Harcourt v Seymour
| Jurisdiction | England & Wales |
| Judgment Date | 23 July 1851 |
| Date | 23 July 1851 |
| Court | High Court of Chancery |
English Reports Citation: 61 E.R. 244
HIGH COURT OF CHANCERY
S. C. 20 L. J. Ch. 606; 15 Jur. 740. See In re Gordon, 1877, 6 Ch. D. 538.
Conversion. Election.
244 HARCODKT V. SEYMOUR 2 SIM. (N.S.) 12. [12] hakcourt v: seymour. July 14, 16, 21, 23, 1851. [S. C. 20 L. J. Ch. 606; 15 Jur. 740. See In re Gordon, 1877, 6 Ch. D. 538.] Conversion. Election. 21st September, 1778. Settlement or articles on the marriage of William afterwards Earl Hareourt. By a marriage settlement, dated in 1778, 32,000 was directed to be invested in land which was to be conveyed to the use of the husband for life; to the use that the wife might receive a jointure of 300 a year; to the use of trustees for a term to secure the jointure and to raise 5000 for the wife after the husband's death; to the use of trustees for another term, to raise portions for the children of the marriage, and to the use of the husband's right heirs. There never; was any issue of the marriage. The trustees invested 20,000 of the 32,000 on mortgage, and the rest in the funds. In 1823 the husband made a statement of his personal property, in which he included both the mortgage money and the stock. In 1828 he and the mortgagee and one of the trustees executed a deed by which the mortgage money as well as the interest of it was treated as payable to him, his executors or administrators, and by which he covenanted that the principal should not be called in for five years by him, his executors or administrators, or by the trustees, in case the interest should be regularly paid. Afterwards in the same year he made his will, by which he made a provision for his wife (which she accepted) in satisfaction of the provision made for her by the settlement; and devised all his real estates to trustees in trust to convey them to certain of his relations for their lives, successively, with remainders to their first and other sons in tail male, and, ultimately, to his own right heirs: and he gave 80,000 to the same trustees, and directed them to invest it in land, and to settle the land in the same manner as he had directed his real estates to be settled. He died in 1830. Held, that he had elected to treat and had treated the 32,000 as part of his personal estate, and that it remained personalty at his death. By the settlement or articles for a settlement made in contemplation of the marriage of William Hareourt with Mary Lockhart, widow, dated the 21st of September 1778, William Hareourt assigned the sums of 5000, [13] 2000 and 25,000, to which he was entitled as therein mentioned, to his brother, G-eorge Simon Earl Hareourt, William Danby and two other persons in trust, with the consent of William Hareourt and Mary Lockhart, and, after both their deaths, of the proper authority of the trustees, to lay out those sums in the purchase of freehold or copyhold lands in fee-simple in possession, which were to be settled to the use of William Hareourt for life, with remainder to the use of trustees and their heirs during his life, in .trust for him; and, after his decease, to the use that Mary Lockhart should receive, thereout, a yearly rent-charge of 500; and, subject thereto, to the use of other trustees for 500 years, for better securing the payment of the rent-charge, and for raising 5000, and paying- the same to Mary Lockhart, her executors, &c., in case she should survive William Hareourt (and which, together with the rent-charge, was to be in bar of her dower); and, subject thereto, to other trustees for 1000 years for raising portions for the children 'of the marriage; and subject thereto, to the use of the right heirs of William Hareourt; and it was provided that the settlement to be made of the lands so to be purchased should contain powers for leasing, selling and exchanging such lands and for investing the proceeds of the sale in the purchase" of other-lands which, as well as the lands taken in exchange, should be settled to the uses thereinbefore declared': and it was declared that, until the 5000, 2000 and 25,000 .should be invested in the purchase of lands, the interest thereof, or of so much thereof as should not be so invested, should be paid to William Hareourt during his life, and that, after his decease, those sums and the interest thereof, or so much thereof as should not be so invested, should be subject to the payment of the 500 a year and 5000 to Mary Lock-[li]-hart, and also to 2 SIM. (N.S.) 15. HABCOTJBT V. SEYMOUR 245 the payment of the portions of the children of the marriage, and that the residue of such trust monies should be paid to such person or persons as, by virtue of the limitations aforesaid, would be entitled to the immediate freehold, reversion and inheritance of the lands thereby agreed to be purchased and settled. And it was provided that, if William Harcourt^his heirs, executors or administrators should, at any time thereafter, procure an estate called Pipwell Abbey, then belonging