Lease by Charles Robinson to Henry Chubb, of 10 to 16 (even numbers) John Street, in the city of X, for 99 years from date at a yearly rent of 5l. for each house.
First Mortgage (by subdemise) by Henry Chubb to A. for the residue of the term less 3 days for securing 3,000l. and interest. Declaration by Henry Chubb that he holds the head term in trust for A. subject to redemption.
Second Mortgage (by subdemise) to B. for the residue of the term less 2 days for securing 1,000L and interest. Declaration by Henry Chubb that (subject to the First Mortgage) he holds the head term in trust for B. subject to redemption.
Third Mortgage (by subdemise) to C. for residue of term less 1 day for securing 500l. and interest.
Transfer of First Mortgage by A. to T. in trust for Henry Chubb, who pays off the First Mortgage debt.
The Law of Property Act, 1922, comes into operation.
It extinguishes the first mortgage term, because Henry Chubb was not entitled to keep it alive to the prejudice of his mesne incumbrancers.
Order of Court directing Henry Chubb to hand over the Lease, First Mortgage, and Transfer of that Mortgage to B.
Assignment on sale by B., under his power, to George Smith.
[NOTE.—This conveys the head term created by the Lease and extinguishes all the mortgage terms. The head term may, if desired, be conveyed in the name of Henry Chubb.]