$ 185. A future interest is either: 1. Vested; or, Kinds of future interests. 2. Contingent. From 1 R. S., 723, § 13, as to real property. The same interest, $186. A future interest is vested, when there is a vested person in being, who would have a right, defeasible' what." or indefeasible, to the immediate possession of the property, upon the ceasing of the intermediate or precedent interest. answer the objection that a future interest might be interest, $187. A future interest is contingent, whilst the Contingent person in whom, or the event upon which, it is limited what." to take effect, remains uncertain. 1 R. S., 723, § 13. more future interests. S 188. Two or more future interests may be created Two or to take effect in the alternative, so that if the first in order fails to vest, the next in succession shall be substituted for it, and take effect accordingly. 1 R. S., 724, § 25; Loddington v. Kime, 1 Ld. Raym., $ 189. A future interest is not void merely because of the improbability of the contingency on which it is limited to take effect. 1 R. S., 724, § 26. Certain future in terests not to be void. $ 190. When a future interest is limited to succes- Posthusors, heirs, issue or children, posthumous children are dren. mous chil Qualities of future interests. Mere possibility. Interests in real property. Id. interests entitled to take, in the same manner as if living at the death of their parent. 1 R. S., 725, § 30. Mason v. Jones, 2 Barb., 234, 252. $191. Future interests pass by succession,' will' and transfer,3 in the same manner as present interests. 1 R. S., 725, § 35. Wood v. Keyes, 8 Paige, 365, 368; Wendell v. Crandall, 1 N. Y., 491. * Pond v. Bergh, 10 Paige, 140, 154. Lawrence. Bayard, 7 Paige, 70, 76; Grout v. Townsend, 2 Hill, 554, 557. $192. A mere possibility, such as the expectancy of an heir-apparent, is not to be deemed an interest of any kind. Jackson v. Bradford, 4 Wend., 619; Tooley v. Dibble, 2 $193. In respect to real or immovable property, the interests mentioned in this chapter are denominated estates, and are specially named and classified in Part II of this Division. It has been deemed unadvisable to apply the technical names of estates in real property to interests in personal property, although precedents for such a course are not wanting. $194. The names and classification of interests in real property have only such application to interests in personal property as is in this Division of the Code expressly provided. What future $195. No future interest in property is recognized by the law, except such as is defined in this Division of the Code. are recognized. Substantially the same as 1 R. S., 726, § 42. ARTICLE II. CONDITIONS OF OWNERSHIP. SECTION 196. Fixing the time of enjoyment. 198. Certain conditions precedent, void. time of en $196. The time when the enjoyment of property Fixing the is to begin or end may be determined by computa- joyment. tion, or be made to depend on events. In the latter case, the enjoyment is said to be upon condition. $197. Conditions are precedent or subsequent. Conditions. The former fix the beginning, the latter the ending of the right. conditions void. $198. If a condition precedent requires the per- Certain formance of an act wrong of itself, the instrument precedent, containing it is so far void, and the right cannot exist. If it requires the performance of an act not wrong of itself, but otherwise unlawful, the instrument takes effect, and the condition is void. restraining void. $199. Conditions imposing restraints upon mar- Conditions riage, except upon the marriage of a minor, or of the marriage, widow of the person by whom the condition is imposed, are void; but this does not affect limitations where the intent was, not to forbid marriage, but only to give the use until marriage. $ 200. Conditions restraining alienation, when Conditions repugnant to the interest created, are void. De Peyster v. Michael, 6 N. Y., 496. restraining alienation, void. ARTICLE III. How long it may be suspended. Future in terests void, pend power of aliena tion. RESTRAINTS UPON ALIENATION. SECTION 201. How long it may be suspended. 202. Future interests void, which suspend power of alienation. 203. Restriction on qualification of enjoyment. S201. The absolute power of alienation cannot be suspended by any limitation or condition whatever,1 for a longer period than during the continuance of not more than two lives in being at the creation of the limitation or condition, except in the single case mentioned in section 229. 1 R. S., 723, § 15; id., 773, § 1. 'This includes a trust of real property (Coster v. Loril lard, 14 Wend., 265, 313; Hawley v. James, 16 id., 121, 173, 174, 208; Kane v. Gott, 24 id., 641, 662, 667). Amory v. Lord, 9 N. Y., 410; Phelps' ex'r v. Pond, 23 id., 79. Hone v. Van Schaick, 20 Wend., 564, 566; Boynton v. Hoyt, 1 Den., 53, 58; Beekman v. Bonsor, 23 N. Y., 298, 316. The words "limitation or condition" are substituted for "estate," so as to include powers (See Hawley v. James, 16 Wend., 135, 178, 208; Coster v. Lorillard, 14 id., 324, 325; Hone v. Van Schaick, 20 id., 566, 567, 569). S202. Every future interest is void in its creation which suse which, by any possibility,' may 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 interest in possession can be conveyed. 1 1 R. S., 723, § 14; 1 R. S., 773, §§ 1, 2. The words "by any possibility may" are new, but in accordance with Hawley v. James, 16 Wend., 120, 126, 171, 178, 227; Everitt v. Everitt, 29 Barb., 112; Jennings v. Jennings, 7 N. Y., 547, 549; Amory v. Lord, 9 id., 415; Thompson v. Carmichael's Exec'rs, 1 Sandf. Ch., 395; Arnold v. Gilbert, 3 id., 558. on qualificaenjoyment. $203. Restrictions upon the power to affix qualifi- Restriction cations to the right of enjoyment are contained in cation of sections 14 and 15 of article I of the Constitution of the state. ARTICLE IV. ACCUMULATIONS. SECTION 204. Dispositions of income. 205. Accumulations, when void. 206. Accumulation of income. 207. Other directions, when void in part. 208. Application of income to support, &c., of minor. tions of in. S204. Dispositions of the income of property to Disposi accrue and to be received at any time subsequent come. to the execution of the instrument creating such disposition, are governed by the rules prescribed in this Title in relation to future interests. 1 R. S., 725, § 36. tions, when $205. All directions for the accumulation' of the Accumula income of property, except such as are allowed by void. this Title, are void.2 1 1 R. S., 726, § 38. 1 Titus v. Weeks, 37 Barb., 136, 146. Vail v. Vail, 4 Paige, 317; Levy v. Levy, 40 Barb., 590, 618. tion of in $206. An accumulation of the income of property, Accumulafor the benefit of one or more persons, may be directed come. by any will or transfer in writing, sufficient to pass the property out of which the fund is to arise, as follows: 1. If such accumulation is directed to commence on the creation of the interest out of which the income is 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; or, 2. If such accumulation is directed to commence at any time subsequent to the creation of the interest |