Creation and Division of Estates. SECTION 26. Enumeration of estates in expectancy. 27. Definition of future estates. 28. Definition of remainder. 29. Definition of reversion. 30. When future estates are vested; when contingent. 32. Suspension of power of alienation. 33. Limitation of successive estates for life. 34. Remainders on estates for life of third person. S$ 22-22 35. When remainder to take effect if estate be for lives of more than two persons. 36. Contingent remainder on term of years. 37. Estate for life as remainder on term of years. 38. Meaning of heirs and issue in certain remainders. 39. Limitations of chattels real. 40. Creation of future and contingent estates. 41. Future estates in the alternative. 42. Future estates valid though contingency improbable. 43. Conditional limitations. 44. When heirs of life tenants take as purchasers. 45. When remainder not limited on contingency defeating precedent estate takes effect. 46. Posthumous children. 47. When expectant estates are defeated. 48. Effect on valid remainders of determination of precedent estate before contingency. 49. Qualities of expectant estates. 50. Disposition of rents and profits. 51. Accumulations. 52. Anticipation of directed accumulation. 53. Undisposed of profits. 54. When expectant estates are deemed created. 55. Estates in severalty, joint tenancy and in common. 56. When estate in common; when in joint tenancy. 20. Enumeration of estates.-Estates in real property are divided into estates of inheritance, estates for life, estates for years, estates at will, and by sufferance. 21. Estates in fee simple and fee simple absolute.-An estate of inheritance continues to be termed a fee simple, or fee, and, when not defeasible or conditional, a fee simple absolute, or an absolute fee. 822. Estates tail abolished; remainders thereon.-Estates tail have been abolished; and every estate which would be adjudged a fee tail, according to the law of this state, as it existed before the twelfth day of July, seventeen hundred and eightytwo, shall be deemed a fee simple; and if no valid remainder be limited thereon, a fee simple absolute. Where a remainder in fee shall be limited on any estate which would be a fee tail, according to the law of this state, as it existed previous to such date, such remainder shall be valid, as a contingent limitation on a fee, and shall vest in possession on the death of the first taker, without issue living at the time of such death. 8 23. Freeholds; chattels real; chattel interests.-Estates of inheritance and for life, shall continue to be termed estates of freehold; estates for years are chattels real; and estates at will or by sufferance, continue to be chattel interests, but not liable as such to sale on execution. § 24. When estate for life of third person is freehold, when chattel real.An estate for the life of a third person, whether limited to heirs or otherwise, shall be deemed a freehold only during the life of the grantee or devisee; after his death it shall be deemed a chattel real. § 25. Estates in possession and expectancy.--Estates, as respects the time of their enjoyment, are divided into estates in possession, and estates in expectancy. An estate which entitles the owner to immediate possession of the property, is an estate in possession. An estate, in which the right of possession is postponed to a future time, is an estate in expectancy. § 26. Enumeration of estates in expectancy.-All expectant estates, except such as are enumerated and defined in this article, have been abolished. Estates in expectancy are divided into, I. Future estates; and 2. Reversions. § 27. Definition of future estates.-A future estate, is an estate limited to commence in possession 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. § 28. Definition, remainder.-Where a future estate is dependent on a precedent estate, it may be termed a remainder, and may be created and transferred by that name. § 29. Definition, reversion.-A reversion is the residue of an estate left in the grantor or his heirs, or in the heirs of a testator, commencing in possession on the determination of a particular estate granted or devised. 30. When future estates are vested; when contingent.-A future estate is either vested or contingent. It is vested, when Creation and Division of Estates. §§ 31-35 there is a person in being, who would have an immediate right to the possession of the property, on the determination of all the intermediate or precedent estates. It is contingent while the person to whom or the event on which it is limited to take effect remains uncertain. 31. Power of appointment not to prevent vesting.-The existence of an unexecuted power of appointment does not prevent the vesting of a future estate, limited in default of the execution of the power. 832. Suspension of power of alienation.-The absolute power of alienation is suspended, when there are no persons in being by whom an absolute fee in possession can be conveyed. Every future estate shall be void in its creation, which shall suspend the absolute power of alienation, by any limitation or condition whatever, for a longer period than during the continuance of not more than two lives in being at the creation of the estate; except that a contingent remainder in fee may be created on a prior remainder in fee, to take effect in the event that the persons to whom the first remainder is limited, die under the age of twentyone years, or on any other contingency by which the estate of such persons may be determined before they attain full age. For the purposes of this section a minority is deemed a part of a life and not an absolute term equal to the possible duration of such minority. § 33. Limitation of successive estates for life.-Successive estates for life shall not be limited, except to persons in being at the creation thereof; and where a remainder shall 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 on the death of those persons, the remainder shall take effect, in the same manner as if no other life estates had been created. $34. Remainders on estates for life of third persons.-A remainder shall not be created on an estate for the life of any other person than the grantee or devisee of such estate, unless such remainder be in fee; nor shall a remainder be created on such an estate in a term of years, unless it be for the whole residue of such terms. $35. When remainders to take effect if estate be for lives of more than two persons.--When a remainder is created on any such life estate, and more than two persons are named as the persons during whose lives the life estate shall continue, the remainder shall take effect on the death of the two persons first named, as if no other lives had been introduced. 36. Contingent remainder on term of years.-A contingent remainder shall not be creatad on a term of 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 on the termination thereof. 37. Estate for life as remainder on term of years.-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. 38. Meaning of heirs and issue in certain remainders.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. § 39. Limitation of chattels real.-All the provisions contained in this article, relative to future estates, 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. § 40. Creation of future and contingent estates.-Subject to the provisions of this article, a freehold estate as well as a chattel real may be created to commence at a future day; an estate for life may be created in a term of years, and a remainder limited thereon; a remainder 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 or other less estate, may be limited on a fee, on a contingency which, if it should occur, must happen within the period prescribed in this article. 41. Future estates in the alternative.-Two or more future estates may be created 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. § 42. Future estate valid though contingency improbable.—A future estate, otherwise valid, shall not be void on the ground of the improbability of the contingency on which it is limited to take effect. Creation and Division of Estates. SS 43-48 § 43. Conditional limitations.—A remainder may be limited on a contingency, which, if it happens, will operate to abridge or determine the precedent estate; and every such remainder shall be a conditional limitation. § 44. When heirs of life tenant take as purchasers.--Where a remainder shall be limited to the heirs, or heirs of the body, of a person to whom a life estate in the same premises is given, the persons who, on the termination of the life estate, are the heirs, or heirs of the body, of such tenant for life, shall take as purchasers, by virtue of the remainder so limited to them. § 45. When remainder not limited on contingency defeating precedent estate, takes effect.—When a remainder on an estate for life or for years is not limited on a contingency defeating or avoiding such precedent 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 such term of years. 45. Posthumous children.-Where a future estate is 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 parents; and a future estate, dependent on the contingency of the death 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. 847. When expectant estates are defeated.--An expectant estate can not be defeated or barred by any transfer or other act of the owner of the intermediate or precedent estate, nor by any destruction of such precedent estate by disseizin, forfeiture, surrender, merger or otherwise; but an expectant estate may be defeated in any manner, or by any act or means which the party creating such estate, in the creation thereof, has provided for or authorized. An expectant estate thus liable to be defeated shall not, on that ground, be adjudged void in its creation. § 48. Effect on valid remainders of determination of precedent estate before contingency.--A remainder valid in its creation 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. |