Weston's Estate Mortgage Enabling Act of 1892 (NSW)

An Act to authorize the Mortgage of certain lands and hereditaments devised hy the Will of Frederick Wcston, deceased. [Ist April, 1892.] M ortgage E nabling.

"l \TH ER EA S Ereclerick Weston, late of Parramatta, near Sydney, Preamble.

in tlie connty of Cninberland, in the Colony of New South Wales, surveyor, deceased, duly made and published his last ’will and testament, dated the first day of April, one thousand eight hundred and eighty-four, and thereby devised and bequeathed all his real and personal estate (except what he otheiuvise di.sposed of hy his will or any codicil thereto) unto and to the use of Henry Cornwell and Edward Henry Weston (thereinafter called trustees), their heirs, executors, and administrators respectively, upon the trusts therein contained: And whereas the said Erederick Weston died on the fourth day of December, one thousand eight hundred and eighty-six, Avithout having in any way revoked or altered his said will, and leaving him surviving Mary Ann "Weston, his AvidoAV, and nine children, namely, Eerdinand Charles (since deceased), Erederick, Harry Edward, Kathleen Mary (since deceased), Eanny May, Esther Emily, Norman Sydney, Nora Kate, and Poland Horsley: And whereas the said will Avas, on the tenth day of March, one thousand eight hundred and eighty-seven, proved in the Supreme Court of Ncav South M^ales in its ecclesiastical jurisdiction hy the said Henry Cornwell and EdAÂ ard Henry Weston, the executors named therein: And Avhercas portion of the lands, hereditaments, and real estate hy the said Avill devised Avere, at the time of the death of the said Erederick "Weston and still are, subject to certain mortgages, charges, and liabilities : And Avhereas the estate of the said Erederick "Weston is almost totally rxnproductive, and the said Henry Cornwell and EdAÂ ard Henry "Weston haA'c, in consequence, since the death of the said Erederick Weston, been obliged to incur various liabilities in administering the said estate, and in providing for the maintenance and education of the AAudoAV and children respectively of the said Erederick "Weston, and there being no moneys in hand belonging to or income arising from the said estate of the said Erederick Weston, the testator’s said widoAV and children are at present dependent solely upon the capital of the said estate for maintenanee ; And Avhereas the said real estate cannot Ido sold at the present time except at a great sacrifice and to the A'ery great prejudice of the said Avidow and children of the said Erederick "VVeston ; And AA'hereas the said AAull of the said "Erederick Weston, deceased, does not give to the trustees or trustee thereof or to any other person any poAver to mort­ gage, pledge, or otherwise charge the lands and hereditaments thereby devised, and the said Henry CornAvell and EdAvard Henry Weston are

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consequently unable to raise moneys in order to provide for the aa IioIo

e of

66 55« VIC. 1892.

Weston's E state Mortgage Enabling.

of tlio present liabilities oE the said estate, and to secure sucli sums as shall from time to time be necessary for the beneficial management of the said estate, and for the maintenance, education, and advancement of tlic said ■'.vidou' and ciiildrou respectively of the said Frederick Weston, until sueb time as shall, in the opinion of the said trustees or trustee, bo deemed expedient for the sale, getting in, and conversion of the said estate in pursuance of the trusts for that purpose contained in the said will : And whereas it is impossible without the assistance of Parliament to mortgage, ]dcdge, or charge the said lands and beredita- ments devised by tlie said will of tlie said Frederick W eston: And Avlicrcas, unless poAver be given them to mortgage, pledge, or charge the same, the said Henry CornAA cll and Edward Henry Weston Avill be oldigcd to sell the said lands and hereditaments at an enormous sacrifice in order to meet the pressing liabilities of the said estate: And Avdiereas it is expedient and Avould be for the benefit of all parties interested in the said lands and hereditaments that poAver to mortgage, pledge, or charge the same should be conferred on the trustees or trustee for the time being of the said Avill of the said Frederick Weston, deceased, for the lienefit of the persons interested under the said Avill, and that the moneys raised thereby should be applied toAvards the payment of the liabilities of the said estate and in the AA'orkiug, management, and carrying on of the same in such manner as the trustees or trustee for the time being of the said AA'ill may deem most beneficial, and in the maintenance, education, and advancement of tlie said AvidoAv and children respectively of the said Frederick Weston : Be it therefore enacted by the Queen’s Most Excellent Majesty, by and AAutli the advice and consent of the LcgislatHe Council and Legislative Assembly of Aew South Wales in Parliament assembled, and by the authority of the same, as folloAvs :—

1. It shall bo laAvful for the said trustees or trustee or other the trustees or trustee for the time being of the said Avill of the said Frederick Weston, deceased, from time to time, and at any time for the purpose of raising any sum or sums of money, not exceeding in the Avholo the sum of ten thousand pounds, AAliich, in their or his opinion, it may be necessary or desirable to borrow for the purpose of meeting the liabilities incurred, or to be incurred, in connection with the said estate of the said Frederick lYeston, deceased, or in the working, carrying on, and management of the same, or for the maintenance, education, and advancement of the AvidoAV and children respectively of the said Frederick lYcston, deceased, and for such other purposes as the said trustees or trustee, or other the trustees or trustee for the time being of the said Aiill of the said Frederick "Weston, deceased, may deem most beneficial, to execute any mortgage or mortgages, pledge or pledges, in fee or for any term or terms of years of such part or parts of the said lands and hereditaments as may be deemed adA’isable, Avith poAver of sale and all other usual poAvers, provisions, and coA'cnauts: ProA'ided that no person Avho shall advance moneys upon the scenrity of any mortgage or pledge purporting to be made under the power hereby given shall be bound to inquire as to the advisability or propriety of the raising of such moneys, or as to the application of such moneys AAdien so raised and advanced, and the receipt of the said trustees or trustee, or other the trustees or trustee for the time being of the said Avill, for the moneys so adA'anced, shall etfectually discharge the person or persons advancing the same from all or any liability in respect of the misapplication or non-apjAlication thereof.

2. This Act may be cited as “ "Weston’s Estate iMortgage Enabling Act of 1892.”

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