PERSONAL PROPERTY LAW AN ACT relating to personal property, constituting chapter fortyone of the consolidated laws. The People of the State of New York, represented in Senate and Assembly, do enact as follows: CHAPTER [47] 41 OF THE [GENERAL] CON SOLIDATED LAWS [THE PERSONAL PROPERTY LAW Article 1. Short title (§ 1). [1] 2. Future estates; charitable uses; ac- [2] 3. Agreements [not] in writing; with- 4. Contracts for the conditional sale of [3] 5. Laws repealed; when to take effect § 1. Short title [definition]. This chapter shall b 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.] ¡See note 1] ARTICLE [1] 2 Future Estates; Charitable Uses; Accumulation of Income; Trust Estates Section [1] 10. [Short title;] Definitions. [2] 11. Suspension of ownership. 12. Gifts and bequests of personal property for charitable purposes. 13. Certain educational and other charitable uses authorized. 14. Certain gifts for charitable and educational uses regulated... [3] 15. When income of trust fund is not alienable. ..come. [5] 17: Anticipation of directed accumulation. [6118. Power to bequeath executed by general [provisions of provision in will. [7] 19. Disaffirmance of fraudulent acts by executors and others. [8] 20. When trust vests in supreme court. [9] 21. Investment of trust funds. 22. Commissions of trustees. § 10. Definitions. 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. [Original § 1, last sentence.] S [2] 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 [See note 2] 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 [See note 3) 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. § 12. Gifts and bequests of personal property for [See note 4] charitable purposes. 1. No gift, grant, or bequest [or devise to religious, educational, charitable, or benevolent uses, which shall in other respects be valid under the laws of this state, shall [or] be deemed 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 [or devise] there is a trustee named to execute the same, the legal title to the [lands or] property given, granted, [devised] or bequeathed for such purposes shall vest in such trustee. If no person be named as trustee then the title to such [lands or] property shall vest in the supreme court. [L. 1893, Ch. 701, § 1.] 2. The supreme court shall have control over gifts, grants, and bequests [and devises] in all cases provided for by subdivision [section] one of this section, [act] 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 [or devise] 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 [or devise] shall be administered or expended in such manner as in the judgment 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; provided, however, that no such order shall be made until the expiration of at least twenty-five years after the execution of |