shall not be defeated by the determination of the precedent estate, before the happening of the contingency on which the remainder was limited to take effect; 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. [R. S. 2434, pt. II, ch. 1, tit. II, § 34, unchanged in substance.] § 49. Qualities of expectant estates.— An expectant estate is descendible, devisable and alienable, in the same manner as an estate in possession. [R. S. 2434, pt. II, ch. 1, tit. II, § 35, unchanged in substance.] § 50. Dispositions of rents and profits.— A disposition of the rents and profits of real property 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 article, for future estates in real property. [R. S. 2434, pt. II, ch. 1, tit. II, § 36, § 51. Accumulations. All directions for the accumulation of the rents and profits of real property, except such as are allowed by statute, shall be void. An accumulation of rents and profits of real property, for the benefit of one or more persons, may be directed by any will or deed sufficient to pass real property 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 or before 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 must commence within the time per mitted, by the provisions of this article, for the vesting of future estates, and during the minority of the beneficiaries, and shall terminate at or before the expiration of such minority. 3. If in either case such direction be for a longer term than during the minority of the beneficiaries it shall be void only as to the time beyond such minority. [R. S. 2434-5, pt. II, ch. 1, tit. II, §§ 37, 38, unchanged in substance.] § 52. Anticipation of directed accumulation. Where such rents and profits are directed to be accumulated for the benefit of a minor entitled to the expectant estate, and such minor is destitute of other sufficient means of support and education, the supreme court, at a special term, or, if such accumulation has been directed by will, the surrogate's court of the county in which such will has been admitted to probate, may, on the application of his general or testamentary guardian, direct a suitable sum out of such rents and profits to be applied to his maintenance or education. [R. S., 2435, pt. II, ch. 1, tit. II, § 39, as am. by L. 1891, ch. 172, The words "general or testamentary" before the word "guardian are new.] § 53. Undisposed profits.-When, in consequence of a valid limitation of an expectant estate, there is a suspension of the power of alienation, or of the ownership, during the continuance of which the rents and profits are undisposed of, and no valid direction for their acccumulation is given, such rents and profits shall belong to the persons presumptively entitled to the next eventual estate. [R. S., 2435, pt. II, ch. 1, tit. II, § 40, unchanged in substance.] § 54. When expectant estates are deemed created.-Where an expectant estate is created by grant, the delivery of the grart, and, where it is created by devise, the death of the testator, shall be deemed the time of the creation of the estate. [R. S., 2435, pt. II, ch. 1, tit. II, § 41, § 55. Estates in severalty, joint tenancy and in common.-Estates in respect to the number and connection of their owners, are divided into estates in 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. [R. S., 2435, pt. II, ch. 1, tit. II, § 43, § 56. When estate in common; when in joint tenancy.-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 granted or devised. [R. S., 2435, pt. II, ch. 1, tit. II, § 44, ARTICLE III. Uses and Trusts. Section 70. Executed uses existing. 71. Certain uses and trusts abolished. 72. When right to possession creates legal ownership. 73. Trustees of passive trust not to take. 74. Grant to one where consideration paid by another. 75. Bona fide purchasers protected. 76. Purposes for which express trusts may be created. 77. Certain devises to be deemed powers. 78. Surplus income of trust property liable to creditors. 79. When an authorized trust is valid as a power. Section. 80. Trustee to express trust to have whole estate. 82. Interest remaining in grantor of express trust. 84. Transferee of trust property protected. 85. When trustee may convey trust property. 86. When trustee may lease trust property. 87. Notice to beneficiary where trust property is conveyed, mortgaged or leased. 88. Person paying money to trustee protected. 89. When estate of trustee ceases. 90. Termination of trusts for the benefit of creditors. 91. Trust estate not to descend. 92. Resignation or removal of trustee and appointment of successor. 93. Grants and devises of real property for charitable purposes. Section 70. Executed uses existing.-Every estate which is now held as a use, executed under any former statute of the state, is confirmed as a legal estate. [R. S., 2436, pt. II, ch. 1, tit. II, § 46, unchanged in substance.] § 71. Certain uses and trusts abolished.-Uses and trusts concerning real property, except as authorized and modified by this article, have been abolished; every estate or interest in real property is deemed a legal right, cognizable as such in the courts, except as otherwise prescribed in this chapter. [R. S., 2436, pt. II, ch. 1, tit. II, § 45, unchanged in substance.] § 72. When right to possession creates legal ownership.-Every person, who, by virtue of any grant, assignment or devise, is enti tled both to the actual possession of real property, and to the receipt of the rents and profits thereof, in law or 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; but this section does not divest the estate of the trus tee in any trust existing on the first day of January, eighteen hundred and thirty, where the title of such trustee is not merely nominal, but is connected with some power of actual disposition or management in relation to the real property which is the subject of the trust. [R. S., 2436, pt. II, ch. 1, tit. II, §§ 47, 48, unchanged in substance.] § 73. Trustee of passive trust not to take- Every disposition of real property, whether by deed or by devise, shall be made directly to the person in whom the right to the possession and profits is intended to be vested, and not to another to the use of, or in trust for, such person; and if made to any person to the use of, or in trust for another, no estate or interest, legal or equitable, vests in the trustee. But neither this section nor the preceding sections of this article shall extend to trusts arising, or resulting by implication of law, nor prevent or affect the creation of such express trusts as are authorized and defined in this chapter. [R. S., 2437, pt. II, ch. 1, tit. II, §§ 49, 50, § 74. Grant to one where consideration paid by another.--- A grant of real property for a valuable consideration, to one person, the consideration being paid by another, is presumed fraudulent as against the creditors, at that time, of the person paying the consideration, and, unless a fraudulent intent is disproved, a trust results in favor of such creditors, to an extent necessary to satisfy their just demands; but the title vests in the grantee, and no use or trust results from the payment, to the person paying the consideration, or in his favor, unless the grantee either, 1. Takes the same as an absolute conveyance, in his own name, without the consent or knowledge of the person paying the consideration, or, |
