ART. 2. rections, § 38. If, in either of the cases mentioned in the last section, the direction for such accumulation shall be for a longer term than dur- Other diing the minority of the persons intended to be benefited thereby, when void it shall be void as respects the time beyond such minority. And in part. all directions for the accumulation of the rents and profits of real wholly estate, except such as are herein allowed, shall be void. When void. Barb., 25; 4 Sandf. S. C., 442; 5 Paige, 480; 44 Barb., 576; 35 N. Y., 370, 620; 4 N. tions, to support, fants. Y., 370; 1 Dem., 404; 2 Dem., 67. § 39. Where such rents and profits are directed to be accumu- Applica lated for the benefit of infants entitled to the expectant estate, and profits, &c., such infants shall be destitute of other sufficient means of support &c., of inand education, the chancellor, upon the application of their guar- & Paige, dian, may direct a suitable sum out of such rents and profits to be 136; 35 N. applied to their maintenance and education. §40. When in consequence of a valid limitation of an expectant In certain estate, there shall be a suspense of the power of alienation or of the cases, who ownership, during the continuance of which, the rents and profits profits of shall be undisposed of, and no valid direction for their accumulation 24 N. Y., 9, is given, such rents and profits shall belong to the persons pre- 428; 5 sumptively entitled to the next eventual estate. 372; 23 N. Y., 83; 15 N. Y., 324; 28 Barb., 143; 17 Barb., 84; 2 Barb. Ch., 518; 43 N. Y., entitled to land. 19; 1 Hun, Lans., 167; 1 Lans., 383; 41 id., Y., 508, 520; N. Y., when 463. § 41. The delivery of the grant, where an expectant estate is Expectant created by grant; and where it is created by devise, the death of estates, the testator, shall be deemed the time of the creation of the estate. deemed 3 Barb., 387; 5 Sandf., 363; 8 Bosw., 475; 29 N. Y., 39, 71. created. pectant estates abolished. § 42. All expectant estates, except such as are enumerated and Certain exdefined in this article, are abolished. § 43. Estates, in respect to the number and connection of their Estates in owners, are divided into estates in severalty, in joint tenancy and in severalty, common; the nature and properties of which respectively, shall tenaney continue to be such as are now established by law, except so far as common. the same may be modified by the provisions of this chapter. § 44. Every estate granted or devised to two or more persons, in their own right, shall be a tenancy in common, unless expressly declared to be in joint tenancy; but every estate, vested in executors or trustees as such, shall be held by them in joint tenancy. This section shall apply as well to estates already created or vested, as to estates hereafter to be granted or devised. joint and in 9 Abb. Pr. R., N. S., 446. [727] what to be mon, what in com in joint tenancy. 9 Abb. 446; 5 N. Y. S. C. R. (T. & C.), 569; 3 Hun, 519; 4 Hun, 289; 27 Barb., 272; 5 Johns. Ch. R., 431; 29 N. Y., 39, 72; 1 Hun, 390; 20 Hun, 382; 6 T. & C., 551; 70 N. Y.. 615; 76 N. Y., 262; 12 Abb. N. C., 282; 15 Abb. N. C., 127; 28 Han, 451; 37 Hun, 18; 42 Hun, 585; 43 Hun, 502; 88 N. Y., 92, 469; 92 N. Y.,. 152, 157, 446, 539. [1 R. L., 54, §§ 6 and 7.] ARTICLE SECOND. OF USES AND TRUSTS. SEC. 45. Uses and rusts, not herein authorized, 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. t TITLE 2. SEC. 53. Preceding 51st section not to extend to certain cases. Certain uses and 54. Purchasers in good faith, not to be affected by implied trusts, etc. 57. In certain cases, profits of land liable to creditors. 58. Express trusts not before authorized, to be powers in trust. 59. In such case, land to remain in and descend to persons entitled. 