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ARTICLE 3.

CREATION AND DIVISION OF ESTATES.

SECTION 30. Enumeration of estates.

31. Estates in fee simple and fee simple absolute.

32. Estates tail abolished; remainders thereon.

33. Freehold; chattels real; chattel interests.

34. When estate for life of third person is freehold; when

chattel real.

35. Estates in possession and expectancy.

36. Enumeration of estates in expectancy.

37. Definition of future estates.

38. Definition of remainder.

39. Definition of reversion.

40. When future estates are vested; when contingent.
41. Power of appointment not to prevent vesting.

42. Suspension of power of alienation.

43. Limitation of successive estates for life.

44. Remainders on estates for life of third person.

45. When remainder to take effect if estate be for lives of more than two persons.

46. Contingent remainder on term of years.

47. Estate for life as remainder on term of years.

48. Meaning of heirs and issue in certain remainders.
49. Limitations of chattels real.

50. Creation of future and contingent estates.

51. Future estates in the alternative.

52. Future estate valid though contingency improbable.
53. Conditional limitations.

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54. When heirs of life tenant take as purchasers.

55. When remainder not limited on contingency defeating precedent estate takes effect.

56. Posthumous children.

59. Qualities of expectant estates.

60. Disposition of rents and profits.

61. Accumulations.

57. When expectant estates are defeated.

58. Effect on valid remainders of determination of precedent estate before contingency.

62. Anticipation of directed accumulation.

63. Undisposed profits.

64. When expectant estates are deemed created.

65. Estates in severalty, joint tenancy and in common.

66. When estate in common; when in joint tenancy.

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SECTION 67. Sale, mortgage or lease in certain cases of real property held by tenant for life.

68. Application, how made.

69. Sale, mortgage or lease, how made.

70. Effect of instruments upon sale, mortgage or lease...

71. Disposition of proceeds of sale.

72. Release of rents reserved by leases in perpetuity.

73. Compromise of controversies arising between claimants to property or estates where the interests of infants, incompetents or persons unknown or not in being are or may be affected.

§ 30. 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. Derivation: Real Property Law, § 20.

§ 31. 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.

Derivation: Real Property Law, § 21.

§ 32. 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 eighty-two, 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.

Derivation: Real Property Law, § 22.

§ 33. Freehold; 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.

Derivation: Real Property Law, § 23.

§ 34. 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.

Derivation: Real Property Law, § 24.

§ 35. 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.

Derivation: Real Property Law, § 25.

36. 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,

1. Future estates; and

2. Reversions.

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§ 37. 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.

Derivation: Real Property Law, § 27.

§ 38. Definition of 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.

Derivation: Real Property Law, § 28.

§ 39. Definition of 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 one or more particular estates granted or devised.

Derivation: Real Property Law, § 29.

§ 40. When future estates are vested; when contingent.

A future estate is either vested or contingent. It is vested, when 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.

Derivation: Real Property Law, § 30.

41. Power of appointment not to prevent vesting.

The existence of an unexecuted power of appointment does not

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prevent the vesting of a future estate, limited in default of the execution of the power.

Derivation: Real Property Law, § 31.

§ 42. 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 decmed a part of a life, and not an absolute term equal to the possible duration of such minority. Derivation: Real Property Law, § 32.

§ 43. 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.

Derivation: Real Property Law, § 33.

§ 44. Remainders on estates for life of third person.

A remainder shall not be created on an estate for the life of anv 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 term.

Derivation: Real Property Law, § 34.

§ 45. When remainder 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

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death of the two persons first named, as if no other lives had been introduced.

Derivation: Real Property Law, § 35.

§ 46. Contingent remainder on term of years.

A contingent remainder shall not be created 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.

Derivation: Real Property Law, § 36.

§ 47. Estate for life as remainder on term of years.

No estate for life shall be limited as a remainder on a term of years, exccpt to a person in being at the creation of such estate. Derivation: Real Property Law, § 37.

§ 48. Meaning of heirs and issue in certain remainder.

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.

Derivation: Real Property Law, § 38.

§ 49. Limitations 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.

Derivation: Real Property Law, § 39.

§ 50. 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.

Derivation: Real Property Law, § 40.

51. Future estates in the alternative.

Two or more future estates may be created to take effect in the

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