created. preceding sections of this chapter, a freehold estate as well as Reminders, how a chattel real may be created to commence at a future day; an estate for life may be created in a term of years, and a remainder limited thereon. future Estates. (2609.) Sec. 25. Two or more future estates may also be Two or more created to take effect in the alternative, so that if the first in order should fail to vest, the next in succession shall be substituted for it, and take effect accordingly. Estates not to be (2610.) SEC. 26. No future estate, otherwise valid, shall be Certain future void on the ground of the probability or improbability of the void. contingency on which it is limited to take effect. a contingency. (2611.) SEc. 27. A remainder may be limited on a contin- Remainder upon gency, which, in case it should happen, will operate to abridge or determine the precedent estate; and every such remainder shall be construed a conditional limitation, and shall have the same effect as such a limitation would have by law. for life, when to chasers. as pur (2612.) SEC. 28. When a remainder shall be limited to the Heirs of tenant heirs, or heirs of the body of a person to whom a life estate intake the 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. (2613.) SEC. 29. When a remainder on an estate for life, or Construction of for years, shall not be limited on a contingency, defeating or ders. 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. certain children. remain (2614.) SEC. 30. When a future estate shall be limited to Posthumou heirs, or issue, or children, posthumous children shall be entitled to take, in the same manner as if born before the death of the parents. (2615.) SEC. 31. A future estate depending on the contin- Ibid. gency 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. tates not to be (2616.) SEC. 32. No expectant estate can be defeated or Expectant E barred by any alienation or other act of the owner of the defeated, etc. intermediate or precedent estate, nor by any destruction of such precedent estate by disseizen, forfeiture, surrender, merger, or otherwise. Estate may be (2617.) SEC. 33. The last preceding section shall not be when expectant construed to prevent an expectant estate from being defeated defeated. in any manner, or by any act or means which the party Remainder not to be defeated in certain cases. Qualities of expectant Estates. Future profits of Accumulation of the profits of Other directions, when void in ly void. creating such estate shall in the creation thereof have provided or authorized; nor shall an expectant estate thus liable to be defeated, be on that ground adjudged void in its creation. (2618.) SEC. 34. No remainder, valid in its creation, shall be defeated 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. (2619.) SEC. 35. Expectant estates are descendible, devisable and alienable, in the same manner as estates in possession. (2620.) SEC. 36. Dispositions of the rents and profits of lands to accrue 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 chapter, in relation to future estates in lands. (2621.) SEC. 37. An accumulation of rents and profits of real estate, for the benefit of one or more persons, may be directed by any 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 chapter 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. (2622.) SEC. 38. If in either of the cases mentioned in the part, when whol- last preceding section, the direction for such accumulation shall be for a longer time than during the minority of the persons intended to be benefited thereby, it shall be void as to the time beyond such minority; and all directions for the accumulation of the rents and profits of real estate, except such as are herein allowed, shall be void. Application of [rofits, etc., to (2623.) SEC. 39. When such rents and profits are directed to be accumulated for the benefit of infants entitled to the fants. expectant estate, and such infants shall be destitute of other support of Insufficient means of support and education, the Chancellor, upon the application of their guardian, may direct a suitable sum out of such rents and profits to be applied to their maintenance and education. profits of Land in (2624.) SEC. 40. When, in consequence of a valid limitation who entitled to of an expectant estate, there shall be a suspense of the power certain cases. of alienation, or of the ownership, during the continuance of 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 person presumptively entitled to the next eventual estate. tates, when (2625.) SEC. 41. The delivery of the grant, where an Expectant Es expectant estate is created by grant; and where it is created created. by devise, the death of the testator shall be deemed the time of the creation of the estate. (2626.) SEC. 42. All expectant estates, except such as are Certain expecenumerated and defined in this chapter, are abolished. tant Estates abolished. and Estates in seve ralty, joint tenan in cy and in com (2627.) SEC. 43. Estates, in respect to the number connexion of their owners, are divided into estates severalty, in joint tenancy, and in common; the nature and properties of which, 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. create Estates in common. 