means of support or education, the supreme court, at special term in any case, or, if such accumulation shall have been directed by a will, the surrogate's court of the county in which such will shall have been admitted to probate, may, on the application of such minor or his guardian cause a suitable sum to be taken from the moneys accumulated or directed to be accumulated, to be applied for the support or education of such minor. § 6. Power to bequeath executed by general provision in will.Personal property embraced in a power to bequeath, passes by a will purporting to pass all the personal property of the testator; unless the intent, that the will shall not operate as an execution of the power, appears therein either expressly or by necessary implication. § 7. Disaffirmance of fraudulent acts by executors and others.— An executor, administrator, receiver, assignee or trustee, may, for the benefit of creditors or others interested in personal property, held in trust, disaffirm, treat as void and resist any act done, or transfer or agreement made in fraud of the rights of any creditor, including himself, interested in such estate, or property, and a person who fraudulently receives, takes or in any manner interferes with the personal property of a deceased person, or an insolvent corporation, association, partnership or individual is liable to such executor, administrator, receiver or trustee for the same or the value thereof, and for all damages caused by such act to the trust estate. A creditor of a deceased insolvent debtor, having a claim against the estate of such debtor, exceeding in amount the sum of one hundred dollars, may, without obtaining a judgment on such claim, in like manner, for the benefit of himself and other creditors interested in said estate, disaffirm, treat as void and resist any act done or conveyance, transfer or agreement made in fraud of creditors or maintain an action to set aside such act, conveyance, transfer or agreement. Such claim, if disputed, may be established in such action. The judgment in such action may provide for the sale of the property involved, when a conveyance or transfer thereof is set aside, and that the proceeds thereof be brought into court or paid into the proper surrogate's court to be administered according to law. § 8. When trust vests in supreme court.— On the death of a surviving trustee of an express trust, the trust estate does not pass to his next of kin or personal representatives, but, if the trust be unexecuted, it vests in the supreme court and shall be executed by some person appointed by the court, whom the court may invest with all or any of the power and duties of the original trustee. The beneficiary of the trust shall have such notice as the court may direct of the application for the appointment of such person. § 9. Investment of trust funds.- An executor, administrator, guardian, trustee or other person holding trust funds for investment may invest the same in the obligations of a city of this state issued pursuant to law. ARTICLE II. AGREEMENTS NOT IN WRITING; WITHOUT CONSIDERATION; FRAUDULENT. Section 20. Definitions. 21. Agreements required to be in writing. 22. Validity of certain agreements made without consideration. 23. Transfers in trust for the transferrer. 24. Transfers and charges with fraudulent intent. 25. Sales and charges other than chattel mortgages with out delivery and change of possession. 26. Fraudulent intent a question of fact. 27. Transfers or charges without consideration. 28. Successors to rights of creditors and purchasers. 29. Bona fide purchasers. Section 20. Definitions.- As used in this article, the term transfer, includes sale, assignment, conveyance, deed and gift, and the term agreement includes promise and undertaking. § 21. Agreements required to be in writing.-Every agreement, promise or undertaking is void, unless it or some note or memorandum thereof be in writing, and subscribed by the party to be charged therewith, or by his lawful agent, if such agreement, promise or undertaking; 1. By its terms is not to be performed within one year from the making thereof; 2. Is a special promise to answer for the debt, default or miscarriage of another person; 3. Is made in consideration of marriage, except mutual promises to marry; 4. Is a conveyance or assignment of a trust in personal property; equent or new promise to pay a debt discharged in 6. Is a contract for the sale of any goods, chattels or things in action for the price of fifty dollars or more, and the buyer does not accept and receive part of such goods, or the evidences, or some of them, of such things in action; nor at the time, pay any part of the purchase money. If goods be sold at public auction, and the auctioneer at the time of the sale, enters in a sale book, a memorandum specifying the nature and price of the property sold, the terms of the sale, the name of the purchaser, and the name of the person on whose account