ART. 1. When re take effect $19. When a remainder shall be created upon any such life estate, and more than two persons shall be named, as the mainder to persons during whose lives the life estate shall continue, the in certain remainder shall take effect upon the death of the two persons first named, in the same manner as if no other lives had been introduced. cases. remainder $20. A contingent remainder shall not be created on a term Contingent of years, unless the nature of the contingency on which it is on a term limited, be such that the remainder must vest in interest, for years. during the continuance of not more than two lives in being at the creation of such remainder, or upon the termination thereof. of estates S 21. No estate for life, shall be limited as a remainder on Remainder a term of years, except to a person in being, at the creation for life. of such estate. heirs' iue" in cer S22. Where a remainder shall be limited to take effect on Meaning of the death of any person without heirs, or heirs of his body, and is or without issue, the words "heirs" or "issue," shall be con- tain remainstrued to mean heirs or issue, living at the death of the person named as ancestor. 13 N. Y., 273; 3 B., 387; 3 W., 521; 3 Pai., 30. ders. on chattels S 23. All the provisions contained in this Article, relative Limitations to future estates, shall be construed to apply to limitations of real. chattels real, as well as of freehold estates, so that the absolute ownership of a term of years, shall not be suspended for a longer period than the absolute power of alienation can be suspended, in respect to a fee. 3 B. Ch. 305; 5 D., 652; 3 Pai., 30. future and estates, S24. Subject to the rules established in the preceding Remainders sections of this Article, a freehold estate as well as a chattel contingent real, may be created, to commence at a future day; an estate wereafor life may be created, in a term of years, and a remainder tea. limited thereon; a remainder of a freehold or chattel real, either contingent or vested, may be created expectant on the determination of a term of years; and a fee may be limited on a fee, upon a contingency, which, if it should occur, must happen within the period prescribed in this Article. 3 B., 387; 7 Pai., 534. more future $25. Two or more future estates, may also be created, to Two or take effect in the alternative, so that if the first in order shall estates. fail to vest, the next in succession shall be substituted for it, and take effect accordingly. $ 26. No future estate, otherwise valid, shall be void on the Certain fuground of the probability or improbability of the contingency on which it is limited to take effect. 5 Pai., 463. ture estates not to be void. [725] $27. A remainder may be limited on a contingency, which, in case it should happen, will operate to abridge or determine Remainder the precedent estate; and every such remainder shall be con- tingency. upon a con TITLE 2. Heirs of a tenant for chasers. strued a conditional limitation, and shall have the same effect as such limitation would have by law. $28. Where a remainder shall be limited to the heirs, or life, when to heirs of the body of a person to whom a life estate, in the take as pur- same premises, shall be given, the persons who, on the termination of the life estate, shall be the heirs, or heirs of the body of such tenant for life, shall be entitled to take as purchasers, by virtue of the remainder so limited to them. Construc tion of cer ders. 11 N. Y., 401; 4 Kent. Com., 224. $29. When a remainder on an estate for life, or for years, tain remain shall not be limited on a contingency defeating or avoiding such precedent estate, it shall be construed as intended to take effect, only on the death of the first taker, or the expiration, by lapse of time, of such term of years. Posthumous children. Ib. Expectant estates not to be defeated, &c. When to be defeated. Remainders not to be certain cases. $30. Where a future estate shall be limited to heirs or issue, or children, posthumous children shall be entitled to take, in the same manner as if living at the death of their parent. 