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APPENDIX——CHANCERY LAWS.
trustees to the guardian or guardians of such infant or infants, to
be by such guardian or guardians vested in such public stock, or
other permanent funds, as will at least net six per centum per annum
at the time of purchase, and as the orphans court of the
county, by whom such guardian or guardians shall have been appointed,
shall direct.
See 1819, ch. 144, s. 9. |
DEC. 1816.
CHAP. 154. |
6. AND BE IT ENACTED, That the surplus interest,
after what
may be necessary for the maintenance and education of the said
infant or infants respectively, as it accrues, shall be vested by such
guardian or guardians, in such stock as aforesaid, and as the orphans
court shall and may direct as aforesaid. |
Surplus to be invested. |
7. AND BE IT ENACTED, That all monies vested
by and in virtue
of this law, shall be vested in the name of such infant or infants,
and shall be transferrable only by virtue of an order of the
orphans court aforesaid, and all transfers without such order are
hereby declared void to all intents and purposes. |
To be vested in
name of infants. |
8. AND BE IT ENACTED, That no part of the
principal arising
from the sale of any real estate by virtue of this law, shall in any
wise be applied towards the maintenance or education of any infant,
unless the chancellor or the county court, as the case may be,
shall consider it necessary for the education or maintenance of the
minors. |
Principal not to
be applied to education
of infants,
unless considered
necessary. |
9. AND BE IT ENACTED, That in case of the
death of any such
infant or infants before their arrival at lawful age, or his, her or
their death without lawful issue, the proceeds of the sale sale, or
the said stock, shall be considered as real estate, and as such shall
descend to those heirs or representatives who would be entitled to
the said lands, in the same manner as if the same had not been
sold in virtue of this law. |
How property is
to descend in case
of infant's death. |
10. AND BE IT ENACTED, That in case a widow
shall be entitled
to any right of dower, and will consent to the sale of the whole
estate, she shall signify her consent in writing, and the same shall
be filed with the clerk of the county court, or the register of the
chancery, as the case may be, and thereupon the trustee or trustees
as aforesaid, shall proceed to sell the whole estate, according
to the terms to be prescribed as aforesaid, free and disencumbered
of any right of dower of the said widow in and to the same, and
in consideration thereof the chancellor, or county courts respectively,
shall award to such widow such proportion of the purchase
as he or they shall think just and equitable, not exceeding more
than one seventh part nor less than one tenth part of the net proceeds
of the said sales, according to the age, health and condition,
of such widow, and such award of payment shall be a sufficient
bar to all and every right or title of dower which such widow may
claim in and to such real estate so as aforesaid sold. |
Award to widow
entitled to dower,
and consenting to
a sale. |
11. AND BE IT ENACTED, That in case the widow
shall not
elect that the lands, tenements or hereditaments, so ordered to be
sold, shall be sold free, clear and unencumbered of any right of
dower which she may have in and to the same, then and in that
case it shall and may be lawful for the chancellor or the county
courts, as the case may be, to issue a commission, to five commissioners,
in the same manner as is directed by an act*, entitled, An
act to direct descents, and of the several supplements thereto; and |
Proceedings in
case widow does
not consent.
* 1786, ch. 45. |
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