« FöregåendeFortsätt »
charitable uses is in the interest of both the public and the individual citizen. The attorney-general, by L. 1893, Ch. 701, as amended by L. 1901 Ch. 291, is charged with enforcing most charitable uses. Publicity is requisite to enable him to fully perform his duty. The Legislature should also be enabled to ascertain the amounts donated to charitable uses.
A new subdivision should be added to section 13, to be known as subdivision 5, as follows:
"V. Every settlement, gift, grant or conveyance of personal property made under this section, or purporting so to be made, shall be in writing and, if not a last will and testament, shall be acknowledged or proved, in the manner required to entitlè grants or conveyances of real property to be recorded.
"Every such deed of settlement, gift, grant or conveyance, in order to entitle it to the benefits of this section, shall be recorded in the county where the donor resides, or if a non-resident in the county or counties where the uses are to be performed and executed, and shall be indexed under the names of the donor or grantor and the donee and grantee in a book to be kept for that purpose by each recording officer.
6. Sec. 14. This section consolidates L. 1892, Ch. 516, Secs. 1-7 as amended by L. 1905, Ch. 393, Sec. 1, without change, except to limit its application to personal property. The corresponding provisions, in so far As they relate to real property, are carried into the Real Property Law Sec. 115.
7. Sec. 14. A new subdivision should be added to Sec. 14, to be known as subdivision 8, as follows:
"VIII. Every settlement, gift, grant or conveyance of personal prop erty made under this section, or purporting so to be made, shall, in order to entitle it to the benefits of this section, be recorded in the county where the donor or grantor resides, or, if a non-resident, in the county or counties where the uses are to be executed and performed, and shall be indexed under the names of the donor or grantor and the donee and grantee in a book to be kept for that purpose by each recording officer."
8. Sec, 16. L. 1846, Ch. 74, Sec. 1, and L. 1855, Ch. 432, Sec. 1, consolk dated, without change, except to limit their application to personal property. The corresponding provisions relating to real property are carried into section 61 of the Real Property Law.
9. Sec. 19. It is suggested that the words "by such deceased debtor" should be inserted after the words "or agreement made in fraud of creditors" in section 19. This is restoring the language, L. 1894, Ch. 740, from which this section was taken. The Statutory Revision Commission, in presenting the Personal Property Law, stated that Section 7 was unchanged in substance, so far as relates to personal property." This is the interpretation placed upon this section by the Appellate Division of the First Department. See Magoun v. Quigley, 115 App. Div. 226.
10. Art. 3. The "not" proposed to be omitted is misleading. The article treats of agreements in writing, not of agreements not in writing.
11. Art. 4. This article, relating to conditional sales of goods and chattels is taken from "old" Lien Law, Art. 9. Personal Property Law seems to be its appropriate classification.
Showing distribution of sections of former Personal Property Law as now found in Consolidated Personal Property Law, Domestic Relations Law and Decedent State Law.
9 pt. (Domestic Relations L. Sec. 85)
9 pt. (Decedent Estate L. Sec. 111.)
Showing the provisions of the Session Laws, Lien Law and Code of Civil Procedure which have been consolidated in the Personal Property Law.
Consol. Personal Prop.
Consol. Personal Prop.
(L. 1909, CHAP. 45, BEING CHAP. 41 OF THE CONSOLIDATED LAWS IN EFFECT FEB. 17, 1909.)
ARTICLE 1. Short title (§ 1).
2. Future estates; charitable uses; accumulation of income; trust estates (§§. 10-24).
3. Agreements in writing; without consideration; fraudulent; factors (§§ 30-45).
4. Contracts for the conditional sale of goods and chattels (§§ 60-67).
5. Sales of goods (§§ 82-158).
6. Laws repealed; when to take effect (§§ 165, 166).
6. Transfers of shares of stock in corporations (§§ 162-185).
SECTION 1, Short title.
§ 1. Short title.
This chapter shall be known as the "Personal Property Law." Derivation: Personal Property Law, § 1 pt.
FUTURE ESTATES; CHARITABLE USES; ACCUMULATION OF INCOME; TRUST ESTATES.
SECTION 10. Definitions.
11. Suspension of ownership.
12. Gifts and bequests of personal property for charitable purposes. 13. Certain educational and other charitable uses authorized.
13a. Trusts for care of cemetery lots, etc.
14. Certain gifts for charitable, educational and other uses regulated, 15. Personal property not alienable in certain cases.
16. Validity of directions for accumulation of income.
17. Anticipation of directed accumulation.
18. Power to bequeath executed by general provision in will.
21. Investment of trust funds.
22. Commissions of trustees.
23. Revocation of trusts upon consent of all persons interested.
§ 10. Definitions.
The term "income of personal property," as used in this article,
*So in original. See L. 1913, ch. 600.
means the income or profits arising from personal property, and includes the interest of money and the produce of stock.
Derivation: Personal Property Law, § 1, last sentence.
§ 11. 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 last will and testament, 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.
Derivation: Personal Property Law, § 2.
§ 12. Gifts and bequests of personal property for charitable purposes.
1. No gift, grant, or bequest to religious, educational, charitable, or benevolent uses, which shall in other respects be valid under the laws of this state, shall be deened invalid by reason of the indefiniteness or uncertainty of the persons designated as the beneficiaries thereunder in the instrument creating the same. If in the instrument creating such a gift, grant, or bequest there is a trustee named to execute the same, the legal title to the property given, granted, or bequeathed for such purposes shall vest in such trustee. If no person be named as trustee then the title to such property shall vest in the supreme court.
2. The supreme court shall have control over gifts, grants and bequests in all cases provided, for by subdivision one of this section, and, whenever it shall appear to the court that circumstances have so changed since the execution of an instrument containing a gift, grant or bequest to religious, educational, charitable or benevolent uses as to render impracticable or impossible a literal compliance with the terms of such instrument, the court may, upon the application of the trustee or of the person or corporation having the custody of the property, and upon such notice as the court shall direct, make an order directing that such gift, grant or bequest shall be administered or expended in such manner as in the judg ment of the court will most effectually accomplish the general purpose of the instrument, without regard to and free from any specific restriction, limitation or direction contained therein; pro