$8. An estate in possession, is where the owner has an immedi ate right to the possession of the land. An estate in expectancy, is where the right to the possession is postponed to a future period. S9. Estates in expectancy, are divided into, ART. 1. Definition of those estates. Enumeration of estates in 1. Estates commencing at a future day, denominated future es- expectancy. tates: and, 2. Reversions. tates. S 10. A future estate, is an estate limited to commence in posses- Future ession at a future day, either without the intervention of a precedent estate, or on the determination, by lapse of time or otherwise, of a precedent estate, created at the same time. are remain $ 11. Where a future estate is dependent on a precedent estate, it When they may be termed a remainder, and may be created and transferred by ders. that name. S 12. A reversion is the residue of an estate left in the grantor or Reversions. his heirs, or in the heirs of a testator, commencing in possession on the determination of a particular estate granted or devised. contingent tates. $ 13. Future estates are either vested or contingent. They are Vested and vested, when there is a person in being, who would have an immedi- future esate right to the possession of the lands, upon the ceasing of the intermediate or precedent estate. They are contingent, whilst the person to whom, or the event upon which they are limited to take effect, remains uncertain. estates. S 14. Every future estate shall be void in its creation, which shall Void future suspend the absolute power of alienation for a longer period than is prescribed in this Article. Such power of alienation is suspended, Suspending when there are no persons in being, by whom an absolute fee in pos- alienation. session can be conveyed. power of may be sus $ 15. The absolute power of alienation, shall not be suspended by How long it any limitation or condition whatever, for a longer period than during pended. 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. remainder in $ 16. A contingent remainder in fee, may be oreated on a prior re- Contingent mainder in fee, to take effect in the event that the persons to whom fee. the first remainder is limited, shall die under the age of twenty-one years, or upon any other contingency, by which the estate of such persons may be determined before they attain their full age. successive life. $ 17. Successive estates for life shall not be limited, unless to per- Limitation of sons in being at the creation thereof; and where a remainder shall estates for be limited on more than two successive estates for life, all the life estates subsequent to those of the two persons first entitled thereto, shall be void, and upon the death of those persons, the remainder shall TITLE Remainder upon certain estates for life. When remainder to certain cases. take effect, in the same manner as if no other life estates had been created. $18. No remainder shall be created upon an estate for the life of any other person or persons than the grantee or devisee of such estate, unless such remainder be in fee; nor shall a remainder be created upon such an estate in a term for years, unless it be for the whole residue of such term. $ 19. When a remainder shall be created upon any such life estako effect in tate, and more than two persons shall be named, as the persons during whose lives the life estate shall continue, the remainder shall take ef fect upon the death of the two persons first named, in the same manner as if no other lives had been introduced. Contingent remainder on years. $20. A contingent remainder shall not be created on a term of a term for years, unless the nature of the contingency on which it is limited, be such that the remainder must vest in interest, during the continuance of not more than two lives in being at the creation of such remainder, or upon the termination thereof. Remainder of estates for life. Meaning of "heirs" and certain remainders. Limitations on chattels real. Remainders, future and estates, how created. $21. No estate for life, shall be limited as a remainder on a term of years, except to a person in being, at the creation of such estate. $22. Where a remainder shall be limited to take effect on the death of any person without heirs, or heirs of his body, or without issue, the words "heirs" or "issue," shall be construed to mean heirs or issue, living at the death of the person named as ancestor. S23. All the provisions contained in this Article, relative to future estates, shall be construed to apply to limitations of 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. $24. Subject to the rules established in the preceding sections of contingent this Article, a freehold estate as well as a chattel real, may be cre ated, to commence at a future day; an estate for life may be crea ated, in a term of years, and a remainder limited thereon; a remain. der 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. Two or more future es tates § 25. Two or more future estates, may also be created, to take ef fect in the alternative, so that if the first in order shall fail to vest, the next in succession shall be substituted for it, and take effect accordCertain fu- ingly. ture estates not to be void. $26. No future estate, otherwise valid, shall be void on the ground of the probability or improbability of the contingency on which it is limited to take effect. $27. A remainder may be limited on a contingency, which, in ART. 1. case it should happen, will operate to abridge or determine the pre- Remainder cedent estate; and every such remainder shall be construed a condi- upon a contional limitation, and shall have the same effect as such a limitation would have by law. Lingency. tenant for take as pur $ 28. Where a remainder shall be limited to the heirs, or heirs of Heirs of a the body of a person to whom a life estate, in the same premises, sball life, when to be given, the persons who, on the termination of the life estate, shall chasers." 