other manner should attempt to set aside, the said trust disposition and settlement or any of the purposes thereof, or should in any way whatever obstruct his...

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