Undivided share in land.

Tenant in common buying other shares.

(l) Stat.57 & 58 Vict.c. ocxiii.: see Drury v. Army and Navy, etc. Supply, 1896, 2 Q. B. 271; Hobbs v. Grover, 1899, 1 Ch. 11; fit Stow and Hastw, 1903,2 K. B. 463; Carlish v. Salt, 1906, 1 Ch. 335 (as to which Bee above, p. 177 and n.(o)); Lewis v. Charing Cross, etc. Ry., ib.509; Crosby v. Alhambra Co., Ltd., 1907, 1 Ch. 295: Mason v. Fulham Corpn., 1910, 1 K B.631 631.

(m) Bayley, J., Guy v. West, 2 Sel. N. P. 1244, 13th ad.;

Laurence, J.. Vowles v. Mellor, 3 Taunt. 137, 138; Holroyd, J., Dot v. Pearsey, 7 B. & C. 304, 307, 308 . Marshall v. Taylor 1895, 1 Ch. 641, 644, 647, 649 Craven v. Pridmore, 18 Times L. R. 282; Henniker v. Howard, 90 L. T. L57.

(n) Sug. V. & P. 377.

(o) Above, pp. 94 -100, 106 L08, 192, 208 -210.

(p) Morris v. Keartley, 2 Y. & 0. 139: Bug. V. & P. 377, 428,

Whenever a vendor claims to have become entitled to some property as realty or personalty under a trust for conversion of money into land, or vice versa (u), the purchaser's advisers should be careful to ascertain that there is or has been an effective trust for conversion as alleged. And it must be borne in mind that, except in the two cases of a term of years attendant upon the inheritance (x) and capital money actually arising under the Settled Land Acts (y), personalty can only acquire in equity the character and incidents of realty by means of an imperative trust for investment in the purchase of real estate (z). Thus it has been held that a direction, that money shall be held and applied upon the same trusts and in the same manner as if it were capital money arising under the Settled Land Acts from the sale of certain freehold lands limited in strict settlement, is insufficient to invest the money with the quality of real estate in equity; and in such case the absolute property in the money will vest, as personalty, in the person entitled to the first estate tail under the settlement (a). So also, where a purchaser of land keeps on foot for his own benefit a mortgage affecting it, he remains entitled to the mortgage as his personal property (b). Similarly, in order to invest land in equity with the character of personalty, there must be an imperative trust for sale. Where land is given to trustees on trust for certain persons, with a mere power of sale at the trustees' discretion, and a direction that the beneficiaries shall at once be entitled to their respective interests as personalty (a mode of disposition by no means infrequent in ill-drawn wills), the direction is entirely ineffective, and until actual sale the beneficiaries take the property as realty (c).

Title under trust for conversion.

(q) Law v. Law, 9 Jur. 745; Phipps v. Child, 3 Drew. 709; Brooke v. Garrod, 2 De G & J. 62, 68; Dart, V. & P. 286, 5th ed.; 326, 6th ed.; 322, 7th ed.; but see Sug. V. & P. 377, 428.

(r) Roffey v. Shallcross, 4 Madd.

227

(s) Re Arnold, 14 Ch. D. 270; see above, pp. 33, 43, 167.

(t) Hooper v. Smart, L. R. 18 Eq. 683; Horrocks v. Rigby, 9

Ch. D. 180; see above, p. 43; below. Chap. XII. Sec. 4.

(u) See Wms. Real Prop. 186, 187, 21st ed.; Wms. Pers. Prop. 381, 382, 407, 16th ed.

{x) Wms. Real Prop. 420, 13th ed.; 541, 21st, ed.

(y) Stat. 45 & 46 Vict. c. 38, s. 22 (5, 6).

(z) Re Walker, 1908, 2 Ch. 705, 712; Re Gibbon, 1909, 1 Ch. 367, 378.