absolute. SEC. 679. The ownership of property is absolute when When a single person has the absolute dominion over it, and may use it or dispose of it according to his pleasure, subject only to general laws. Thus the use of gunpowder is restricted by general laws, SEC. 680. The ownership of property is qualified- N. Y. C. C., Sec. 173. When qualified. SEC. 681. The ownership of property by a single per- Several son is designated as a sole or several ownership. N. Y. C. C., Sec. 174. ownership, what. SEC. 682. The ownership of property by several per- Ownership sons is either 1. Of joint interests. 2. Of partnership interests. 3 Of interests in common. 4. Of community interest of husband and wife. N. Y. C. C., Sec. 175. of several persons. Joint interest, SEC. 683. A joint interest is one owned by several persons in equal shares, by a title created by a single will or what. transfer which confers a right of survivorship. This provision is intended to confine the right of survivorship to cases in which its creation was clearly intended. N. Y. C. C., Sec. 176; Stats. 1855, 171, Sec. 1; Dewey vs. Lambier, 7 Cal., 347; Bowen vs. May, 12 Cal., Partnership interest, what. Interest in common, what. What interests are in common. Community property. Interests as to time. Present interest, what. Future interest, what. SEC. 684. A partnership interest is one owned by sev eral persons, in partnership, for partnership purposes. N. Y. C. C., Sec. 177. SEC. 685. An interest in common is one owned by sev eral persons, not in joint ownership or partnership. N. Y. C. C., Sec. 178. SEC. 686. Every interest created in favor of several persons in their own right is an interest in common, unless acquired by them in partnership, for partnership purposes, or unless declared in its creation, expressly or by necessary implication, to be a joint interest, with a right of survivorship, or unless acquired as community property. N. Y. C. C., Sec. 179; Stats. 1855, 171, Sec. 1. SEC. 687. Community property is property acquired by husband and wife, or either, after marriage, when not acquired as the separate property of either or as common or joint property of both. [New section.] Civil Code of Louisiana, 370, Art. 237. NOTE.-The community property consists of the profits of all the effects of which the husband has the administration and enjoyment, either of right or in fact, or the produce of the reciprocal industry and labor of both husband and wife, and of the estates which they may acquire during the marriage, either by donations made jointly to them both, or by purchase, or in any other similar way, even although the purchase be only in the name of one of the two and not of both, because in that case the period of time when the purchase is made is alone attended to, and not the person who made the purchase. SEC. 688. In respect to the time of enjoyment, an interest in property is either 1. Present or future; and, 2. Perpetual or limited. N. Y. C. C., Sec. 180. SEC. 689. A present interest entitles the owner to the immediate possession of the property. N. Y. C. C., Sec. 181. SEC. 690. A future interest entitles the owner to the possession of the property only at a future period. N. Y. C. C., Sec. 182. SEC. 691. A perpetual interest has a duration equal Perpetual to that of the property. N. Y. C. C., Sec. 183. interest, what. SEC. 692. A limited interest has a duration less than Limited that of the property. N. Y. C. C., Sec. 184. SEC. 693. A future interest is either interest, what. Kinds of future interests. 1. Vested; or, 2. Contingent. N. Y. C. C., Sec. 185. interests. SEC. 694. A future interest is vested, when there is a Vested person in being who would have a right, defeasible or indefeasible, to the immediate possession of the property, upon the ceasing of the intermediate or precedent in terest. N. Y. C. C., Sec. 186. interests. SEC. 695. A future interest is contingent, whilst the Contingent person in whom, or the event upon which, it is limited to take effect, remains uncertain. N. Y. C. C., Sec. 187. future interests. SEC. 696. Two or more future interests may be created Two or more to take effect in the alternative, so that if the first in order fails to vest, the next in succession shall be substituted for it, and take effect accordingly. N. Y. C. C., Sec. 188. SEC, 697. A future interest is not void merely because of the improbability of the contingency on which it is limited to take effect. N. Y. C. C., Sec. 189. children. SEC. 698. When a future interest is limited to succes- Posthumous sors, heirs, issue or children, posthumous children are entitled to take in the same manner as if living at the death of their parent. N. Y. C. C., Sec. 190; Stats. 1855, 171, Sec. 5. SEC. 699. Future interests pass by succession, will and Qualities of transfer, in the same manner as present interests. expectant estates. N. Y. C. C., Sec. 191. Same. Interests in real property. Same. What future SEC. 700. A mere possibility, such as the expectancy of an heir apparent, is not to be deemed an interest of any kind. N. Y. C. C., Sec. 192. SEC. 701. In respect to real or immovable property, the interests mentioned in this chapter are denominated estates, and are specially named and classified in Part II of this Division. N. Y. C. C., Sec. 193. SEC. 702. The names and classification of interests in real property have only such application to interests in personal property as is in this Division of the Code expressly provided. N. Y. C. C., Sec. 194. SEC. 703. No future interest in property is recognized recognized, by the law, except such as is defined in this Division of interests are the Code. N. Y. C. C., Sec. 195. Fixing the time of enjoyment. Conditions. Certain con⚫ ditions pre ARTICLE II. CONDITIONS OF OWNERSHIP. SECTION 707. Fixing the time of enjoyment. 708. Conditions. 709. Certain conditions precedent, void. SEC. 707. The time when the enjoyment of property is to begin or end may be determined by computation, or be made to depend on events. In the latter case the enjoyment is said to be upon condition. SEC. 708. N. Y. C. C., Sec. 196. Conditions are precedent or subsequent. The former fix the beginning, the latter the ending of the right. N. Y. C. C., Sec. 197. SEC. 709. If a condition precedent requires the percedent, void, formance of an act wrong of itself, the instrument containing it is so far void, and the right cannot exist. If it requires the performance of an act not wrong of itself, but otherwise unlawful, the instrument takes effect and the condition is void. N. Y. C. C., Sec. 198. restraining void. SEC. 710. Conditions imposing restraints upon mar- Conditions riage, except upon the marriage of a minor, or of the marriage, widow of the person by whom the condition is imposed, are void; but this does not affect limitations where the intent was not to forbid marriage but only to give the use until marriage. N. Y. C. C., Sec. 199. SEC. 711. Conditions restraining alienation, when re- Conditions pugnant to the interest created, are void. N. Y. C. C., Sec. 200. restraining alienation, void. ARTICLE III. RESTRAINTS UPON ALIENATION. SECTION 715. How long it may be suspended. 716. Future interests void, which suspend power of alienation. may be SEC. 715. The absolute power of alienation cannot be How long it suspended by any limitation or condition whatever, for a suspended. longer period than during the continuance of not more than two lives in being at the creation of the limitation or condition, except in the single case mentioned in Sec. 772. N. Y. C. C., Sec. 201. interests suspend power of SEC. 716. Every future interest is void in its creation Future which, by any possibility, may suspend the absolute void, which power of alienation for a longer period than is prescribed in this chapter. Such power of alienation is suspended when there are no persons in being by whom an absolute interest in possession can be conveyed. N. Y. C. C., Sec. 202. SEC. 717. No lease or grant of agricultural land for a longer period than ten years, in which shall be reserved any rent or service of any kind, shall be valid. Stats. 1851, 169, Sec. 1; N. Y. C. C., Sec. 203. alienation. |