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directed to be set apart or held for the benefit of or to represent the interest of infants, incompetents or persons unknown or unborn, the same may in a proper case be paid or deposited in court and remain subject to the order of the court.
(e) An agreement of compromise made in writing pursuant to this section, if found by the court to be just and reasonable in its effects upon the interests in said estate or property of infants, lunatics, persons of unsound mind, unknown persons or the future contingent interests of persons not in being, shall be valid and binding upon such interests as well as upon the interests of adult persons of sound mind.
(f) An application for the approval of a compromise pursuant to this section must be made by petition duly verified, which shall set forth the provisions of any instruments or documents by virtue of which any claim is made to the property or estate in controversy and any and all facts relating to the claims of the various parties to the controversy and the possible contingent interests of persons not in being and all facts which make it proper or necessary that the proposed compromise be approved by the court. After taking proof of the facts either before the court or by a referee and hearing the parties and fully examining into the matter the court must make an order upon the appli cation. (Added by L. 1919, ch. 441, in effect May 5, 1919.)
USES AND TRUSTS.
SECTION 90. Executed uses existing.
91. Certain uses and trusts abolished.
92. When right to possession creates legal ownership.
94. Grant to one where consideration paid by another.
96. Purposes for which express trusts may be created.
98. Surplus income of trust property liable to creditors.
102. Interest remaining in grantor of express trust.
104. Transferee of trust property protected.
105. When trustee may convey or exchange trust property.
107. Notice to beneficiary and other persons interested where real property affected by a trust is conveyed, mortgaged or leased, and procedure thereupon
108. Person paying money to trustee protected.
110. Termination of trusts for the benefit of creditors.
112. Resignation or removal of trustee and appointment of suc
113. Grants and devises of real property for charitable purposes. 114. Certain educational and other charitable uses authorized. 114a. Trusts for care of cemetery lots, et cetera.
115. Certain grants for charitable and other uses regulated.
*116. Executors', fiduciaries' and trustees' investments in certain
117. Commissioners cf trustees.
§ 90. Executed uses existing.
Every estate which is now held as a use, executed under any former statute of the state, is confirmed as a legal estate.
Derivation: Real Property Law, § 70.
§ 91. Certain uses and trusts abolished.
Uses and trusts concerning real property, except as authorized * So in original.
and modified by this article, have been abolished; every estate or interest in real property is deemed a legal right, cognizable as such in the courts, except as otherwise prescribed in this chapter. Derivation: Real Property Law, § 71.
§ 92. When right to possession creates legal ownership. Every person, who, by virtue of any grant, assignment or devise, is entitled both to the actual possession of real property, and to the receipt of the rents and profits thereof, in law or 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; but this section does not divest the estate of the trustee in any trust existing on the first day of January, eighteen hundred and thirty, where the title of such trustee is not merely nominal, but is connected with some power of actual disposition or management in relation to the real property which is the subject of the
Derivation: Real Property Law, § 72.
§ 93. Trustee of passive trust not to take.
Every disposition of real property, whether by deed or by devise, shall be made directly to the person in whom the right to the possession and profits is intended to be vested, and not to another to the use of, or in trust for, such person; and if made to any person
to the use of, or in trust for another, no estate or interest, legal or equitable, vests in the trustee. But neither this section nor the preceding sections of this article shall extend to the trusts arising, or resulting by implication of law, nor prevent or affect the creation of such express trusts as are authorized and defined in this chapter. Derivation: Real Property Law, § 73.
§ 94. Grant to one where consideration paid by another.
A grant of real property for a valuable consideration, to one person, the consideration being paid by another, is presumed fraudulent as against the creditors, at that time, of the person paying the consideration, and, unless a fraudulent intent is disproved, a trust results in favor of such creditors, to an extent necessary to satisfy their just demands; but the title vests in the grantee, and no use or trust results from the payment to the person paying the consideration, or in his favor, unless the grantee either,
1. Takes the same as an absolute conveyance, in his own name, without the consent or knowledge of the person paying the consider
2. In violation of some trust, purchases the property so conveyed with money or property belonging to another.
Derivation: Real Property Law, § 74.
§ 95. Bona fide purchasers protected.
An implied or resulting trust shall not be alleged or established, to defeat or prejudice the title of a purchaser for a valuable consideration without notice of the trust..
Derivation: Real Property Law, § 75.
§ 96. Purposes for which express trusts may be created.
An express trust may be created for one or more of the following
1. To sell real property for the benefit of creditors;
2. To sell, mortgage or lease real property for the benefit of annuitants or other legatees, or for the purpose of satisfying any charge thereon;
3. To receive the rents and profits of real property, and apply them to the use of any person, during the life of that person, or for any shorter term, subject to the provisions of law relating thereto;
4. To receive the rents and profits of real property, and to accumulate the same for the purposes, and within the limits, prescribed by law.
Derivation: Real Property Law, § 76.
§ 97. Certain devises to be deemed powers.
A devise of real property to an executor or other trustee, for the purpose of sale or mortgage, where the trustee is not also empowered to receive the rents and profits, shall not vest any estate in him; but the trust shall be valid as a power, and the real property shall descend to the heirs, or pass to the devisees of the testator, subject to the execution of the power.
Derivation: Real Property Law, § 77.
§ 98. Surplus income of trust property liable to creditors.
Where a trust is created to receive the rents and profits of real property, and no valid direction for accumulation is given, the surplus of such rents and profits, beyond the sum necessary for the education and support of the beneficiary, shall be liable to the claims of his creditors in the same manuer as other personal property, which cannot be reached by execution.
Derivation: Real Property Law, § 78.
§ 99. When an authorized trust is valid as a power. Where an express trust relating to real property is created for any purpose not specified in the preceding sections of this article, no estate shall vest in the trustees; but the trust, if directing or authorizing 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 of this chapter. Where a trust is valid as a power, the real property 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.
Derivation: Real Property Law, § 79
§ 100. Trustee of express trust to have whole estate.
Except as otherwise prescribed in this chapter, an express trust, valid as such in its creation, shall vest in the trustee the legal estate, subject only to the execution of the trust, and the benefici-. ary shall not take any legal estate or interest in the property, but may enforce the performance of the trust.
Derivation: Real Property Law, § 80.
§ 101. Qualification of last section.
The last section shall not prevent any person, creating a trust, from declaring to whom the real property, to which the trust relates, shall belong, in the event of the failure or termination of the trust, or from granting or devising the property, subject to the execution of the trust. Such a grantee or devisee shall have a legal estate in the property, as against all persons, except the trustees, and those lawfully claiming under them.
Derivation: Real Property Law, § 81.
§ 102. Interest remaining in grantor of express trust.
Where an express trust is created, every legal estate and interest not embraced in the trust, and not otherwise disposed of, shall remain in or revert to, the person creating the trust or his heirs. Derivation: Real Property Law, § 82.
§ 103. What trust interest may be alienated.
1. The right of a beneficiary of an express trust to receive rents and profits of real property and apply them to the use of any person, cannot be transferred by assignment or otherwise, but the right and interest of the beneficiary of any other trust in real property may be transferred.
2. The provisions of this section as here amended shall not im