single or married woman, or a widow: the defendant is not permitted to pay money into court in satisfaction of plaintiff's claim.

Settled Estates.

GENERAL REMARKS.

It frequently happens that landed property is settled by deed or will-for example, on some person for life, with remainder in fee simple to his children; it then often becomes expedient to grant substantial leases of the land, or to sell it, or to make permanent improvements upon it. But, previously to the Act hereafter mentioned, and in the absence of an express power given by the particular deed or will, such objects could only be effected by the costly agency of a private Act of Parliament. The life tenant might grant leases, but these would not endure beyond his own life; or he might make permanent improvements, but only at his own cost.

However, the above disabilities have now been removed, and the following powers given by the Conveyancing and Law of Property Act of 1898, in which is incorporated the Prior Settled Estates Act.

POWER TO LEASE.

The life-tenant may now grant leases up to ten years, which will endure beyond his own life, if necessary, and bind the remaindermen or persons who are to enjoy the property after his death; and, under sanction of the Equity Court, a repairing lease may be granted for 15 years, a building lease for 30, and a mining lease for 40 years.

As to mining leases, one-fourth of the rent must be set apart and invested-where the landlord has the right to work the mines, otherwise three-fourths is to be so invested.

POWER TO SELL AND IMPROVE.

The Equity Court may authorise the sale of the whole or any part of the lands; or direct that substantial improvements be made thereon, and that the cost of these be paid out of the rents and profits, or raised by mortgage of the estate.

But in some cases the concurrence of the remaindermen is necessary before certain of the above powers can be exercised.

WHO MAY APPLY FOR LEAVE TO SELL, ETC.

Any person entitled for the time being to the rents and profits of the estate may petition the court to exercise any of the powers given by the Act; and the court may, in its discretion, exercise any of such powers, although the settlor has made a declaration to the contrary in the deed or will.

Sale and Purchase of Land,

AGREEMENT MUST BE IN WRITING.

Every agreement for the sale of lands, or any interest in or concerning them must be in writing signed by the party to be charged thereby, or his lawfully authorised agent; otherwise the Statute of Frauds declares that no action shall be brought upon it.

Apart from recognised estates in land, the following also amount to "interests in land," viz.: assignment by one party of his contract for the purchase of certain land to another; agreement for the sale of standing timber; or an agreement for a right of way-this, however, must be granted by an instrument under seal, or deed; agreement for the right to aig clay for the purpose of making bricks, etc.

But there are cases in which the agreement may be enforced although not in writing, as where it has been partially performed-in which case relief may be obtained in equity.

DEPOSIT MONEY.

An auctioneer, agent, etc., who receives money as a deposit upon the sale is responsible for its due payment to the vendor on completion of the contract, and also for its return to the purchaser if the contract is abandoned through some default on the part of the vendor; and if he pay the deposit to the vendor, and the title proves to be defective, he will generally be liable to reimburse the purchaser.

A purchaser who fails to complete the contract will, as a general rule, forfeit his deposit; but not where the title proves defective, or where there is other default on the part of the vendor, or a waiver of the latter's right to avail himself of the forfeiture.

PURCHASER'S POSITION AFTER SIGNATURE OF

CONTRACT.

Upon signature of the contract, the purchaser becomes, in equity, the owner of the estate; if, then, the houses or other buildings situated upon the property are destroyed by fire, the purchaser must bear the loss; he should, therefore, insure upon his own account, although, if the vendor will agree to hold his insurance policy in trust for the purchaser pending.completion, the latter may recover the damage incurred from the former personally-though he will have no claim against the insurer, unless the policy has been assigned to him with the insurer's

consent.

The purchaser also becomes entitled to the rents and profits of the estate and will be liable for rates and taxes and other

outgoings; but, by express agreement, these rights and liabilities of the purchaser are generally limited to commence from the date of completion.

PURCHASER'S RIGHTS AFTER CONVEYANCE,

ETC.

After execution of the conveyance and payment of the purchase money, the purchaser may have the contract rescinded in equity if he can show that he was induced to enter into it by fraudulent misrepresentation; in case of a material misrepresentation, though innocently made, he has a right to rescission, or to have the misrepresentation made good-at his option. And, in case of fraud, he may bring an action at law, and thereby recover the damage he has sustained.

DEATH OF PARTIES TO THE CONTRACT.

In case of the death of the vendor or purchaser after the contract, but before the execution of the conveyance, it becomes the duty of their respective executors or administrators to complete the purchase; and such completion can be enforced in the same manner as if both parties were still living.

TIME FIXED FOR COMPLETION.

At law time is always of the "essence of the contract" ; that is to say, the purchase must be completed punctually at the time fixed; but in equity, unless time is made of the essence of the contract by express agreement; or it can be inferred from the circumstances of the case that such was the intention of the parties, uney are at liberty to complete within a reasonable time.