the sale was made, such memorandum is equivalent in effect to a note of the contract or sale, subscribed by the party to be charged therewith. § 22. Validity of certain agreements made without consideration. An agreement for the purchase, sale, transfer or delivery of a certificate or other evidence of debt, issued by the United States or by any state, or a municipal or other corporation, or of any share or interest in the stock of any bank corporation or joint stock association, incorporated or organized under the laws of the United States or of any state, is not void or voidable, for want of consideration, or because of the non-payment of consideration, or because the vendor, at the time of making such contract, is not the owner or possessor of the certificate or certificates or other evidence of debt, share or interest. § 23. Transfers in trust for the transferrer.-A transfer of per sonal property, made in trust for the use of the person making it, is void as against the existing or subsequent creditors of such person. § 24. Transfers and charges with fraudulent intent.- Every transfer of any interest in personal property, or the income thereof, and every charge on such property or income, made with the intent to hinder, delay or defraud creditors or other persons of their lawful suits, damages, forfeitures, debts or demands, and every bond or other evidence of debt given, suit commenced, or decree or judgment suffered, with such intent, is void as against every person so hindered, delayed or defrauded. § 25. Sales and charges other than chattel mortgages without delivery and change of possession.- Every sale of goods and chattels in the possession or under the control of the vendor, and every assignment of goods and chattels by way of security or on any condition, but not constituting a mortgage nor intended to operate as a mortgage, unless accompanied by an immediate delivery followed by actual and continued change of possession, is presumed to be fraudulent and void as against all persons who are creditors of the vendor or person making the sale or assignment, including all persons who are his creditors at any time while such goods or chattels remain in his possession or under his control or subsequent purchasers of such goods and chattels in good faith; and is conclusive evidence of such fraud, unless it appear, on the part of the person claiming, under the sale or assignment, that it was made in good faith, and without intent to defraud such creditors or purchasers. But this section does not apply to a contract of bottomry or respondentia, or to an assignment of a vessel of goods at sea or in a foreign port. § 26. Fraudulent intent a question of fact. The question of the existence of fraudulent intent in cases arising under this article, is a question of fact and not of law. § 27. Transfers or charges without consideration.-A transfer or charge shall not be adjudged fraudulent as against creditors or purchasers, solely on the ground that it was not founded on a valuable consideration. § 28. Successors to rights of creditors and purchasers -A transfer, charge, sale or assignment, or proceeding declared by this article, to be void, as against creditors or purchasers, is equally void as against the heirs, successors, personal representatives or assignees of such creditors or purchasers. § 29. Bona fide purchasers.- This article does not affect or impair the title of a purchaser or incumbrancer for a valuable consideration, unless it appear that such purchaser or incumbrancer had previous notice of the fraudulent intent of his immediate vendor, or of the fraud rendering void the title of such vendor. ARTICLE III. LAWS REPEALED; WHEN TO TAKE EFFECT. Section 40. Laws repealed. 41. When to take effect. Section 40. Laws repealed.-The laws or parts thereof specified in the schedule hereto annexed, and all acts amendatory thereof are repealed. § 41. When to take effect.-This chapter shall take effect on the first day of October, eighteen hundred and ninety-seven. SCHEDULE OF LAWS REPEALED. R. S., pt. II, ch. 1, tit. II... § 63.... Powers over trust, of party interested. R. S., pt. II, ch. 4, tit. IV.. All..... Accumulations of personal property. R. S., pt. II, ch. 7, tit. II... All..... Fraudulent conveyances of personal property. R. S., pt. II, ch. 7, tit. III.. All..... General provisions in relation to fraudulent convey 1858.... 314..... 1,2...... When trustees may impeach assignments. 1863.... 464..... All...... Amends R. S., pt. II, ch. 7, tit. II, 1882.... 185..... All...... 1882.... 324..... All...... 1889.... 65..... All...... 1889.... 487..... All............... 1891.... 173..... All...... § 2. Trustees of personal estates. bonds or stocks of the cities of Amends L. 1858, ch. 314, § 1. Amends R. S., pt. II, ch. 4, tit. IV, § 5. 1893.... 452..... All...... Amends R. S., pt. II, ch. 1, tit. II, § 63. 1894.... 740..... 740..... All...... Amends L. 1858, ch. 314, § 1. Vol. I 65 |