2 B., 248. $ 31. A future estate depending on the contingency of the death of any person without heirs or issue, or children, shall be defeated by the birth of a posthumous child of such person, capable of taking by descent. $32. No expectant estate can be defeated or barred by any alienation, or other act of the owner of the intermediate or precedent estate, nor by any destruction of such precedent estate, by disseisin, forfeiture, surrender, merger or otherwise. S33. The last preceding section shall not be construed to prevent an expectant estate from being defeated in any manner, or by any act or means, which the party creating such estate shall, in the creation thereof, have provided for or authorised; nor shall an expectant estate thus liable to be defeated, be on that ground adjudged void in its creation. $34. No remainder, valid in its creation, shall be defeated defeated in by the determination of the precedent estate, before the happening of the contingency on which the remainder is limited to take effect; but should such contingency afterwards happen, the remainder shall take effect, in the same manner and to the same extent, as if the precedent estate had continued to the same period. Qualities of 18 N. Y., 418. $35. Expectant estates are descendible, devisable and expectant alienable, in the same manner as estates in possession. 12 N. Y., 133; 31 B., 562; 7 Pai., 76. Future pro S 36. Dispositions of the rents and profits of lands, to accrue fits of lands. and be received at any time subsequent to the execution of the instrument creating such disposition, shall be governed by the rules established in this Article, in relation to future estates in lands. [726] 17 N. Y., 567; 2 B., 248; 3 B. Ch., 92; 5 Pai., 480; 4 Pai., 328; 2 S. Ch., 474. ART. 1. Accumula $37. An accumulation of rents and profits of real estate, for the benefit of one or more persons, may be directed by tion of proany will or deed, sufficient to pass real estate, as follows: 1. If such accumulation be directed to commence on the creation of the estate, out of which the rents and profits are to arise, it must be made for the benefit of one or more minors then in being, and terminate at the expiration of their minority: 2. If such accumulation be directed to commence at any time subsequent to the creation of the estate out of which the rents and profits are to arise, it shall commence within the time in this Article permitted for the vesting of future estates and during the minority of the persons for whose benefit it is directed, and shall terminate at the expiration of such minority. 17 B., 25; 4 Pai., 328; 4 S. S. C., 442. fits of lands. tions, when $ 38. If, in either of the cases mentioned in the last sec- Other direction, the direction for such accumulation shall be for a longer void in term than during the minority of the persons intended to be benefitted thereby, it shall be void as respects the time beyond such minority. And all directions for the accumulation of When wholthe rents and profits of real estate, except such as are herein allowed, shall be void. 2 B. Ch., 518; 17 B., 25; 4 S. S. C., 442; 5 Pai., 480. ly void. tions of &c., of $39. Where such rents and profits are directed to be accu- Applicamulated for the benefit of infants entitled to the expectant profits, &c. estate, and such infants shall be destitute of other sufficient in means of support and education, the chancellor, upon the fants. application of their guardian, may direct a suitable sum out of such rents and profits to be applied to their maintenance and education. 6 Pia., 136. In certain cases, who $40 When in consequence of a valid limitation of an expectant estate, there shall be a suspense of the power of entitied to profits of alienation or of the ownership, during the continuance of land." which, the rents and profits shall be undisposed of, and no valid direction for their accumulation is given, such rents and profits shall belong to the persons presumptively entitled to the next eventual estate. 23 N. Y., 83; 15 N. Y., 324; 28 B., 143; 17 B., 84; 2 B. Ch., 518. estates, S41. The delivery of the grant, where an expectant estate Expectant is created by grant; and where it is created by devise, the when death of the testator, shall be deemed the time of the creation ated. of the estate. 3 B., 387. S 42. All expectant estates, except such as are enumerated and defined in this Article, are abolished. deemed cre Certain ex pectant estates abolished. Estates in S43. Estates, in respect to the number and connexion of their owners, are divided into estates in severalty, in joint joint severalty, tenacity TITLE 2. tenancy and in common; the nature and properties of which and in com- respectively, shall continue to be such as are now established by law, except so far as the same may be modified by the provisions of this Chapter. mon. [727] What to be in common, what in joint tenancy. Certain uses and $ 44. Every estate granted or devised to two or more persons, in their own right, shall be a tenancy in common, unless expressly declared to be in joint tenancy; but every estate, vested in executors or trustees as such, shall be held by them in joint tenancy. This section shall apply as well to estates already created or vested, as to estates hereafter to be granted or devised. 