DEFECTIVE TITLE.

If the vendor knew at the time of sale that he had no title to the property, and concealed the fact from the purchaser, such concealment will avoid the contract, and the latter may recover the deposit.

But, where the purchaser or his agents had an opportunity of inspecting the property before entering into the contract, he cannot hold the vendor responsible in respect of such defects as are ordinarily apparent-for in such cases the maxim caveat emptor applies; i.e., the purchaser must take care of himself.

It has been stated by a high authority that the purchaser is not bound to discover to the vendor facts which tend to increase the value of the estate; and that, for example, if there is a mine under it to the knowledge of the former, but of the existence of which the latter is ignorant, the purchaser is under no obligation to give the vendor any information about it.

PROVISION FOR COMPENSATION.

Where the conditions of sale provide that the vendor or purchaser, as the case may be, shall pay or allow compensation in respect of errors, omissions, etc., which may occur in the particulars of the property, such provision will prevent the contract from being avoided by such misdescription as would otherwise have been a ground for refusing to complete.

But a wilful mis-statement will justify the purchaser in refusing to complete both at law and in equity; and where the mistake arose from negligence, equity will not compel performance, if the error is one for which just compensation cannot be made.

And, in any case, the misdescription may be so material as to render the provision unavailing; as, for instance, where the vendor can show no title to a material portion of the estate, or where the area of the land proves to be considerably less than that stated in the particulars.

BIDDINGS AT AUCTIONS.

In order to protect himself, it is usual for the vendor to reserve one bid. A bidding is a mere offer, and, therefore, may be withdrawn at any time before the fall of the hammer-which is equivalent to its acceptance.

The auctioneer is at first agent only for the seller, but, when the property is knocked down, he becomes agent for the purchaser also; and he is then the agent of both parties within the meaning of the Statute of Frauds; but after the sale the purchaser and the auctioneer usually sign an agreement.

Where a sale is advertised as "without reserve," the property must be sold to the highest bonâ fide bidder, and neither the vendor nor any person on his behalf may bid at the auction; if the vendor intends to bid at the sale (either personally or by agent) such intention must be stated in the conditions.

Subject to the fact that a vendor may reserve the right to bid in order to protect his interests, whenever a puffer is employed the sale is illegal; and on proof of the puffing the purchaser is not bound by his bid.

VENDOR'S AND PURCHASER'S LIEN.

Until the sum total of the purchase money has been paid, the vendor retains a lien in equity on the estate for whatever is due to him; and, if a sale go off through default in the vendor, the purchaser will have a similar lien on the property for any purchase money he may have paid. A more extensive notice of these liens is given under the heading of "Liens."

FORMS OF PURCHASE AGREEMENTS.

COMPLETE FORM-SALE OF FREEHOLD.

AGREEMENT made this

between A. B., of

day of

19-.

the vendor of the one part

and C. D. of - the purchaser of the other part.

1. The vendor agrees to sell and the purchaser agrees to purchase the property described at the foot of this agreement for the sum of -pounds (£- being now paid as a deposit in part payment thereof), the purchase to be completed on the day of next at the office of Mr. the vendor's solicitor, when the balance of the purchase money shall be paid, together with a proportionate part of the premium paid in respect of existing insurances, and of current rates and taxesincome and land tax excepted, and thereupon (if the purchase be completed) the purchaser shall be entitled to a conveyance at his own expense. In the event of any buildings covered by insurance being destroyed or damaged by fire before completion of the purchase, the vendor shall pay over to the purchaser all monies which may be received or recoverable under the policy or policies now existing. If the purchase shall not be completed on the day appointed, the purchaser shall pay inte rest on the balance of the purchase money at £— per cent. per annum until the actual day of completion. All rents and profits shall be received and all outgoings discharged by the vendor up to the day of completion, and from that day such rents and profits and outgoings shall respectively be received and discharged by the purchaser, who shall further be entitled to possession of the property subject to any existing tenancies.

2. The vendor shall, within days from the date hereof deliver an abstract of his title to the said property to the purchaser or his solicitor.

3. The purchaser shall make his requisitions on the said title and send same to the vendor's solicitor within days from the delivery of the abstract, and every objection not so made shall be considered as waived.

4. The vendor shall be entitled to retain all such titledeeds or documents as do not exclusively relate to the property purchased, and the purchaser shall not require the production or examination of any deeds or documents not in the vendor's possession.

5. If any error or mis-statement shall appear in the description of the said property, or in the nature or extent of the vendor's interest, compensation shall be allowed or given by the vendor or the purchaser as the case may require, the amount of such compensation to be determined by arbitration in the usual manner, in case of disagreement.