'The services incident to grand and petty serjeanty are preserved, though the land has become socage land.
power of sale referred to is a power of sale created by the Acts, and can sometimes only be exercised with the concurrence of the court, e.g., in the case of an equitable mortgagee where the mortgage is not by deed. So far as a deed other than a mortgage purports to give to any persons a power of sale it is, generally speaking, ineffective, except that it may make those persons trustees for the purposes of the Settled Land Act 1925.
vendors may need to obtain the consent of not more than two persons, but a purchaser is not concerned to see that such consent is obtained.
if not so registered they can be over-reached. (See LAND CHARGE, MORTGAGE.) Land cannot now be held in undivided shares. The legal estate in fee simple in all land (other than settled land), which prior to 1926 was held in undivided shares, or which after 1926 is con veyed in a manner which under the old system would have created undivided shares, is now subjected to a trust for sale. Upon the appointment of new trustees of a conveyance of land on trust for sale, the same persons must be appointed as are trustees of the settlement of the proceeds of sale. A purchaser, however, is concerned neither to see that this is done nor yet with the manner in which the trustees deal with the purchase money ; but as between the trustees for sale and the persons entitled to the undivided shares the purchase money and the income resulting from the investment thereof represent the land and are to be enjoyed in precisely the same manner as the land (see TRUST and TRUSTEES). A conveyance of land to persons some or all of whom are infants, either subjects the land to a trust for sale or else operates as a mere declaration of trust or agreement to execute a settlement of the land, according to the circumstances. In the case of settled land the legal estate must be vested in the tenant for life or statutory owner, who is invested with ample powers of selling, leasing, mortgaging and otherwise dealing with the settled land. If upon any such transaction any money arises which is in the nature of capital, such money must be paid to the trustees of the settlement for the purposes of the Settled Land Act. But before any such transaction can be validly
effected a document called a vesting instrument must be executed ; this document shows who has the legal estate, how the settle ment arose, who are at the date of the vesting instrument the trustees of the settlement for the purposes of the Settled Land Act, and what powers (if any) the estate owner has in relation to the settled land over and above those conferred on him by the Act. If new Settled Land Act trustees are appointed, a deed of declaration to that effect must be executed and a memorandum endorsed on the vesting instrument. Upon the acquisition of land to be made subject to the settlement a subsidiary vesting deed is executed. When, upon a death or otherwise, someone other than the person named in the vesting instrument as the estate owner becomes entitled to have the legal estate vested in him, a fresh vesting instrument is executed, if the land remains settled land ; but if under the "trust instrument" (i.e., the instrument or series of instruments or events which constitute the settlement of the beneficial interest in the settled property), the land ceases to be settled land, a deed of discharge is executed by the Settled Land Act trustees, and thenceforward a purchaser can safely pay capital money to the estate owner. Only in exceptional cases is a purchaser from the estate owner of settled land concerned to see that the vesting instrument was duly made. (See SETTLE MENT.) Real estate is either corporeal or incorporeal, a division based upon the Roman law. Corporeal hereditaments, says Blackstone, "consist of such as affect the senses, such as may be seen and handled by the body; incorporeal are not the objects of sensa tion, can neither be seen nor handled, are creatures of the mind, and exist only in contemplation." Incorporeal hereditaments con sist chiefly, if not wholly of rights in alieno solo. Examples are profits a prendre (such as rights of common), easements (such as rights of way'), seigniories, advowsons, rents, tithes, titles of honour, offices, franchises.