Deed of Release of immovable property from legacies and charge of annuity where residue of the estate was insufficient to meet the obligation
THIS RELEASE is made on ________________
Between
______________ [first legatee] of [address, etc.] of the First Part.
______________ [second legatee] of [address, etc.] of the Second Part
______________ [annuitant] of [address, etc.] of the Third Part
______________ [names and addresses of executors] (hereinafter called the executors) of the Fourth Part
And
_____________ [devisee] of [address, etc.] (hereinafter called the devisee) of the Fifth Part.
WHEREAS:
- _____________ [Testator] late of _________ [address] (hereinafter called the testator) by the will dated the ________ day of _______ 20______ appointed the executors to be the executors thereof and gave to the said [first legatee] the legacy of Rs._________ with interest thereon at the rate of _______ % p.a. from the day of the testator’s death until the payment thereof such interest to be paid quarterly and to the said [second legatee] the legacy of Rs. _________ with like interest thereon as aforesaid and to the said [annuitant] during his life an annuity of Rs. _________ commencing from the testator’s death to be payable quarterly as therein mentioned the first payment thereof to be made at the expiration of three months from such death.
- The testator by his said will charged the said respective legacies and the said annuity on his immovable properties in case of the deficiency of his movable estate.
- Subject to the payment of the said respective legacies and of the said annuity so charged as aforesaid the testator devised [and bequeathed] all his freehold [and leasehold] properties including any freehold [and leasehold] property over which he should then have a general power of appointment or disposition by will unto the devisee absolutely.
- The testator died on the _________ day of ______ 20_____ and his said will was on the _______ day of ______ proved by the executors in the ______ court at _______.
- The executors out of the said testator’s movable estate paid his funeral and testamentary expenses and such debts as they had knowledge or notice of and after such payments had been made there remained in the hands of the executors movable property of the testator sufficient for the payment and satisfaction of the said legacies and annuity.
- The executors have paid the said legacies or sums of Rs. ________ and Rs._______ with all interest thereon respectively to the said [first legatee] and [second legatee] respectively as they hereby respectively acknowledge and have to the satisfaction of the said [annuitant] out of the movable property of the testator set apart and invested a sum amply sufficient to meet the said annuity which annuity has been duly paid to the said [annuitant] in accordance with the directions in the said will contained as the said [annuitant] hereby acknowledges.
- The devisee has made provision to the satisfaction of the executors for payment of the estate duty payable on the death of the testator in respect of the said freehold properties of the testator.
- It is intended that by an assent bearing even date with but signed after this deed the executors shall assent to the vesting in the devisee of the said freehold [and leasehold] properties so devised [and bequeathed] by the testator as aforesaid [subject to a mortgage dated the ________ day of ______ and made between ___________ [parties] for securing [the instalments payable in respect of] the said duty payable in respect of the said freehold [and leasehold] properties on the death of the testator].
- Particulars of the said freehold [and leasehold] properties are set out in the schedule hereto.
- The said parties hereto of the first second and third parts have agreed to give such release as is hereinafter contained.
NOW THIS DEED WITNESSETH that in consideration of the premises they the said [legatees and annuitant] hereby [releasing as mortgagee] respectively release exonerate and discharge the freehold [and leasehold] properties of the said testator and also the devisee and the executors and his and their personal representatives from the said respective legacies or sums of Rs. ________ and Rs. __________ and the interest thereon respectively and the said annuity of Rs.________ and all claims and demands in respect thereof.
THE SCHEDULE ABOVE REFERRED TO
[Particulars of the immovable properties]
IN WITNESS etc.
[Signatures of releasing parties]
