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Certain

powers

ticular estate for life or years, such estate is changed into a fee, absolute in favor of creditors, purchasers and encumbrancers, but subject to any future estates limited thereon, in case the power should not be executed, or the property should not be sold for the satisfaction of debts.

N. Y. C. C., Sec. 341.

SEC. 919. Where an absolute power of disposition, not create a fee. accompanied by any trust, is given to any person to whom no particular estate is limited, such person also takes a fee, subject to any future estate that may be limited thereon, but absolute in favor of creditors, purchasers and encumbrancers.

Same.

Effect of power to

devise in

heritance in

N. Y. C. C., Sec. 342.

SEC. 920. In all cases where an absolute power of disposition is given, not accompanied by any trust, and no' remainder is limited on the estate of the holder of the power, he is entitled to an absolute fee.

N. Y. C. C., Sec. 343.

SEC. 921. Where a general and beneficial power to devise the inheritance is given to the owner of an estate certain cases for life or for years, he is deemed to possess an absolute power of disposition, within the meaning of the last three

Power to dispose of fee.

Power to revoke.

Special and

beneficial

sections.

N. Y. C. C., Sec. 344.

SEC. 922. Every power of disposition is deemed absolute, by means of which the holder is enabled, in his lifetime, to dispose of the entire fee, in possession or in expectancy, for his own benefit.

N. Y. C. C., Sec. 345.

SEC. 923. Where the grantor in any conveyance reserves to himself, for his own benefit, an absolute power of revocation, such grantor is still to be deemed the absolute owner of the estate conveyed, so far as the rights of creditors and purchasers are concerned.

N. Y. C. C., Sec. 346.

SEC. 924. A special and beneficial power is valid which powers, who is granted

may take.

1. To a married woman to dispose, during the marriage, of any estate less than a fee, belonging to her, in the property to which the power relates; or,

2. To the owner of a life estate in the property embraced in the power, to make leases for not more than twenty-one years, commencing in possession during his life.

N. Y. C. C., Sec. 347.

of leasing powers.

SEC. 925. A special and beneficial power to make Construction leases of agricultural land for more than ten years, or of town and city lots for more than twenty years, is void only as to the time beyond ten or twenty years, and authorizes leases for those terms or less.

N. Y. C. C., Sec. 348; Stats. 1851, 169, Sec. 1.

make leases by owner for life.

SEC. 926. The power of the owner of a life estate to Power to make leases is not transferable as a separate interest, but is annexed to his estate, and will pass, unless specially excepted, by any grant of such estate. If specially excepted in any such grant, it is extinguished.

N. Y. C. C., Sec. 349.

such power.

SEC. 927. The power of the owner of a life estate to Release of make leases may be released by him to any person entitled to a future estate in the property, and is thereupon extinguished.

N. Y. C. C., Sec. 350.

SEC. 928. A mortgage, executed by the owner of a life estate having a power to make leases, or by a married woman, by virtue of any beneficial power, does not extinguish or suspend the power; but the power is bound by the mortgage in the same manner as the real property embraced therein.

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N. Y. C. C., Sec. 351.

SEC. 929. The effects on the power of a lien by mort- Effect gage, such as is mentioned in the last section, are—

1. That the mortgagee is entitled to an execution of the power, so far as the satisfaction of his lien may require it; and,

2. That any subsequent estate created by the owner, in execution of the power, becomes subject to the mortgage in the same manner as if in terms embraced therein.

N. Y. C. C., Sec. 352.

thereof..

Special and beneficial powers liable

SEC. 930. Every special and beneficial power is liable to the claims of creditors in the same manner as other to creditors.

Future beneficial powers

Trust powers imperative.

Effect of right of selection.

Construction

of certain powers.

Same.

When Court to execute power.

Same.

interests that cannot be reached by execution, and the execution of the power may be adjudged for the benefit of the creditors entitled.

N. Y. C. C., Sec. 353.

SEC. 931. No beneficial power, general or special, not already specified and defined in this Title, can hereafter be created.

SEC. 932.

N. Y. C. C., Sec. 354.

Every trust power, unless its execution is made expressly to depend on the will of the Trustee, is imperative, and imposes a duty on the Trustee, the performance of which may be compelled for the benefit of the parties interested.

N. Y. C. C., Sec. 355.

SEC. 933. A trust power does not cease to be imperative where the Trustee has the right to select any, and exclude others, of the persons designated as the beneficiaries of the trust.

N. Y. C. C., Sec. 256.

SEC. 934. Where a disposition under a power is directed to be made to, among or between several persons, without any specification of the share or sum to be allotted to each, all the persons designated are entitled in equal proportion.

N. Y. C. C., Sec. 357.

SEC. 935. Where the terms of a power import that the estate or fund is to be distributed among several persons designated, in such manner or proportions as the Trustee of the power may think proper, the Trustee may allot the whole to any one or more of such persons in exclusion of the others.

N. Y. C. C., Sec. 358.

SEC. 936. If the Trustee of a power, with the right of selection, dies leaving the power unexecuted, its execu tion must be adjudged for the benefit, equally, of all the persons designated as objects of the trust.

N. Y. C. C., Sec. 359.

SEC. 937. Where a power in trust is created by will, and the testator has omitted to designate, expressly or by

necessary implication, by whom the power is to be executed, its execution devolves on the District Court.

N. Y. C. C., Sec. 360.

SEC. 938. The execution, in whole or in part, of any trust power, may be adjudged for the benefit of the creditors or assignees of any person entitled, as one of the beneficiaries of the trust, to compel its execution, when his interest is transferable.

N. Y. C. C., Sec. 361.

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execution.

SEC. 939. Where the execution of a power in trust is Defective defective, in whole or in part, under the provisions of this Title, its proper execution may be adjudged in favor of the persons designated as the objects of the trust.

N. Y. C. C., Sec. 362.

of certain

sections.

SEC. 940. The provisions of the Title on Trust, sav- Application ing the rights of other persons from prejudice by the misconduct of Trustees, and authorizing the Court to remove and appoint Trustees; the provisions of the Title on Succession, devolving express trusts upon the Court, on the death of the Trustee; and the provisions of Sec. 871, in the Title on Uses and Trusts, apply equally to powers in trust, and the Trustees of such power.

N. Y. C. C., Sec. 363.

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