The Sun.
London, England, 1830-08-26 00:00:00

PRICK 71).

record, securittee given to the Crain, probatea of
wills and grants of administration, and various other
species of documents. In every Case, except where
the property is too small to make risk important, us
compared with present expense, investigations of
this nature, adapted to the circumstineet, are pro-
secuted to a great extent, and they occasion a con-
siderable portion of the delay and expense, Which
are felt to be the great evils now attending the
transfer of real property.
It may here be observed, that as to such 'of the
above documents as are to be found by 'search at
any repository, a species of registry does exist; and
it happens that many deeds and documents of minor
importance relating to land are required by our law
to be thus registered, while with respect to the
greater number, and those the most iniportant, no
provision is made. In the ease of wills such -regis.
tration is required, whenever they happen tealfect
personal estate; but not if they relate to real pro-
perty only. These registers, however, are of a very
imperfect description ; they lie in various places,
and are e.tablished on no uniform system. The
mesas of search, due facilities for which are essavist
to a Register, are as to some of the above docu.
ments imperfect, as to most of them, highly incon-
venient and burthensome. Upon the establishment
of a General Register, these searches would, for the
most part, become unnecessary, or might be pro-
vided for with greatly diminished inconvenience and
expense.

However, all the.means of inquiry and 'invel, tiga-
don. which our present lase admit* of, when prose-
cuted to the fullest 'extent, go butts fettle way to
remove the insecurity of title, arising from the pos-
sible existence of documents not produced.: Ac-
cordingly, the ingenuity of lawyers husilor a long
period, been employed in devising end maturing
other expedients, for-'which purpose they have
:nailed themselves • of some peculiarities- of our
system •of 'law; the nature of these expedients we
shall proceed to state.
.
The principal expedient-is cleared fromthe:pro-
tection afforded by legal estates,. ante upon team sub-
ject it is necessary to enter into Some delude.
According to the Law of England the right to
the possession, and to. recover the rents and pritits
of real property in a Court of Law, may be vested
in one person, while another is the beneficial owner.
The person who is entitled at.law is technically
said to have the'legal estate,. and the beneficial owner
is technically said to have the equitable estate. Al!
All
actions and proceedings in Courts of Law must be
brought and defended in the name of the person who
has the legal estate; the person who has the equi-
table estate can only enforce his rights through the
medium of a Court of Equity.
The sepal-whin of the legal from the equitable
estate is resorted to for various important purposes.
The usual mode of securing money on land is by
mortgage, which is a conveyance of the legal estate
to the mortgagee, upon condition that, if the debt
and interest be paid on a day fixed in the deet---the
estate shall cease, or be re-conveyed. If, as usually
is the case, the debt and interest are not paid at the
time appointed, the land at law belongs to the Mort-
gagee : but the mortgagee has, in equity, a right to
redeem his land on payment of the debt and interest.
This right is called nn equity of redeinptiren Where
the owner of land has to provide for claimants ripen
him, such as his wife, children, or creditors, the pur-
pose can be most conveniently effected by vesting
the legal estate in a third person as a trustee'. The
estate vested In a mortgagee or trustee is frequently
a long term of years. During the continuance of
the term in the mortgagee or trustee, he is consi-
dered to hold the land, subject to the security for
the money, or to the declared trusts, in trust for the
persons, who would have been beneficially entitled
if the legal and equitable 'estates had not been
separated.
When, in the case of a mortgage, the debt and
interest are paid off, or when, in the case of a trust,
the trust is performed, or becomes unnecessary, and
the term has not determined by virtue' of aproviso
for that purpose, the person entitled to thebeeeficial
interest can require the parson possessed of the out•
standing term to transfer it to him, or as be May
direct. If it be transferred to him, it is united with
the reversion, and becomes extinct; if he neglect to
call for the transfer-, of the rermi,rite, presort pea.
ceased of It is a trustee fur the persons, *ho shall
from time to time, subject to the term, be the
owners of the land according to their interests, and
the term is raid to be attendant ors the inheritance
by construction of equity.
If the person beneficially entitled neglect to call
for a transfer of the term until a sale or mortgages
has been agreed to be made, the purchaser or snorts
gagee usually requires it to be assigned to a trustee
for his benefit in trust, us it is technically called, to
attend the inheritance.
The effect of a term being attendant on the inhe-
ritance by construction of equity is, that the person
in whom it is. vested, and slats every person who
shall from time to time succeed to it, holds it in
trust for all persons, according to their priorities,
who shall be interested in the reversion expectant
on the term. The estates or charges to which such
persons are entitled, although they attach on .the re-
version ut law, are equitable interests during, the
term ; however, the beneficial interest during this
term, and the beneficial interest in the reversion,
being both vested in the same person,. they are not
considered distinct interests; but, by analogy to the
law respecting merger, by which the legal interest
in the term would become extinguished in the revers
'ion, if they were to meet in the same person, they
are considered to he united, and thus, if the rever-
sion be of the nature of freehold, are desectable
during the terns as real estate.
When the term is made attendant on the
titmice by an express ussignment to a trustee, it is
deduct' to be either for the benefit of some partici'
lar person, or for the benefit of persons claiming
under some particular instrument, •and to protect
such persons against all mesne incumbreticee,' that
is, all estates and charges which may have beets
created intermediately between the commencement
of the term and the assignment. The effect of ob..
tabling an express assignment is, that the trustee
holds the term in trust for the persona entitled to
the reversion, according to the declaration its the
deed of assignment ; and the conseqeenee is, that
such persons will be protected against 'estates or
charges, which would have lead precedence if the
term had continued attendant by construction .'of.
equity. The only person-who can obtaiti this pros.
tection is a purchaser for valuable oonsideration;i
without notice of such estates. or eharges,, gitory •
person who takes any estate or charge in .consitlessiii,
tine of marriage, money, or other- equivalent, tar
deemed a purchaser for valuable consideration.,
Dower is the only interest against whichu purchaser
with notice Can protect himself by the •assignment of
a term.