Purchasers protected. For what 2. To cases where the grantee, in violation of a trust, purchased the real property so transferred, with property belonging to another person. N. Y. C. C., Sec. 283. SEC. 856. No implied or resulting trust can prejudice the rights of a purchaser or encumbrancer of real prop erty, for value and without notice of the trust. N. Y. C. C., Sec. 284. SEC. 857. Express trusts may be created for any of the press trusts following purposes: purposes ex may be created. Certain devises in trust to be deemed powers. Profits of land liable to creditors in certain cases. 1. To sell real property for the benefit of creditors. 2. To sell, mortgage or lease real property, for the benefit of annuitants or other legatees, or for the purpose of satisfying any charge thereon. 3. To receive the rents and profits of real property, and pay them to or apply them to the use of any person, whether ascertained at the time of the creation of the trust or not, for himself or for his family during the life of such person, or for any shorter term, subject to the rules of Tit. II of this Part; or, 4. To receive the rents and profits of real property, and to accumulate the same for the purposes and within the limits prescribed by the same Title. N. Y. C. C., Sec. 285. SEC. 858. A devise of real property to executors or other Trustees, to be sold or mortgaged, where the Trustees are not also empowered to receive the rents and profits, vests no estate in them; but the trust is valid as a power in trust. SEC. 859. N. Y. C. C., Sec. 286. Where a trust is created to receive the rents and profits of real property, and no valid direction for accumulation is given, the surplus of such rents and prof its, beyond the sum that may be necessary for the education and support of the person for whose benefit the trust is created, is liable to the claims of the creditors of such person, in the same manner as personal property which cannot be reached by execution. N. Y. C. C., Sec. 287. SEC. 860. Where an express trust in relation to real property is created for any purpose not enumerated in the preceding sections, such trust vests no estate in the Trustees; but the trust, if directing or authorizing the performance of any act which may be lawfully performed under a power, is valid as a power in trust, subject to the provisions in relation to such powers contained in Tit. V of this Part. N. Y. C. C., Sec. 288. SEC. 861. Nothing in this Title prevents the creation of a power in trust for any of the purposes for which an express trust may be created. N. Y. C. C., Sec. 289. SEC. 862. In every case where a trust is valid as a power in trust, the real property to which the trust relates remains in, or passes by succession to, the persons otherwise entitled, subject to the execution of the trust as a power in trust. N. Y. C. C., Sec. 290. SEC. 863. Except as hereinafter otherwise provided, every express trust in real property, valid as such, in its creation, vests the whole estate in the Trustees, subject only to the execution of the trust. The beneficiaries take no estate or interest in the property, but may enforce the performance of the trust. N. Y. C. C., Sec. 291. SEC. 864. Notwithstanding anything contained in the last section, the author of a trust may, in its creation, prescribe to whom the real property to which the trust relates shall belong, in the event of the failure or termination of the trust, and may transfer or devise such property, subject to the execution of the trust. N. Y. C. C., Sec. 292. grantor of trust prop. erty. SEC. 865. The grantee or devisee of real property sub- Title of ject to a trust acquires a legal estate in the property, as against all persons except the Trustees and those lawfully claiming under them. N. Y. C. C., Sec. 293. Interests remaining SEC. 866. Where an express trust is created in relain grantor of tion to real property, every estate not embraced in the trust, and not otherwise disposed of, is left in the author of the trust, or his successors. express trust Powers over trust of party interested. Same Effect of omitting trust in con veyance. Certain sales, etc., N. Y. C. C., Sec. 294. SEC. 867. The beneficiary of a trust for the receipt of the rents and profits of real property cannot transfer or in any manner dispose of his interest in such trust. N. Y. C. C., Sec. 295. SEC. 868. The beneficiary of a trust for the payment of an annuity out of the rents and profits of real property, or of a sum in gross, can dispose of his interest in such trust. SEC. 