16 Mass., 61. (2628.) SEC. 44. All grants and devises of lands, made to certain grants to two or more persons, except as provided in the following section, shall be construed to create estates in common, and not in joint tenancy, unless expressly declared to be in joint Code of 1820, 394. tenancy. Rev. of 1827, 261. last section. (2629.) SEC. 45. The preceding section shall not apply to Application of mortgages, nor to devises or grants made in trust, or made to executors, or to husband and wife. tions annexed to (2630.) SEC. 46. When any conditions annexed to a grant or Nominal condiconveyance of lands are merely nominal, and evince no grant. intention of actual and substantial benefit to the party to whom or in whose favor they are to be performed, they may be wholly disregarded, and a failure to perform the same shall in no case operate as a forfeiture of the lands conveyed subject thereto. CHAPTER LXXXVI. OF USES AND TRUSTS. SECTION 2631. Certain uses and trusts abolished. 2633. Right to possession of Lands creates legal 2634. Active trusts not affected by last Section. 2636. Preceding Section qualified. 2637. Grant to one, for Money paid by another, 2638. Except for benefit of creditors. 2641. For what purposes express trusts may be 2642. Certain devises in trust, to be deemed 2643. Profits of Land liable to creditors in cer- 2644. Other express trusts to be powers in SECTION 2645. Land to descend, etc., to persons entitled. 2646. Trustees of express trusts to have whole Estate. 2647. Last Section qualified. 2648. Interest remaining in grantor of express trust. 2649. Powers over trust, of party interested. 2653. When Estate of Trustees to cease. 2655. When and how Trustees may resign. Certain uses and trusts abolished. Executed uses confirmed. Right to posses sion of Lands cre ship. Chapter Sixty-Three of Revised Statutes of 1846. (2631.) SECTION 1. Uses and trusts, except as authorized and modified in this chapter, 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 title. (2632.) SEC. 2. Every estate which is now held as an use, executed under the laws of this State as they formerly existed, is confirmed as a legal estate. (2633.) SEC. 3. Every person who, by virtue of any grant, ates legal owner assignment or devise, now is, or hereafter shall be entitled to the actual possession of lands, and the receipt of the rents and profits thereof, in law or in equity, shall be deemed to have a legal estate therein, of the same quality and duration, and 4 Paige, 403, subject to the same conditions as his beneficial interest. affected by last 4 Paige, 352. (2634.) SEC. 4. The last preceding section shall not divest Active trusts not the estate of any Trustees, in any existing trust, where the Section. title of such 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. (2635.) SEC. 5. Every disposition of lands, whether by deed Trustees of Esor devise, hereafter made, except as otherwise provided in another take no this chapter, shall be directly to the person in whom the right to the possession and the profits shall be intended to be vested, and not to any other, to the use of, or in trust for, such person; and if made to one or more persons, in trust for, or to tate for use of interest. the use of another, no estate or interest, legal or equitable, See Sec. 2645. shall vest in the Trustee. 3 Paige, 390, 16. 5 John. Ch. R., 1 1. for money paid by to result. of Creditors. (2636.) SEC. 6. The preceding sections of this chapter shall Preceding Sections qualified. not extend to trusts arising or resulting by implication of law, Har. Ch. R., 130. nor be construed to prevent or affect the creation of such J. R., 197. express trusts as are hereinafter authorized and defined. (2637.) SEC. 7. When a grant for a valuable consideration Grant to one, shall be made to one person, and the consideration therefor another, no trust 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. (2638.) SEC. 8. Every such conveyance shall be presumed Except for benefit fraudulent, as against the creditors of the person paying the consideration; and when a fraudulent intent is not disproved, a trust shall result in favor of such creditors, to the extent that may be necessary to satisfy their just demands. (2639.) SEC. 9. The preceding seventh section shall not Section seven extend to cases where the alienee named in the conveyance shall have taken the same as an absolute conveyance in his own name, without the knowledge or consent of the person. paying the consideration, or when such alienee, in violation of some trust, shall have purchased the lands so conveyed, with moneys belonging to another person. qualified. tected. (2640.) SEC. 10. No implied or resulting trust shall be Purchasers pro alleged or established to defeat or prejudice the title of a purchaser for a valuable consideration, and without notice of such trust. (2641.) SEC. 11. Express trusts may be created for any or For what pureither of the following purposes: 3 poses express trusts may be created. |