Where there is a trust to pay an annuity1 out of the income of a trust fund, there are at least four possible constructions, namely that: (1) the annuity in each year is payable solely out of the income of that year, that is, it is absolutely non-cumulative; (2) the annuity is payable out of income down to some defined date, that is, it is cumulative to a limited extent; (3) the annuity is payable out of income generally, that is, it is indefinitely cumulative; or (4) the annuity is charged on and ultimately payable out of capital2.
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Disposal and devolutionThe equity of redemption arises as soon as the mortgage is made. It is an interest in the land which the mortgagor can:•transfer, lease or mortgage inter vivos, or•by will (it passes on intestacy)No cloggingIt is a fundamental principle of a mortgage that there must be no clog
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