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![handle is hein.slavery/ssactsengr0868 and id is 1 raw text is: 1070 NEWMAN V. LADE 1 Y. & cC. C. 680.
[680] NEWMAN v. LADE. July 7, 1842.
Testator, by his will, directed that his trade should be carried on by his daughter and
others, as trustees, for ten years, when the concern should be closed, the property
sold, the produce invested in the funds, and the funds held in trust, as to one
moiety, for the benefit of the daughter and her children, and as to the other moiety,
for the benefit of the children of his brother. By a codicil the testator revoked that
part of his will which empowered his trustees to sell his effects, and instead thereof
he authorized his daughter to take possession of all furniture, stock-in-trade, and
every description of property found on his, the testator's, premises, to be disposed
of at her discretion. Held, that the effect of the. codicil was not to alter the
enjoyment of the property, but only to constitute the daughter sole trustee under
the Will.
Thomas Newman, who carried on the business of a brushmaker, by his will,
dated the 2d April 1840, after bequeathing £1000 to his friends, James Trenow and
Charles Robinson, their executors, &c., in trust for the benefit of his daughter, Mrs.
Heath, and her children, bequeathed as follows :- Whereas, by a policy of assurance,
dated the 16th October 1822, the European Life Assurance Society did assure to me
the sum of £3000, to be paid to my executors, administrators or assigns, after my
decease: Now I do hereby give and bequeath the said sum of £3000, and all
accumulations to arise therefrom (if any), and also all my leasehold estates, ready
money, securities for money, book and other debts, stock-in-trade, and utensils used
therein, goods, chattels and other personal estate and effects whatsoever, not hereby
otherwise disposed of, unto the said James- Trenow and Charles Robinson, their
executors, administrators and assigns, upon and for the several trusts, intents and
purposes following (that is to say), upon trust, with all convenient speed after my
decease, to sell and dispose of, collect, get in, and convert into money, my said
personal estate, except the lease or leases of the pre-[681]-mises now occupied by me
as a manufactory, and my stock-in-trade and utensils; and thereout to pay my just
debts, funeral and testamentary expenses, and set apart and appropriate the said
legacy of £1000, and lay out and invest the residue or surplus of such money or
personal estate in the names or name of the said trustees or trustee for the time
being in some of the public stocks or Parliamentary funds of Great Britain, or upon
real securities in England, and from time to time to alter, vary and transpose at their
or his discretion the same stocks, funds and securities, or any of them: and as to the
said lease or leases of my manufactory, and my said stock-in-trade and utensils of a
brush manufacturer, my will is, and I hereby direct, that my trustees or trustee for
the time being of this my will do and shall carry on and conduct the same, and
transact all matters and things relating thereto, in conjunction with my daughter,
Isabella Anne, the wife of John Searles Lade, for the space of ten years next after my
decease; and for that purpose I authorize and empower my said trustees and trustee for
the time being to hire and employ such persons, with such salaries as they or he shall
think proper, and to enter into such contracts and agreements, and to make such engage-
ments respecting the premises as they or he shall think reasonable, and to increase or
abridge the said business or concern and my capital therein, and to adjust and settle
all accounts in which I shall be interested, and to refer any disputes concerning the
same to arbitration, and to compromise and compound any debts owing to me, and
to pay and satisfy any claim and demand made upon or against my estate which my
trustees shall deem to be fair and just, and to make any sales upon credit, and
generally to transact all matters respecting m57 said business, and to do all acts and
deeds relative thereto in such and the same manner to all intents and purposes as if
such trustees or trustee were absolutely entitled to or interested in the premises, it
being [682] my intention to give my trustees for the time being full discretionary
power and authority to carry on my said business, in conjunction with my said
daughter, Isabella Anne Lade, in such manner as to them or him shall seem most
advantageous and most for the benefit of the persons interested under the trust](ViewImageLocal?handle=hein.slavery/ssactsengr0868&div=1&collection=&method=preview&ext=.png&size=3)