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THE

CHAPTER I.

ORIGIN AND DEFINITION OF CONVERSION, &c.

HE Learning of Equitable Conversion is highly interesting, as involving consequences of great importance to the community at large, the whole doctrine of which, though subject to very refined and subtle distinctions, is reducible to some of the most just and simple principles on which the jurisprudence of our courts of equity has been formed.

Since equity looks upon things agreed to be done as actually performed, Equitable Conversion may be

a Francis's Maxims, Max. 13.

B

defined to be," That change in the nature of property

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by which, for certain purposes, real estate is considered "as personal, and personal estate as real, and trans"missible and descendible as such."

Hence it is evident, from this maxim and definition, that this Conversion is entirely dependant on the purpose; so much so, indeed, that even if the property when converted be more than requisite for the completion of the purpose, then in the eye of equity this surplus will (in its first transmission) pass as if it had never been converted.

This latter part of our conclusion is only true, however, where the Conversion has been effected by means of the actual owners of the property; for if it be effected by persons entitled in auter droit, the nature of the property continues to remain (unless under some peculiar circumstances, of which we shall hereafter more particularly treat,) in its converted state, for as to that, the maxim in equity applies, "fieri non debet sed factum valet."

It was not until about the time of Charles II. that we find these principles, though of strict justice, generally acted on in the courts of equity, and giving the property intended by the owners to be converted for any purpose a character entirely different from that which it had in fact. "

b

The consideration of this subject will resolve itself into several distinct branches; in reviewing which we shall first ascertain the means by which the Conversion of realty into personalty is constituted, and, vice versá, the circumstances under which some of those means

↳ Lawrence v. Beverleigh, 2 Keb. 841., seems to be one of the earliest cases.

have obtained, and the necessity of an explicit declaration when there is any direction to convert property: in the next place, we shall be led to consider the period from which this Conversion may be supposed to commence, a question chiefly arising under wills directing a Conversion of property; and from thence our attention will be directed to the various consequences arising from a Conversion of property, whether of personalty into realty or of realty into personalty, the effects of various statutes upon property in a state of Conversion, the means necessary to be employed by persons entitled in auter droit to convert property, the extent of those means and the consequences of such a Conversion: we shall then consider what may be deemed a Reconversion; what will amount to a sufficient expression of intention to Reconvert property; who are capable, or capable only to a modified extent, of expressing such intention; and we shall conclude by a review of the statutes facilitating this disposition to Reconvert, and of the various cases interpreting the effect of these statutes.

CHAP. II.

OF THE MEANS BY WHICH A CONVERSION MAY BE EFFECTED. NECESSITY OF AN EXPLICIT DECLARATION IN THE APPLICATION OF THEM. RELATIVE OR CONTINGENT CONVERSION, &c.

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As personal estate is often required to be laid out in land not immediately to be procured, either for the purpose of family-settlements or the accumulation of landed property, and real estate to be turned into personal, either for the purposes of division or payment of debts, &c., Equity, until the property has actually been purchased in the former instance, or disposed of in the latter, will consider it in such a state of Conversion as to exempt it from the laws to which it would be liable in its actual state, and subject it to the laws of that species of property into which it is intended to be converted, in the present chapter we shall take into our consideration the various means by which the Conversion of property may be effected.

It was observed by the Master of the Rolls, in the case of Fletcher v. Ashburner3, "that nothing is better established than this principle, that money directed to be employed in the purchase of land, and land directed to be sold and turned into money, are to be considered as that species of property into which they are directed to be converted; and this in whatever manner the direction was given; whether by will, by way of contract, marriage-articles, settlement, or otherwise, and whether the money is actually deposited or

a 1 Bro. C. C. 497.

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