Rights of an assignee for value of the life estate.

(n) See Wheelwright v. Walker, 23 Ch D. 752: above , p. 311: Re Dickin and Kelsall's Contract, 1908, 1 Ch. 213, 218.

(o) Stirling, J., Re Du Cane and 1898, 2 Ch. 96, 108; Re Mundy and Roper's Contract, 1899, 1 Ch. 275, 290.

(p) Above, p. 307.

(a) See above, p. 318.

(r) Above, p. 318: Wms. Real Prop. 118, 21st ed.

(s) Stat. 45 & 46 Vict. c. s. 50, sub-s. 1.

(t) Sect. 50, sub-s. 2.

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2]

(u) Sect. 50, sub-s. 3.

(x) Sect. 50, sub-s. 4, by which sect. 50 is also extended to assignments made or coming into operation and to acts done before or after the commencement of the Act.

(y) Re Sebright's Settled Estates, 33 Ch. D. 429, 437, 438; Cardigan v. Curzon-Howe, 40 Ch. D. 338, 340, 341; S. C, 41 Ch. D. 375.

(z) Re Dickin and Kelsall's Contract, 1908, 1 Ch. 213; above, p. 319.

(a) See above, p. 28, n. (e).

(b) Stat. 29 Car. II. c. 3; above, p. 3. The element of consideration appears to be present

Question whether a lease granted by the tenant for life in exercise of the right of alienation incident to his ownership is a partial or qualified assignment within the meaning of the above enactment: but until it is decided not to be, a purchaser from the tenant for life should require him to obtain the consent of such a lessee to the sale. The effect of the above-quoted provisions is exactly the same as regards absolute assignments as in the case of mortgages of the life estate, the consent only of an absolute assignee for value of the life estate and not his concurrence in the conveyance) being necessary to enable the tenant for life to convey the settled land discharged from the assignee's estate (d). It must not be forgotten, however, that all assignments of the life estate made (whether absolutely or by way of charge) in consideration of marriage or as part or by way of any family arrangement are by the Settled Land Act, 1890 (e), excepted from the operation of sect. 50 of the Act of 1882; and the tenant for life is enabled, by the exercise of his power of sale and conveyance under this Act, to convey the settled land discharged from the estate or interest of any person entitled under an assignment of this kind. Thus where there has been a settlement followed by a re-settlement limiting a life estate to the same person who was tenant for life under the original settlement (whether in restoration of his former life estate or not), and he desires to sell under the Settled Land Acts as tenant for life under the original settlement (f), he need not obtain the consent of any person to whom he has by the re-settlement either in consideration of marriage or by way of some family arrangement made an assignment of or charged his former life estate. For instance, if the re-settlement provide that in consideration of the marriage of his eldest son (being the tenant in tail) or by way of family arrangement, the son or the son's intended wife shall have a rentcharge or rentcharges to take effect during the father's lifetime in priority to his life estate, it will not be necessary for any person entitled to such a rentcharge to consent to the sale. And every such rentcharge will be displaced by the life-tenant's sale and conveyance in exercise of his statutory powers as tenant for life under the original settlement; the purchase money can safely be paid to the trustees for the purposes of the Settled Land Acts under the original settlement; and trustees of the compound settlement need not be appointed (g). It appears too that, where the tenant for life has made a gratuitous assignment of his life estate, he can nevertheless sell and convey the settled land freed from the assignee's estate, without his consent (h). It has been held that if a tenant for life assign or release an undivided share of the land he holds to the remainderman, so as to effect a merger of the life estate therein, he nevertheless retains his statutory power of sale over the whole of the land (i). And the tenant for life equally retains his powers under the Settled Land Acts where he has released his life estate to some remainderman entitled for life or in tail (whether under the original settlement or some re-settlement) so that the land still continues to be subject to a settlement, or (as it appears) where he has released his life estate to a remainderman in fee simple, but some rentcharge or charge of portions remains subsisting under the original settlement (k). But where no interest or charge remains subsisting or exercisable under the original settlement, it is a question whether the tenant for life would retain his statutory powers after the release by him to a remainderman in fee simple of his life estate in the whole of the settled land, for then the settlement would be brought to an end (l).

Lease granted by tenant for life at common law.

Absolute assignment for value of the life tenant's estate.

Assignments of the life estate in consideration of marriage or by way of family arrangement.

Settlement and resettlement limiting rent-charges in priority to the original life estate.

In giving such consent; as it is accorded on the terms of the mortgage's charge being transferred to the vendor's interest in the purchase money.

(d) Above, pp. 318 - 822. (e) Stat. 53 & 54 Viet. c. 69, s. 4; above, p. 310.

(f) See above, pp. 80721(2)

Gratuitous assignment of the life estate.

Release of the life estate.

(g) See above, p. 310, and cases cited in n. (b).

(h) This seems to be the case, notwithstanding that by such an assignment the tenant for life has parted with the possession or receipt of the rents and profits of the settled land, and has so ceased to come within the definition of a tenant for life in stat. 45 & 46

Vict. c. 38, s. 2 (5); see Re Mundy and Roper' s Contract, 1899, 1 Ch. 275, 296, 297; Re Barlow's Contract, 1903, 1 Ch. 382, 384 (in which case it is presumed that the release was made for value); Re Wimborne and Browne's Contract, 1904. 1 Ch. 537, 541, 542. (i) Re Barlow's Contract, 1903, 1 Ch. 382.