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. of certain re $29. When a remainder on an estate for life, or for years, shall Construction not be limited on a contingency defeating or avoiding such precedent mainders. 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 sucli term of years. $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. Posthumnoua children. $31. A future estate depending on the contingency of the death Ib. 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, estates not to &c. $32. No expectant estate can be defeated or barred by any aliena- Expectant tion, or other act of the owner of the intermediate or precedent estate, be defeate l nor by any destruction of such precedent estate by disseisin, forfeiture, surrender, merger or otherwise. do eated. $33. The last preceding section shall not be construed to prevent When to ba 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. not to be de-, $34. No remainder, valid in its creation, shall be defeated by the Remainders determination of the precedent estate, before the happening of the feated in carcontingency on which the remainder is limited to take effect; but tain cases. 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. $35. Expectant estates are descendible, devisable and alienable, Qualities of in the same manner as estates in possession. expectant estates. $36. Dispositions of the rents and profits of lands, to accrue and Futuro probe received at any time subsequent to the execution of the instrument fits of lands. TITLE 2 creating such disposition, shall be governed by the rules established in this Article, in relation to future estates in lands. Accumulation of pro $37. An accumulation of rents and profits of real estate, for the fits of lands. benefit of one or more persons, may be directed by any will or deed, sufficient to pass real estate, as follows: Other directions, when 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. $38. If, in either of the cases mentioned in the last section, the void in part; direction for such accumulation shall be for a longer 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 the rents and profits of real estate, except such as are herein allowed, shall be void. when wholly void. Application of profits, &c. &c. of infants $39. Where such rents and profits are directed to be accumulated to support, for the benefit of infants entitled to the expectant estate, and such infants shall be destitute of other sufficient 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. In certain ca#cs, who en fits of land. $40. When in consequence of a valid limitation of an expectant titled to pro- estate, there shall be a suspense of the power 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 persons presumptively entitled to the next eventual estate. Expectant estates, when $ 41. The delivery of the grant, where an expectant estate is credeemed cre- ated by grant; and where it is created by devise, the death of the testator, shall be deemed the time of the creation of the estate. ated. Certain expectant es $42. All expectant estates, except such as are enumerated and tates abolish- defined in this Article, are abolished. ed. Estates in soveralty, joint $43. Estates, in respect to the number and connexion of their tenancy and owners, are divided into estates in severalty, in joint tenancy and in in common. 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. ART. 2. what in joint S44. Every estate granted or devised to two or more persons, in their own right, shall be a tenancy in common, unless expressly de- What to be clared to be in joint tenancy; but every estate, vested in executors or in common, trustees as such, shall be held by them in joint tenancy. This section teuancy. shall apply as well to estates already created or vested, as to estates hereafter to be granted or devised.11 ARTICLE SECOND. Of Uses and Trusts. SEC. 45. Uses and trusts, not herein authorised, abolished; estates in land, legal rights. 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. 51. Grant to one, for consideration paid by another, vests title in grantee. 52. But trust to result in favor of creditors of person paying consideration. 53. Preceding 51st section not to extend to certain cases. 54. Purchasers in good faith, not to be affected by implied trusts, &c. 55. For what purposes express trusts may be created. 56. Certain deyises 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, &c. not included in express trust, to remain in grantor. 66. Misapplication of money received by trustees, not to affect others. 67. Estate of trustee to cease, when purpose of trust ceases. 68. Disposition of trust, &c. 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. and trusts $45. Uses and trusts, except as authorised and modified in this certain uses Article, are abolished; and every estate and interest in lands, shall be abolished. deemed a legal right, cognizable as such in the courts of law, except when otherwise provided in this Chapter. $46. Every estate which is now held as an use, executed under Executed any former statute of this state, is confirmed as a legal estate. uses, existing session of ship. S 47. Every person, who, by virtue of any grant, assignment or Right to posdevise, now is, or hereafter shall be entitled to the actual possession and creates of lands, and the receipt of the rents and profits thereof, in law or in legal owner. 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. 12 $48. The last preceding section shall not divest the estate of any Active trusts trustees, in any existing trust, where the title of such trustees, is not by last sec (11)1 R L. p. 54, § 6 & 7. (12) 1 R. L. p. 72, § 1 2 & 3. not affected tion. |