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settling mortgage
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by
Judith
(new)
Jun 08, 2015 04:05PM
After Adam finds that his speculation on the stock market during the Battle of Waterloo has paid off handsomely, his father-in-law Jonathan Chawleigh offers to settle the mortgages he holds on Adam's Fontley Abbey. Adam says he would rather his father-in-law settle them on his new born son (named for both his grandfathers), which Chawleigh agrees to. How exactly is this done? By Chawleigh setting up an endowment that will pay off the mortgages when the grandson comes into the title? (Presumably Chawleigh, who seems to be in his 50's, and must be in his 40's at least, would die before Adam is likely to.) Any help on this legal question would be appreciated. With thanks, Judith
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