869. N. Y. C. C., Sec. 296. Where an express trust is created in relation to real property, but is not contained or declared in the grant to the Trustee, such grant must be deemed absolute in favor of the subsequent creditors of the Trustees, not having notice of the trust, and in favor of purchasers from such Trustees, without notice, and for a valuable consideration. N. Y. C. C., Sec. 297. SEC. 870. Where a trust in relation to real property is by Trustees, expressed in the instrument creating the estate, every transfer or other act of the Trustees, in contravention of the trust, is absolutely void. void. When estate of Trustee to cease. SEC. 871. N. Y. C. C., Sec. 298. When the purpose for which an express trust was created ceases, the estate of the Trustee also ceases. N. Y. C. C., Sec. 299. TITLE, V. POWERS. SECTION 877. What powers exist. 878. Application of this Title. 879. Definition of a power. 880. Terms "author of a power" and "holder of a power" defined. SECTION 881. Division of powers. 882. Definition of general powers. 883. Definition of special powers. 885. Powers in trust. 886. General powers, when in trust. 888. Who may create power. 889. To whom power may be given. 890. How created. 891. Reservation of powers in conveyances. 892. When power irrevocable. 893. When power a lien. 894. Power of sale in mortgage. 895. Beneficial powers, etc., transferred by insolvent assignments. 896. Who to execute powers. 897. Married women. 898. Same. 899. How executed. 900. Execution by survivors. 901. Execution of power to dispose by devise. 902. Execution of power to dispose by grant. 903. Directions by author, when disregarded. 905. Nominal conditions. 906. When directions of author to be observed. 907. Consent of third person to execution of power. 909. Omission to recite power. 910. Instruments deemed conveyances. 911. Certain dispositions not void. 912. Computation of term of suspension. 913. What estate may be given. 914. Married women, their authority. 915. Defective execution. 916. Fraud. 917. General and beneficial powers to married women. 918. Estate of owner for life, etc., when changed into a fee. 919. Certain powers create a fee. 920. Same. 921. Effect of power to devise inheritance in certain cases. 922. Power to dispose of fee. 923. Power to revoke. 924. Special and beneficial powers, who may take. 925. Construction of leasing powers. 926. Power to make leases by owner for life. 927. Release of such power. 928. Mortgages by party having power to lease, etc. 929. Effect thereof. 930. Special and beneficial powers liable to creditors. 931. Future beneficial powers. 932. Trust powers imperative. 934. Construction of certain powers. What pow. ers exist. Application of this Title. a power. SECTION 935. Same. 936. When Court to execute power. 937. Same. 938. Execution of trust power when compelled by ereditors, etc. 939. Defective execution. 940. Application of certain sections. SEC. 877. Powers, in relation to real property, are those only which are specified in this Title. N. Y. C. C., Sec. 300. SEC. 879. The provisions of this Title do not extend to a simple power of attorney to convey real property in the name of the owner and for his benefit. N. Y. C. C., Sec. 301. Definition of SEC. 879. A power, as the term is used in this Title, is an authority to do some act in relation to real property, or to the creation or revocation of an estate therein, or a charge thereon, which the owner granting or reserving such power might himself perform for any purpose. Terms "author of a power and "holder defined. Division of powers. Definition of general powers. Definition of special powers. N. Y. C. C., Sec. 302. SEC. 880. The author of a power, as the term is used in this Title, is the person by whom a power is created, whether by grant or devise; and the holder of a power is the person in whom a power is vested, whether by grant, devise or reservation. N. Y. C. C., Sec. 303. SEC. 881. Powers are general or special, and beneficial or in trust. N. Y. C. C., Sec. 304. SEC. 882. A power is general, when it authorizes the alienation or encumbrance of a fee in the property embraced therein, by grant, will or charge, or any of them, in favor of any person whatever. N. Y. C. C., Sec. 305. SEC. 883. A power is special 1. When a person or class of persons is designated, to whom the disposition of property under the power is to be made; or, 2. When it authorizes the alienation or encumbrance, by means of a grant, will or charge, of only an estate less than a fee. N. Y. C. C., Sec. 306. |