62. Estates, etc., not included in express trust, to remain in grantor. 65. Sales, etc., contrary to the trust expressed in instrument, void. 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, etc., 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, etc. § 45. Uses and trusts, except as authorised and modified in this trusts abol- article, are abolished; and every estate and interest in lands, shall be deemed a legal right, cognizable as such in the courts of law, except when otherwise provided in this chapter. ished. Executed uses, existing. 6 Barb.,484; 3 Hun, 467; 35 N. Y., 86; 8 Bosw., 192; 2 Robt., 131; 7 id., 105; 5 N. Y. S. C. R. (T. & C.), 600; 52 N. Y., 332; 3 Hun, 464; id., 473; 59 N. Y., 434; 9 Hun, 175; 15 N. Y., 477; 12 N. Y., 403; 29 Barb., 657; 27 Barb., 272; 17 Barb., 105; 11 Barb., 407; 9 Barb., 340; 6 Barb., 484; 4 Denio, 442; 3 Sandf. S. C., 360; 24 Wend., 661; 18 How. Pr. R., 132; 31 N. Y., 18; 47 Barb., 259; 44 Barb., 576; 43 N. Y., 496; 52 Ń. Y., 332, 338; 37 N. Y., 76; 30 N. Y., 193; 16 J. & S., 70; 36 Hun, 253; 40 Hun, 91; 98 Ń. Y., 35, 300; 99 N. Y., 451; 26 Hun, 253. § 46. Every estate which is now held as an use, executed under any former statute of this state, is confirmed as a legal estate. 4 Denio, 385; 10 Hun, 328. Right to possession ates legal § 47. Every person, who, by virtue of any grant, assignment or of land cre- devise, now is, or hereafter shall be entitled to the actual possession ownership. of lands, and the receipt of the rents and profits thereof, in law or in 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. Active trusts not last section. 44 N. Y., 258; 43 N. Y., 496; 49 Barb., 134; 23 N. Y., 877; 10 N. Y., 271; 9 N. Y., 403; 7 N. Y., 570; 5 N. Y., 460; 3 N. Y., 535; 30 Barb., 320; 13 Barb., 92; 9 Barb., 519; 6 Barb., 484; 5 Barb., 190; 1 Barb., 33; 1 Barb. Ch., 20, 220; 2 Hill, 574, 491; 7 Paige, 534, 185-193; 4 Paige, 404; 2 Sandf. Ch, 296; 21 Wend., 147; 17 Johns. R., 350; 14 Wend., 190; 30 N. Y., 193; 47 Barb., 547; 7 Robt., 108; 1 Bosw., 141; id., 186, 191; 36 Hun, 15; 21 Hun, 430; 25 Hun, 596; 105 N. Y., 415. [1 R. L., 72, §§ 1, 2 and 3.] § 48. The last preceding section shall not divest the estate of any affected by trustees, in any existing trust, where the title of such trustees, is not merely nominal, but is connected with some power of actual disposition or management, in relation to the lands which are the subject of the trust. [728] 6 Barb., 484; 4 Paige, 352; 4 Denio, 399; 7 Paige, 182; 44 N. Y., 258; 8 Bosw., 186, 191; 56 N. Y., 220; 55 How. Pr. estate for use of an other, take § 49. Every disposition of lands, whether by deed or devise hereafter made, shall be directly to the person in whom the right to the no interest. possession and profits, shall be intended to be invested, and not to any other, to the use of, or in trust for, such person; and if made to Y,570,5 N. one or more persons, to the use of, or in trust for, another, no estate Y., 460; 3 N. or interest, legal or equitable, shall vest in the trustee. 23 N. Y Y., 535; 26 Barb., 239, 479; 6 Barb., 98; 1 Denio, 57; 9 Barb, 516; 30 N. Y., 193; 41 Barb., 69; 36 Barb., 44; 43 N. Y., 496; 4 Hun, 289; 49 Barb., 134; 1 Bosw., 141; 8 Bosw., 186, 191; 7 Robt., 108; 6 T. & C., 551; 70 N. Y.,615; 16 Abb. N. C.. 23, note; 105 N. Y., 415. [1 R. L., 72, §§ 1, 2 and 3.] § 50. The preceding sections in this article shall not extend to ART. 2. trusts arising, or resulting by implication of law, nor be construed Preceding to prevent or affect the creation of such express trusts, as are herein- qualified. after authorized and defined. 