17 VLR 71In the Matter of REAL PROPERTY ACT 1890 Supreme Court of Victoria A’BECKETT, J. March 3, 24 March 1891Settled estates — The Real Property Act 1890 (No. 1136), ss. 87, 89 — Sale of settled estates — Payment of proceeds of sale to trustees — Practice.
Y., by his will, gave and devised all his real estate to his wife during her life, and, subject thereto, he gave and devised all his real estate to his executors upon trust that they should after the death of his wife sell and absolutely dispose of the same, and directed that the proceeds of the sale should go and be disposed of in the same manner as the money arising from the sale and collection of his residuary estate, the income of which was to go to his wife for life, and after her death the executors were to hold all moneys arising from the sales of the residuary, personal, and real estate upon trust for all the children, to be equally divided, share and share alike. A petition was presented for the sale of the real estate, and under the provisions of the Real Property Act 1890, and the Court ordered that the real estate should be sold, and the proceeds thereof paid into Court to await further order. The real estate was sold, and the proceeds were paid into Court. By a further order of the Court it was directed that the balance of the proceeds of the sale should be paid to the executors, with a direction to them to invest such moneys in first mortgages on real estate, and to hold such investments and the proceeds thereof upon the trusts of the will.