1 R. L., 54, § 6 & 7; 27 B., 272; 5 J. C. R., 431. ARTICLE SECOND. OF USES AND TRUSTS. SEC. 45. Uses and trusts, not herein authorised, abolished. 46. Existing executed uses, confirmed as legal estates. 47. Persons entitled to possession of lands, declared the legal owners thereof. 48. Last section not to affect active trusts. 49. No estate granted for the use of another, to vest in the trustees. 50. Previous sections not to apply to resulting or implied or express trusts. 54. Purchasers in good faith, not to be affected by implied trusts. 55. For what purposes express trusts may be created. 56. Certain devises in trust, to be deemed powers. 57. In certain cases, profits of land liable to creditors. 58. Express trusts not before authorised, to be powers in trust. 59. In such case, land to remain in and descend to persons entitled. 60. Trustees under valid express trusts, to have whole estate. 61. Qualification of last section. 62. Estates not included in express trust, to remain in grantor. 64. Conveyances not declaring trust, absolute in certain cases. 65. Sales, &c., contrary to the trust, void. 66. Misapplication of money by trustees, not to affect others. 67. Estate of trustee to cease when purpose ceases. 68. Disposition of trust, on death of surviving trustee. 69. When and how trustee may resign. 70. When and how trustee may be removed. 71. Appointment of trustees in place of those resigning or removed, &c. 72. Three last sections applicable only to express trusts. S45. Uses and trusts, except as authorised and modified in trusts abol- this Article, are abolished; and every estate and interest in lands, shall be deemed a legal right, cognizable as such in the courts of law, except when otherwise provided in this Chapter. ished. Executed uses, exist ing. 15 N. Y., 477; 12 N. Y., 403; 29 B., 657; 27 B., 272; 17 B., 105; 11 B., 407; 9 B., 340; 6 B., 484; 4 D., 442; 3 S. S. C., 360; 24 W., 661; 18 How. P. R., 132. $46. Every estate which is now held as an use, executed former statute of this state, is confirmed as a legal under any 6 B., 484; 4 D., 385. ART. 2. of land cre $47. Every person, who, by virtue of any grant, assign- Right to ment or devise, now is, or hereafter shall be entitled to the possession actual possession of lands, and the receipt of the rents and ates legal profits thereof, in law or in equity, shall be deemed to have a legal estate therein, of the same quality and duration, and subject to the same conditions, as his beneficial interest. 1 R. L., 72, § 1, 2 & 3; 23 N. Y., 377; 10 N. Y., 271; 9 N. Y., 403; 7 ownership. trusts not last section. 17281 S48. The last preceding section shall not divest the estate Active of any trustees, in any existing trust, where the title of such affected by trustees, is not merely nominal, but is connected with some power of actual disposition or management, in relation to the lands which are the subject of the trust. 6 B., 484; Pai., 352; 4 D., 399; 7 Pai., 182. estate for no interest. S49. Every disposition of lands, whether by deed or devise Trustees of hereafter made, shall be directly to the person in whom the use of anright to the possession and profits, shall be intended to be other, take invested, and not to any other, to the use of, or in trust for, such person; and if made to one or more persons, to the use of, or in trust for, another, no estate or interest, legal or equitable, shall vest in the trustee. 1 R. L., 72, § 1, 2 & 3; 23 N. Y., 377; 10 N. Y., 271; 7 N. Y., 570; 5 516. sections $ 50. The preceding sections in this Article shall not extend Preceding to trusts arising, or resulting by implication of law, nor be qualified. construed to prevent or affect the creation of such express trusts, as are herein after authorised and defined. 7 N. Y., 570; 2 N. Y., 373; 9 B., 589; 4 D., 439; 16 J. R., 197; 5 J. C. $51. Where a grant for a valuable consideration shall be made to one person, and the consideration therefor shall be paid by another, no use or trust shall result in favor of the person by whom such payment shall be made; but the title shall vest in the person named as the alienee in such conveyance, subject only to the provisions of the next section. 1 R. L., 74, § 4; 15 N. Y., 478; 10 N. Y., 271; 29 B., 484; 16 B., 376; Grant to money paid one for by another, no trust to result. benefit of S52. Every such conveyance shall be presumed fraudulent, Except for as against the creditors, at that time, of the person paying the creditore, consideration; and where a fraudulent intent is not disproved, &c. a trust shall result in favor of such creditors, to the extent that may be necessary to satisfy their just demands. 22 N. Y., 566; 15 N. Y., 478; 10 N. Y., 271; 31 B., 394; 29 B., 484; $53. The provisions of the preceding fifty-first section shall Section 51 qualified. |