9 Barb., 589; 4 Denio, 439; 16 Johns. R., 197;5 Johns. Ch. R., 1; 3 Paige, 390; 4 Sandf. sections 7 N. Y., 570; 2 N. Y, 373; S.C., 524; 45 407; 4 T. & N. C., 13. Grant to one for paid by § 51. Where a grant for a valuable consideration shall be made to one person, and the consideration therefor shall be paid by another, money no use or trust shall result in favor of the person by whom such another, payment shall be made; but the title shall vest in the person named as the alienee in such conveyance, subject only to the provisions of the next section. 52 N Y., 251, 260; 48 N. Y., 218; 46 N. Y., 16; 59 Barb., 638; 7 Bosw., 491; 39 N. Y., 73; [1 R. L., 74, § 4.] no trust to result. benefit of § 52. Every such conveyance shall be presumed fraudulent, as Except for against the creditors, at that time, of the person paying the con- creditors, sideration; and where a fraudulent intent is not disproved, a trust &c. shall result in favor of such creditors, to the extent that may be necessary to satisfy their just demands. [The same.] 22 N. Y., 566; 15 N. Y., 478; 10 N. Y., 271; 31 Barb., 394; 29 Barb., 484; 12 Barb., 653 not Section 51 qualified. 52 N. Y., 251, 261; 45 N. Y., 596; § 53. The provisions of the preceding fifty-first section shall extend to cases, where the alienee named in the conveyance, shall have taken the same as an absolute conveyance, in his own name, without the consent or knowledge of the person paying the con- 29 N. Y., sideration, or where such alienee, in violation of some trust, shall N. Y., 515; have purchased the lands so conveyed, with monies belonging to 407; 16" another person. [The same.] 598, 610; 18 Barb., 376; 17 Barb., 103; 47 Barb., 544; 39 Barb., 622; 80 N. Y., 538; 103 N. Y., 307. protected. § 54. No implied or resulting trust shall be alleged or established, Purchasers to defeat or prejudice the title of a purchaser, for a valuable con- 22 N. Y., sideration, and without notice of such trust. 566; 29 § 55. Express trusts may be created, for any or either of the fol- For what lowing purposes: 1. To sell lands for the benefit of creditors; 2. To sell, mortgage or lease lands, for the benefit of legatees, or for the purpose of satisfying any charge thereon; 3. To receive the rents and profits of lands, and apply them to the use of any person, during the life of such person, or for any shorter term, subject to the rules prescribed in the first article of this title; 4. To receive the rents and profits of lands, and to accumulate the same, for the purposes and within the limits prescribed in the first article of this act. [Thus amended by L. 1830, ch. 320, § 10.] 23 N. Y.; 377; 17 N. Y., 567; 12 N. Y., 403; 7 N. Y., 257; 6 N. Y., 578; 5 N. Y., 413, 557; purposes express trusts may be created. [729] TITLE 2. vises in deemed 473; 9 Barb., 340, 585; 5 Barb., 101, 144, 444, 613; 3 Barb. Ch., 92; 2 Barb. Ch., 517; 3 Hill, 101; 5 Denio, 651; 4 Denio, 359; 1 Denio, 57; 7 Paige, 234, 275; 5 Paige, 220, 461; 22 Wend., 186; 14 Wend., 265; 11 Wend., 240; 2 Edw., 91; 4 Sandf. Ch., 414; 5 Sandf. S. C., 363; 3 Sandf. S. C., 502; 3 Abb., 403; 13 How. Pr. R., 157; 8 How. Pr. R., 389; 2 Duer, 59; 34 N. Y., 340, 555; 26 N. Y., 41; 47 Barb., 259, 618; 41 Barb., 69; 6 T. & C., 551; 70 N. Y., 615; 4 Hun, 80; 64 N. Y., 332; 10 N. Y., 141; 39 N. Y., 73; 29 id., 613; 22 Ñ. Y., 566; 43 N. Y., 106, 496; 5. N. Y., 332, 338; 45 N. Y., 444; 4 Lans., 234; 72 Ń. Y., 376; 78 N. Y., 244; 18 Hun, 362; 19 Hun, 209; 80 N. Y., 15; 32 Hun, 87; 13 Abb. N. C., 91; 85 N. Y., 53; 96 N. Y., 75; 97 N. Y., 26, 420; 98 N. Y., 35; 101 N. Y., 504; 104 N. Y., 325; 105 N. Y., 185; 44 Hun, 239. Certain de- § 56. A devise of lands to executors or other trustees, to be sold Viet, to be or mortgaged, where the trustees are not also empowered to receive the rents and profits, shall vest no estate in the trustees; but the trust shall be valid as a power, and the lands shall descend to the C.R. (T. & heirs, or pass to the devisees of the testator, subject to the execution of the power. powers. 