Deed of Trust for the Purpose of Paying Debts by Shiva.

Deed of Trust for the Purpose of Paying Debts

THIS DEED OF TRUST is made the . . . . . . .day of . . . . . 20 . . . . ., BETWEEN A.B., aged . . . . . . ., etc. (hereinafter called ‘‘the Debtor’’) of the first part AND . . . . . . .and . . . . . . .(give description of each) (hereinafter called ‘‘the Trustees’’) of the second part, and C.D., aged . . . . . . ., etc. (hereinafter called ‘‘the Creditor’’) of the third part.

WHEREAS the said A.B. is indebted to the said C.D. in the sum of Rupees . . . . . . . . . . (Rs. . . . . . . . . . . . .) only, and is possessed of considerable property in the district of . . . . . . ., in the State of . . . . . . .;

AND WHEREAS the said C.D. is not satisfied with the payments which from time to time the said A.B. is able to make in part liquidation of his indebtedness;

AND WHEREAS it has been agreed between the said A.B. and the said C.D. that if adequate arrangement is made for the liquidation of the latter’s debts and regular payments towards interest and capital made, then the said C.D. would stay his hands and not immediately enforce payment of the same.

NOW THEREFORE THIS DEED WITNESSES that in pursuance of the said agreement and in consideration of the said C.D. not immediately enforcing payment, the said A.B. hereby transfers and assigns all his property mentioned in the Schedule hereto UNTO the said Trustees to hold the same upon TRUST for the purposes hereinafter mentioned:

(i)   That the said Trustees shall own, possess and manage the said properties till full liquidation of the debts of the said A.B. due and owing to the said C.D. and thereafter the said properties shall revert to A.B.

(ii)   That the said Trustees shall exercise all the powers hitherto exercised by A.B. and shall manage the properties hereby transferred, but shall have no power to sell, mortgage or encumber in any manner whatsoever the said properties or any part thereof.

(iii)   That the value of the properties hereby transferred is approximately Rs. . . . . . . . and the approximate yearly income of the same after payment of all expenses, taxes, etc., is Rs . . . . . . . THAT the Trustees shall out of the income of the said properties pay a monthly maintenance allowance to A.B. in the sum of Rs . . . . . . .subject to such increase or decrease as may be necessitated by a fall or rise in the annual income of the Trust properties.

(iv)   That the balance of the income of the properties hereby transferred shall be divided in four parts, one part of which shall be deposited in some Scheduled Bank out of which the Trustees shall be authorised to meet such unforeseen expenses as may be necessary in the interest of the Trust for the promotion, maintenance and protection of the Trust properties. The remaining three parts shall be paid to the said C.D. towards the debt and shall be applied by the said C.D. first towards the interest due and the surplus towards satisfaction of the capital.

AND it is hereby further agreed and declared that, subject as aforesaid, the said Trustees shall stand possessed of the said properties hereby transferred in Trust for the purpose aforesaid:

PROVIDED ALWAYS, and it is hereby agreed and declared that in the event of a vacancy arising in the body of the Trust, the appointment of a new Trustee shall be made at a meeting called for the purpose at which the remaining Trustees, the said A.B. and C.D., shall be called and the appointment shall be made by the majority opinion of the said persons present:

PROVIDED FURTHER the expressions ‘‘the Debtor’’ and ‘‘the Creditor’’ shall include the heirs, successors and representatives of the parties and the expression ‘‘the Trustees’’ shall mean the Trustees hereby appointed their survivor or survivors or any other Trustee or Trustees appointed under these presents.

IN WITNESS whereof the said A.B., C.D. and the Trustees in token of the latter’s acceptance of the Trust have hereby signed at . . . . . . ., the day and the year first abovewritten.

Witnesses:                                                        Sd. A.B.

1.                                                                               Debtor.

2.                                                                   Sd. C.D.

Creditor.

Sd.?(1) . . . . . . .

Sd.?(2) . . . . . . .

Sd.?(3) . . . . . . .

Trustees.

SCHEDULE OF PROPERTIES

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