Assignment of a vested reversion to a share of residue under a will, where advances have to be brought into account, and mortgages paid off are kept alive
THIS DEED OF ASSIGNMENT is made the ________ day of ________.
BETWEEN
________________________________________________ (insert the name, address etc. of “the Vendor”) of the one part,
and
________________________________________________( insert the name, address etc. of “the Purchaser”)of the other part.
WHEREAS:
- Under and by virtue of the will (dated the _______ day of _______ and proved in the ______ court on the ______ day of _______ of [testator] late of [address, etc.] (who was the father of the vendor and died on the _______ day of ______ and is hereinafter called the testator) the vendor is absolutely entitled in reversion expectant on the death [or remarriage] of his mother [name] (who was born on the ______ day of _______) but free from all encumbrances except as hereinafter mentioned to one equal [fifth] part of the property now constituting or representing the testator’s residuary estate.
- The testator’s residuary estate is now represented by the investments and property specified in the first part of the first schedule hereto all now vested in or standing in the names of [trustees] as the present trustees of the said will of the testator.
- On the distribution of the vested remainder of the estate of the testator on the death [or remarriage] of the said [vendor’s mother] the advances made by the trustees of the will of the testator and specified in the second part of the first schedule hereto will have to be brought into account as from such death [or remarriage] by the persons (including the vendor) to whom such advances respectively have been made as stated in the said schedule.
- The vendor has agreed with the purchaser for the sale to the purchaser at the price of Rs. ________ of all the aforesaid vested interests of the vendor subject as hereinafter mentioned.
NOW THIS DEED WITNESSETH as follows:
- In consideration of the sum of Rs. _________ paid by the purchaser to the vendor (the receipt whereof the vendor acknowledges) the vendor as beneficial owner assigns unto the purchaser all that the one equal [fifth] part or share in the vested remainder to which under the trusts of the said will of the testator or otherwise the vendor is now absolutely entitled on the death [or remarriage] of the said [vendor’s mother] as aforesaid of and in the investments and property specified in the first part of the first schedule hereto and of and in the investments and property at any time hereafter representing the same or any part thereof [and of and in all other (if any) the trust funds and property now subject or hereafter at any time or in any manner to become subject to the trusts by the said will of the testator declared concerning his residuary estate] and of and in all and singular the advances specified in the second part of the first schedule hereto and so to be brought into account on ultimate distribution as aforesaid TO HOLD the same unto the purchaser absolutely subject to the [determinable] life interest therein of the said [vendor’s mother] under the said will of the testator to the liability to bring into account the sums advanced to the vendor as stated in the second part of the first schedule hereto and to the incumbrances specified in the second schedule.
- All monies secured by the incumbrances specified in the second schedule hereto which have been discharged by the purchaser out of the said purchase money and the securities for the same on the premises hereinbefore assigned shall be kept on foot for all purposes so as to protect the purchaser and his assigns against any and every intermediate assignment or charge created by the vendor or by operation of law (if any such there be) but the vendor shall not be personally liable to pay any such monies.
- Upon any application in the said action by the purchaser and his assigns or any of them for an order that no part of the investments specified in the first part of the schedule hereto be sold transferred or dealt with without notice to the purchaser or his assigns the purchaser and his assigns or any of them may personally or by solicitor or counsel consent for and on behalf of the vendor or his personal representatives to the making of such order and such consent shall bind the vendor or his personal representatives and the authority hereby given is irrevocable.
IN WITNESS, etc.
FIRST SCHEDULE
Particulars of the investments and property now constituting or representing the residuary estate of the above-named testator and of the advances to be brought into account on ultimate distribution.
PART I Investments and Property [Set out particulars]
PART II Advances to be brought into account by the persons advanced on distribution Rs. ____________ advanced to the above-named vendor. Rs........... advanced to _________ Rs. _____________ advanced to __________.
SECOND SCHEDULE
Particulars of the incumbrances affecting the premises conveyed by the above written assignment and paid off by the above-named purchaser.
[Signatures and seals of vendor and purchaser]