6 N. Y. S. C.) 555; 18 364, 370; 53 2 Barb.,537; 2 Edw., 559; 2 Hill, 569; 8 Bosw., 172; 39 How. Pr. R., 106; 41 N. Y., 293; 43 N. Y., N. Y., 351; 2 Bradf., 107; 4 Hun, 290; 5 Redf., 1; 3 Dem., 565; 11 Daly, 95; 26 Hun, 155; 28 Hún, 603, 629; 36 Hun, 14, 371; 37 Hun, 21; 88 N. Y., 357; 89 N. Y., 169, 176, N. Y., 27, 437, 468; 98 N. Y., 38; 99 N. Y., 279; 101 N. Y., S04; 104 N. Y., 325; 44 105 N. Y., 185. 225, 235; 97 Hun, 240; Profits of land liable in certain cases. § 57. Where a trust is created to receive the rents and profits of to creditors lands, and no valid direction for accumulation is given, the surplus of such rents and profits, beyond the sum that may be necessary for the education and support of the person for whose benefit the trust is created, shall be liable, in equity, to the claims of the creditors of such person, in the same manner as other personal property, which cannot be reached by an execution at law. 6 N. Y., 578; 18 Barb., 469; 1 Barb, Ch. 36; 8 Paige, 85; 5 id., 586; 2 Edw., 379; 236; 36 Other ex press trusts, to be powers in trust. And land, &c., to descend to persons entitled. 53 N. Y., 351; 49 3 Sandf. S. C., 541; 14 N. Y., 41; 11 Paige, 140; 8 Bosw., 92; 6 Robt., 534; 34 Hun, § 58. Where an express trust shall be created, for any purpose not enumerated in the preceding sections, no estate shall vest in the trustees; but the trust, if directing or authorising the performance of any act which may be lawfully performed under a power, shall be valid as a power in trust, subject to the provisions in relation to such powers, contained in the third article of this title. 12 N. Y., 404; 7 N. Y., 570; 23 Barb., 499; 9 Barb., 519; 1 Barb., 58; 9 Paige, 116; 8 Paige, 120; 3 Sandf. Ch., 554; 8 Wend., 661; 18 Wend., 257; 22 Wend., 483 30 N. Y., 191; 36 Barb., 44; 59 Barb., 78; 52 Barb., 316; 47 Barb., 614; 43 N. Y., 364, 370; 21 N. Y., 292; 35 N. Y., 87; 29 N. Y., 39, 87; 24 N. Y., 9-15; 70 N. Y., 615; 9 Hun, 175; 1 Lans., 366; 4 Lans. 238; 8 Bosw., 192; 6 T. & C., 551; 72 N. Y., 556; 28 Hun, 603; 36 Hun, 14; 98 N. Y., 38; 104 N. Y., 325. § 59. In every case where the trust shall be valid as a power, the lands to which the trust relates, shall remain in, or descend to the persons otherwise entitled, subject to the execution of the trust as a power. Barb., 132; 47 id., 614 ; 4 Lans., 238; 8 Bosw., 192; 30 N. Y., 174, 191; 4 Hun, 290; 98 N. Y., 38; 104 N. Y., 325. Trustees of § 60. Every express trust, valid, as such, in its creation, except express trusts to as herein otherwise provided, shall vest the whole estate in the have whole trustees, in law and in equity, subject only to the execution of the trust. The persons for whose benefit the trust is created, shall take no estate or interest in the lands, but may enforce the performance of the trust in equity. estate. Last sec tion quali 32 N. Y., 319, 331; 24 N. Y., 9-15; 1 Bosw., 150; 65 Barb., 557; 59 Barb., 78; 56 Barb., 608; 70 N. Y., 81; 68 N. Y., 227; 52 Barb., 316; 1 N. Y. S. C. R. (T. & C.), 125; 21 N. Y., 576; 17 N. Y., 567; 10 N. Y., 271; 9 N. Y., 413; 6N. Y., 578; 3 N. Y., 535; 31 Barb., 336; 25 Barb., 395; 2 Barb., 601; 1 Barb. Ch., 36; 2 Edw., 559; 7 How., Pr. R., 349; 4 E. D. Smith, 134; 3 Sandf. S. C., 531; 53 N. Y., 359, 503; 46 N. Y., 168, 576; 27 Hun, 155; 28 Hun, 573, 629; 36 Hun, 368; 37 Hun, 21; 41 Hun, 552 88 N. Y., 153, 357; 97 Ń. Y., 421, 433, 446; 104 N. Y., 45. § 61. The preceding section shall not prevent any person creating fied. a trust, from declaring to whom the lands to which the trust relates, 165, 576; 21 shall belong, in the event of the failure or termination of the trust; 46 