to his brother, to be settled to the uses thereinbefore declared (but which be never did), then the sum of .32,000, the amount of the 5000,f20QO and 25,000 should be paid, assigned and made overtffihim, his executors, administrators and assigns. Before the year 1808 1000, part of the 2000, was paid to William Harcourt, and he applied it to his own use: and in that year the residue of the 2000 and the 5000 and 25,000 were paid to George Simon Earl Harcourt and William Danby, the only trustees of the settlement or articles who were then living. George Simon Earl Harcourt died in April 1809, and thereupon William Harcourt and Mary, his wife, became Earl and Countess Harcourt. In the same month Danby, at the request of the earl and countess, lent 20,000, part of the trust monies, to Sir George Lee on a mortgage of estates in Bucks, made to Danby, his heirs and assigns; and in the same month 11,000, the residue of the trust funds, was laid out in Exchequer bills, which were afterwards sold, and the proceeds invested in the purchase of 12,735, 3s. 4d. Navy five per cents, in Danby's name. By an indenture, dated in 1813, William Earl Harcourt covenanted to indemnify Danby, his heirs, execu-[i5l-tors and administrators, against any loss or damage which he or they might sustain by reason of any laches or neglect which might be imputed to him in consequence of the trust funds not having been invested in the purchase of real estate, as directed by the settlement, or in consequence of Danby having acquiesced in the misapplication of the 1000 by William Earl Harcourt. By an indenture, dated the 16th of April 1818, after reciting that the earl and countess and Danby were desirous of appointing Sir Harry Calvert, Sir Howard Douglas and George; Samuel Collyer trustees of the settlement, and that the 12,735, 3s. 4d. stock had been transferred into the joint names of them and Danby, and that it was fortlrwith intended to convey to them the 20,000 (sic) secured on mortgage of Sir George Lee's estates: the earl and countess and Danby appointed those gentlemen trustees of the settlement jointly with Danby : and it was declared that they should stand possessed of the stock and of the 20,000, when the same should be conveyed to them, on the trusts of the settlement. In July 1822 the 12,735, 3s. 4d. five per cents, were converted into 13,371, 18s. 6d. New four per cents. The earl never repaid the 1000: and the other part of the trust funds-continued invested as before mentioned until aifter his death. The earl made his will, dated the 24th of March 1828, and thereby gave 10,000 to the countess absolutely, and the interest of 80,000 to be set apart as thereinafter mentioned, and his mansion-house at St. Leonard's Hill, and all his lands, tenements and hereditaments there or elsewhere, which were not otherwise disposed of by his will, for her life; and he declared that the provision thereby made for her tyas in lieu and full satisfaction of all jointure, dower, [16] thirds or other estate or interest whatsoever to which she would otherwise have been entitled in, from or out of the property comprised in their marriage articles, or the real or personal estate whereof he might die seised or possessed : and, after her decease, he gave his mansion-house at St. Leonard's Hillf and all the other lands1, and hereditaments thereby devised to her far her life, to Danby , Henry Seymour and G. C. Heath, and their heirs, in trust to pay the rents to Sophia, the wife of his relation, Charles Amedee Marquis D'Harcourt for her life, and, after her death, to convey, settle and assure the said hereditaments to William Bernard Harcourt, the eldest son, and to the second and other sons of the Marquis and Marchioness D'Harcourt, for their lives successively, with remainders to their first and other sons in tail male; with remainder to George Simon Harcourt, of Cooper's Hill, for life, with remainders to his first and other-sons in tail male,; with remainder to Mary, the daughter of the Marquis and Marchioness D'Harcourt, for life, with remainders to her first,and other sons in tail male; with remainder to his own right heirs; and he gave 8P,000 to his trustees, in trust to invest it in Government or real securities, and to pay the interest to the countess for life, and, after her death, to- '246 HAECOURT V. SBYMOOE 2 SIM. (N.S.) 17. the Marquis D'Hareourt for life, and, after the decease of the survivor of them, in trust to lay out the same in the purchase of freehold lands in; fee-simple, or of lands of copyhold or leasehold tenure convenient to be held with such freehold lands, yet o that such purchase should be made with the consent in writing of the person or persons who, for the time being, would be entitled to the rents of the hereditaments thereby directed to be purchased, and to settle and assure the same hereditaments in .such manner as was thereinbefore directed with respect to his mansion-house and lands at St. Leonard's Hill after the countess's decease: [17] and he gave...
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