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The second purpose of the trust was, ‘that the trustee shall pay the yearly annuities secured upon the foresaid lands and estates, or parts thereof, respectively, and the interest of all debts created real burdens on the same, but with power to the said trustee or trustees to redeem the said annuities, or any other annuities that may be payable by me, and to take discharges or conveyances of the securities therefor,’ &c.
A deed of accession was subscribed about the same time by the creditors of Lord Fife, whereby they consented to supersede all diligence against the lands and personal estate belonging to him.
By a sale of part of the unentailed lands, the trustee realised a sum of from L.30,000 to L.40,000, which remained in his hands unappropriated.
To dispose of this sum, the pursuer, the acting trustee for Lord Fife and his heritable creditors, brought this action of multiplepoinding, calling all parties interested under the trust-deed; and for
The heritable creditors pleaded —That under the true construction of the trust-deed, and, in particular, in terms of the second and fourth purposes of the trust, the fund in medio must be applied, primo loco, to the redemption of the annuities.
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Common Room
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