N. Y., ART. 2. N. Y., 576; 31 Barb., nor shall it prevent him from granting or devising such lands, subject to the execution of the trust. Every such grantee or devisee shall have a legal estate in the lands, as against all persons, except 336; 25 the trustees and those lawfully claiming under them. Barb., 395; 4 E. D. Smith, 134; 4 Hun, 286; 70 N. Y., 141; 70 N. Y., 81; 99 N. Y., 279. remaining § 62. Where an express trust is created, every estate and interest Interests not embraced in the trust and not otherwise disposed of, shall remain in grantor in, or revert to, the person creating the trust, or his heirs, as a legal trust. estate. of express 21 N. Y.. 576; 46 N. Y., 169; 53 N. Y., 351; 56 Barb., 608; 4 T. & C., 48; 106 N. Y., 47. (730) of party in § 63. No person beneficially interested in a trust for the receipt Powers of the rents and profits of lands, can assign or in any manner dis- over trust, pose of such interest; but the rights and interest of every person terested. for whose benefit a trust for the payment of a sum in gross is created, are assignable. 19 N. Y., 455; 12 N. Y., 491; 6 N. Y., 578; 31 Barb., 336; 26 Barb., 453; 7 Barb., 235; 5 omitting convey § 64. Where an express trust is created, but is not contained or Effect of declared in the conveyance to the trustees, such conveyance shall be trust in deemed absolute, as against the subsequent creditors of the trustees, ance not having notice of the trust, and as against purchasers from such 29 Barb., trustees, without notice, and for a valuable consideration. any 484; 22 Barb., 97. sales, etc., void. 261; 48 N. Y., 444; 20 real 18 N. Y., or a N. Y., 21; 107; 12 N. N. Y., 360; Y., 581; 56 30 Barb., Barb., 404; § 65. Where the trust shall be expressed in the instrument creat- Certain ing the estate, every sale, conveyance or other act of the trustees, by trustees, in contravention of the trust, shall be absolutely void; provided, N. Y., 9, however, that the supreme court shall have power, upon such terms 12;44NY, and conditions as to the court shall seem just and proper, in case to authorize any such trustee to mortgage or sell any such estate whenever it shall appear to the satisfaction of said court, Y., 394; 6 judge thereof, that it is for the best interest of said estate so to do, 31 Barb and that it is necessary, and for the benefit of the estate, to raise by 336; 36 N mortgage thereon, or by a sale thereof, funds for the purpose of pre- Barb., 605, serving or improving such estate. No order directing such trustee 321; 20 to mortgage or sell said lands shall be granted, unless it shall ap- 7 How. Pr. pear to the satisfaction of such court or judge that a notice in writ- R., 349; 38 ing, stating the time and place of making the application therefor, 480; 1 has been served upon the beneficiary or beneficiaries of said trust, 80 N. Y., 15 at least eight days before making such application, if said beneficiary 32 Hun, 189 or beneficiaries are within this state and adult. In case said bene- 41 Hun, 16, ficiary or beneficiaries are infants, lunatics, persons of unsound mind, 549; 92: habitual drunkards or absentees, said court or judge shall not direct 97 N. Y the trustees to mortgage or sell said lands until such beneficiary or Y., 257. beneficiaries are brought into court by such notice as said court or judge may prescribe. [Thus amended by L. 1886, ch. 257; superseding L. 1882, ch. 275, and L. 1884, ch. 26.] Barb., 473, Bosw., 143; 28 Hun, 573; 37 Hun, 23; Y., 76, 83; 446; 101 N. to be affect § 66. No person who shall actually and in good faith pay a sum Others not of money to a trustee, which the trustee as such is authorised to re- ed by mis ceive, shall be responsible for the proper application of such money, trustees. conduct of |