Suspension of the Power of Alienation, and Postponement of Vesting, Under the Laws of New York, Michigan, Minnesota and Wisconsin: With an Appendix Containing the Corresponding Statutes Concerning Suspension in the States of California, Idaho, Indiana, Iowa, Kentucky, North Dakota and South DakotaBaker, Voorhis, 1891 - 370 pages |
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Suspension of the Power of Alienation, and Postponement of Vesting, Under ... Stewart Chaplin No preview available - 2018 |
Suspension of the Power of Alienation, and Postponement of Vesting, Under ... Stewart Chaplin No preview available - 2018 |
Common terms and phrases
16 Wend absolute fee absolute ownership absolute power accumulation aff'd annuities apply Barb beneficiary benefit bequest cited common law contingent estate contingent remainder convey an absolute conveyance court say created creation cross remainders direction disposition distinction divested estates in lands event Everitt executors express trust fee in possession fee simple gift given grantor happening Hawley Hayt heirs held in trust invalid joint tenancy legacy legatee lives mainder Manice Matter measured Minn minority Moore occasion suspension payment personal property power in trust power of alienation precedent estate principles proceeds purpose question real estate Real Property remainder in fee remainder limited remainderman rents and profits Rule against Perpetuities Sandf sell statutory period sub-shares take effect tenants in common termination testator's death tion trust estate trust term ultimate remainder valid vested in interest vested in possession vested remainder void
Popular passages
Page 307 - The absolute power of alienation shall not be suspended by any limitation or condition whatever, for a longer period than during the continuance of not more than two lives in being at the creation of the estate, except in the single case mentioned in the next section.
Page 19 - Future estates are either vested or contingent. They are vested when there is a person in being who would have an immediate right to the possession of the lands upon the ceasing of the intermediate or precedent estate. They are contingent while the person to whom, or the event upon which, they are limited to take effect, remains uncertain.
Page 310 - Every future estate shall be void in its creation which shall suspend the absolute 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 fee in possession can be conveyed.
Page 192 - ... a contingent remainder in fee may be created on a prior remainder in fee, to take effect in the event that the persons to whom the first remainder is limited, die under the age of twenty-one years, or on any other contingency by which the estate of such persons may be determined before they attain full age. For the purposes of this section, a minority is deemed a part of a life, and not an absolute term equal to the possible duration of such minority.
Page 101 - Where a trust is created to receive the rents and profits of real property, and no valid direction for accumulation is given, the surplus of such rents and profits, beyond the sum that may be necessary for the education and support of the person for whose benefit the trust is created, is liable to the claims of the creditors of such person, in the same manner as personal property which cannot be reached by execution.
Page 15 - The present capacity of taking effect in possession, if the possession were to become vacant, and not the certainty that the possession will become vacant before the estate limited in remainder determines, universally distinguishes a vested remainder from one that is contingent.
Page 163 - Where an express trust relating to real property is created for any purpose not specified in the preceding sections of this article, no estate shall vest in the trustees ; but the trust, if directing or authorizing the performance of any act which may be lawfully performed under a power, shall be valid as a power in trust, subject to the provisions of this chapter.
Page 207 - Notwithstanding anything contained in the last section, the author of a trust may, in its creation, prescribe to whom the real property to which the trust relates shall belong, in the event of the failure or termination of the trust, and may transfer or devise such property, subject to the execution of the trust.
Page 261 - No person having a husband, wife, child or parent, shall, by his or her last will and testament, devise or bequeath to any benevolent, charitable, literary, scientific, religious or missionary society, association or corporation, in trust or otherwise, more than one-half part of his or her estate, after the payment of his or her debts, and such devise or bequest shall be valid to the extent of one-half, and no more.
Page 125 - 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.