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OF THE GENERAL LAWS.
[CHAP. 417 OF 1897.]
THE PERSONAL PROPERTY LAW.
ARTICLE I. Future estates ; accumulation of income ; trust estates (SS 1-9).
II. Agreements not in writing ; without consideration ; fraudulent
ARTICLE I. FUTURE ESTATES; ACCUMULATION OF INCOME; TRUST
SECTION 1. Short title ; definition.
2. Suspension of ownership.
SECTION 1. Short title ; definition.—This chapter shall be known as the personal property law. The term “income of personal property," as used in this article, means the income or profits arising from personal property, and includes the interest of money and the produce of stock.
§ 2. Suspension of ownership.—The absolute ownership of personal property shall not be suspended by any limitation or condition, for a longer period than during the continuance and until the termination of not more than two lives in being at the date of the instrument containing such limitation or condition; or, if such instrument be a will, for not more than two lives in being at the death of the testator ; in other respects limitations of future or contingent interests in personal property, are subject to the rules prescribed in relation to future estates in real property.
§ 3. Income of trust fund not alienable ; merger. --The right of the beneficiary to enforce the performance of a trust to receive the income of personal property, and to apply it to the use of any person, can not be transferred by assignment or otherwise ; but the right and interest of the beneficiary of any other trust in personal property may be transferred. Whenever a beneficiary in a trust for the receipt of the income of personal property is entitled to a remainder in the whole or a part of the principal fund so held in trust, subject to his beneficial estate for a life or lives, or a shorter term, he may release his interest in such income, and thereupon the estate of the trustee shall cease in that part of such principal fund to which such beneficiary has become entitled in remainder, and such trust estate merges in such remainder.
8 4. Validity of directions for accumulation of income.-An accumulation of the income of personal property, directed by any instrument sufficient in law to pass such property is valid :
1. If directed to commence from the date of the instrument, or the death of the person executing the same, and to be made for the benefit of one or more minors, then in being, or in being at such death, and to terminate at or before the expiration of their minority.
2. If directed to commence at any period subsequent to the date of the instrument or subsequent to the death of the person executing it, and directed to commence within the time allowed for the suspension of the absolute ownership of personal property, and at some time during the minority of the persons for whose benefit it is intended, and to terminate at or before the expiration of their minority.
All other directions for the accumulation of the income of personal property, not authorized by statute, are void ; but a direction for any such accumulation for a longer term than the minority of the persons intended to be benefited thereby, has the same effect as if limited to the minority of such persons, and is void as respects the time beyond such minority.
$ 5. Anticipation of directed accumulation.-When a minor, for whose benefit a valid accumulation of the income of personal property has been directed, shall be destitute of other sufficient means of support or education, the supreme court, at special term in any case, or, if such accumulation shall have been directed by a will, the surrogate's court of the county in which such will
shall have been admitted to probate, may, on the application of such minor or his guardian cause a suitable sum to be taken from the moneys accumulated or directed to be accumulated, to be applied for the support or education of such minor.
§ 6. Power to bequeath executed by general provision in will. - Personal property embraced in a power to bequeath, passes by a will purporting to pass all the personal property of the testator; unless the intent, that the will shall not operate as an execution of the power, appears therein either expressly or by necessary implication.
$ 7. Disaffirmance of fraudulent acts by executors and others. -An executor, administrator, receiver, assignee or trustee, may, for the benefit of creditors or others interested in personal property, held in trust, disaffirm, treat as void and resist any act done, or transfer or agreement made in fraud of the rights of any creditor, including himself, interested in such estate, or property, and a person who fraudulently receives, takes or in any manner interferes with the personal property of a deceased person, or an insolvent corporation, association, partnership or individual is liable to such executor, administrator, receiver or trustee for the same or the value thereof, and for all damages caused by such act to the trust estate. A creditor of a deceased insolvent debtor having a claim against the estate of such debtor, exceeding in amount the sum of one hundred dollars, may, without obtaining a judgment on such claim, in like manner, for the benefit of himself and other creditors interested in said estate, disaffirm, treat as void and resist any act done or conveyance, transfer or agree. ment made in fraud of creditors or maintain an action to set aside such act, conveyance, transfer or agreement. Such claim, if disputed, may be established in such action. The judgment in such action may provide for the sale of the property involved, when a conveyance or transfer thereof is set aside, and that the proceeds thereof be brought into court or paid into the proper surrogate's court to be administered according to law.
$ 8. When trust vests in supreme court. On the death of a surviving trustee of an express trust, the trust estate does not pass to his next of kin or personal representatives, but, if the trust be unexecuted, it vests in the supreme court and shall be executed by some person appointed by the court, whom the court may invest with all or any of the power and duties of the original trustee. The beneficiary of the trust shall have such notice
Agreements Not in Writing.
as the court may direct of the application for the appointment of such person.
$ 9. Investment of trust funds.-An executor, administrator, guardian, trustee, or other person holding trust funds for invest. ment may invest the same in the obligations of a city of this state issued pursuant to law.
AGREEMENTS NOT IN WRITING; WITHOUT CONSIDERATION ;
SEOTION 20. Definitions.
21. Agreements required to be in writing.
and change of possession.
$ 20. Definitions.-As used in this article, the term transfer, Includes sale, assignment, conveyance, deed and gift, and the term agreement includes promise and undertaking.
$ 21. Agreements required to be in writing.–Every agreement, promise or undertaking is void, unless it or some note or memorandum thereof be in writing, and subscribed by the party to be charged therewith, or by his lawful agent, if such agreement, promise or undertaking :
1. By its terms is not to be performed within one year from the making thereof;
2. Is a special promise to answer for the debt, default or miscarriage of another person ;
3. Is made in consideration of marriage, except mutual promises to marry ;
4. Is a conveyance or assignment of a trust in personal property ;
5. Is a subsequent or new promise to pay a debt discharged in bankruptcy ;
6. Is a contract for the sale of any goods, chattels or things in