of debt and notice, (2) must within twenty-one days afterwards, secure or compound the debt, or find security; or in default he commits thereby an act of bankruptcy; provided the fiat issues thereon within two calendar months. An application by the bankrupt for time to surrender to the fiat must be made more than six days (a) before the time originally appointed.

(%) 1 & 2 Vict. c. 110, s. 8.

(a) Ex parte Burnell, 2 Deac. 212.

1. Surrs in equity (a) concerning lands must be brought within the same period (b) as is limited for those at law, (c) and the same rule extends (d) to the redemption of a mortgage. In the case of a concealed (e) fraud, the right of the party thereby deprived of the land accrues in equity at the time when the fraud could, with reasonable diligence, have been discovered. But no suit will lie even in such a case against a party who is a

(a) Æquitas est perfecta quædam ratio, quæ jus scriptum interpretatur et emendat.-1 Inst. 24; Bract. l. 4, fol. 186.

(b) Page 12; and see 1 Sch. & Lef. 352.

(c) 3 & 4 Will. 4, c. 27, s. 24; Grenfell v. Girdlestone, 1 Jurist, 940; Eq. Exch. 2 You. & Col. 662; Collard v. Hare, 2 Russ. & Myln. 775.

(d) 1 Vict. c. 28; Bandon (Earl) v. Becher, 3 Cla. & Fin. 479.

(e) Aliud est celare, aliud tacere :-neque enim id est celare, quicquid reticeas; sed cum, quod tu scias, id ignorare emolumenti tui causa velis eos, quorum intersit id scire.-Cic. de Off. lib. iii. c. 12, 13; 3 & 4 Will. 4, c. 27, s. 26; Blennerhasset v. Day, 2 B. & B. 129.

bond fide purchaser for a valuable consideration; (f) and provided he has not assisted in the commission of the fraud, and that when he made the purchase he did not know, and had not any reason to believe, that any such fraud had been committed. It is a fraud, (g) if a deed executed by an unlettered person is never or untruly read to him; and good faith forbids either party, by concealing what he privately knows, from drawing the other into a bargain where he is ignorant of the fact and believes the contrary. (h) In other cases the courts of equity can as heretofore (i) refuse relief on the ground of acquiescence, but which cannot ever be as to a right, of (k) which the party is ignorant at the time that he is entitled to acquire. A trust estate means a "right in equity" to take the rents and profits of the land, and whereof the legal estate is vested in some other person, and to compel the person thus seised of the legal estate to execute such a conveyance of the land, as the person entitled to the profits, and who is termed the cestui que trust, directs. In the meantime the cestui que trust, while in possession, holds as a quasi tenant at will to the trustee. By the provisions of the statute of frauds (1) declarations and creations of trusts of lands, tenements, and hereditaments, can only be manifested and proved by writing, signed by the party

(f) Money or other known thing or marriage; Cru. Dig. v. iv. p. 22, [s. 44]; 2 Keen, 81.

(g) Thoroughgood's case, 2 Rep. 9.

(h) Carter v. Boehm, 3 Burr. 1909; 1 W. Bla. 593.

(i) 3 & 4 Will. 4, c. 27, s. 27, Appendix.

(k) Cholmondeley v. Clinton, 2 Meriv. 362.

(1) 29 Car. 2, c. 3, s. 7.

entitled to declare such trust, or by his last will in writing. The right of the cestui que trust to bring a suit against his trustee to recover the land,-which forms the object of the trust, accrues upon a conveyance to a purchaser for a valuable consideration, as for marriage or money, and is adverse only as against (m) such purchaser and those claiming under him. An "equity of redemption" arises on the forfeiture of the legal estate, and becomes then a mere equitable right. In courts of equity it is treated as the fee simple of the landpasses to the heir-may be granted, devised, or entailed; and upon the mortgagee getting into possession either of the land or of the rents, or part, the mortgagor is put to a suit in equity to redeem, and which must be brought within twenty years (n) next after the taking of such possession, or of the receipt of the rents, or of an acknowledgment of the title of the mortgagor, or of his right to redeem, has been given in writing, signed by the mortgagee, or the person claiming under him, either to the mortgagor, or some person claiming under him, or his agent; the suit to redeem must be within twenty years next after such acknowledgment, or if more than one, then of the last. The right to recover in equity money so secured by mortgage, must be pursued within twenty years next after the accruing of a present title to some person capable of giving a discharge or release; or at least within twenty years next after a payment of part of the principal or interest, or an acknowledgment of his right is given in writing,

(m) 3 & 4 Will. 4, c. 27, s. 25, Appendix.

(n) Sect. 28; Brocklehurst v. Jessop, 7 Sim. 438.

signed by the person by whom it is payable, or by his agent; and either to the person entitled thereto, or his agent; (0) an account of rents and profits will only be decreed in equity for six years next before (p) the bill is filed there.

Part-payment means satisfaction of part of the debt in any form, (q) and not when paid in satisfaction of the whole. (r)

The acknowledgment by a trustee (s) (under a will of the obligor) will suffice, though by initials only. (t)

In a bill of discovery filed in equity, and grounded on a defence by reason of twenty years adverse possession, (u) a statement of this fact is sufficient, and to such a bill the defendant may plead and rely on the statute; (x) but where there are charges in the bill by which the effect of a plea may be destroyed, they must be met by answer or averment. Thus where the bill charges a debt due, and that letters lie in the hands of the defendant which show an acknowledgment within six years as to the existence of the debt; a plea of the statute, without noticing the charge or letters, will be overruled. (y)

(0) 3 & 4 Will. 4, c. 27, s. 28, Appendix.

(p) Hercy v. Bellard, 4 Bro. C. C. 46; Stackhouse v. Bamstone, 10 Ves. 469; 3 Mad. 186.

(q) Moore v. Strong, 1 Scott, 367.

(r) Linley v. Bonsor, 2 Scott, 401.

(s) Philippe v. Money, 2 M. & C. 309; Jones v. Scott, 1 Russ.

& Myl. 255; Sterndale v. Hankinson, 1 Sim. 193.

(t) St. John v. Boughton, May 1, 1838, (V. C.)

(u) Jarvis v. Evans, July 24, 1838, (V. C.), 2 Jurist, 639.

(x) Hindman v. Taylor, 2 Bro. C. C. 7; Burdett v. Twysden,

May 9, 1838, (V. C.), 2 Jurist, 805.

(y) Foley v. Hill, 2 Jurist, 440, (V. C.); 3 M. & C. 475.