an interest in common, unless acquired by them in partnership, for partnership purposes or unless declared in its creation to be a joint interest, as provided in section 683, or unless acquired as community property. En. March 21, 1872. Interests in common: See ante, secs. 683, 685. § 687. Community property. Community property is property acquired by husband and wife, or either, during marriage, when not acquired as the separate property of either. En. March 21, 1872. Cal Rep.Cit. 70, 284; 116, 342. Community property: See ante, sec. 164. § 688. Interests as to time. In respect to the time of enjoyment, an interest in property is either: 1. Present or future; and, 2. Perpetual or limited. En. March 21, 1872. Cal.Rep.Cit. 107, 420. § 689. Present interest, what. A present interest entitles the owner to the immediate possession of the property. En. March 21, 1872. Cal.Rep. Cit. 107, 420. § 690. Future interest, what. A future interest entitles the owner to the possession of the property only at a future period. En. March 21, 1872. Cal.Rep.Cit. 79, 622; 104, 301; 107, 420; 122, 627; 133, 422. Accumulations as future interests: See secs. 722 et seq., and 733. Conditions upon the enjoyment of estates: See secs. 707 et seq. Terminating future interests: See secs. 739 et seq. § 691. Perpetual interest, what. A perpetual interest has a duration equal to that of the property. En. March 21, 1872. 692. Limited interest, what. A limited interest has a duration less than that of the property. En. March 21, § 693. Kinds of future interests. A future interest is either: 1. Vested; or, 2. Contingent. $ 694. En. March 21, 1872. Vested interests. A future interest is vested when there is a person in being who would have a right, defeasible or indefeasible, to the immediate possession of the property, upon the ceasing of the intermediate or precedent interest. En. March 21, 1872. Cal.Rep.Cit. 73, 102; 122, 627; 132, 574; 132, 578; 133, 422; 136, 106. § 695. Contingent interests. A future interest is contingent, whilst the person in whom or the event upon which, it is limited to take effect remains uncertain. En. March 21, 1872. Cal.Rep.Cit. 120, 84; 120, 85. § 696. Two or more future interests. Two or more future interests may be created to take effect in the alternative, so that if the first in order fails to vest, the next in succession shall be substituted for it, and take effect accordingly. En. March 21, 1872. § 697. Certain future interests not to be void. A future interest is not void merely because of the improbability of the contingency on which it is limited to take effect. En. March 21, 1872. $ 698. Posthumous children. When a future interest is limited to successors, heirs, issue, or children, posthumous children are entitled to take in the same manner as if living at the death of their parent. En. March 21, 1872. Future interests defeated by birth of posthumous child: See post, sec. 739. § 699. Qualities of expectant estates. Future interests pass by succession, will, and transfer, in the same manner as present interests. En. March 21, 1872. Cal.Rep.Cit. 104, 301; 107, 420; 108, 649; 122, 627; 133, 422. $700. Same. A mere possibility, such as the expectancy of an heir apparent, is not to be deemed an interest of any kind. En. March 21, 1872. Cal. Rep.Cit. 70, 286; 104, 584; 112, 393; 124, 44; 138, 361. § 701. Interests in real property. In respect to real or immovable property, the interests mentioned in this chapter are denominated estates and are specially named and classified in part II of this division. En. March 21, 1872. § 702. Same. The names and classification of interests in real property have only such application to interests in personal property as is in this division of the code expressly provided. En. March 21, 1872. § 703. What future interests are recognized. No future interest in property is recognized by the law, except such as is defined in this division of the code. En. March 21, 1872. ARTICLE II. CONDITIONS OF OWNERSHIP. 707. Fixing the time of enjoyment. 708. § 709. § 710. § 711. Conditions. Certain conditions precedent void. 707. Fixing the time of enjoyment. The time when the enjoyment of property is to begin or end may be determined by computation, or be made to depend on events. In the latter case, the enjoyment is said to be upon condition. En. March 21, 1872. Cal.Rep.Cit. 109, 330. Conditional legacies: See post, secs. 1345 et seq. § 708. Conditions. Conditions are precedent or subsequent. The former fix the beginning, the latter the ending, of the right. En. March 21, 1872. Conditional obligations: See post, secs. 1434-1442. Conditional limitation.-Remainder operating to abridge precedent estate: Post, sec. 778. 709. Certain conditions precedent void. If a condition precedent requires the performance of an act wrong of itself, the instrument containing it is so far void, and the right cannot exist. If it requires the performance of an act not wrong of itself, but otherwise unlawful, the instru ment takes effect and the condition is void. En. March 21, 1872. Cal.Rep.Cit. 55, 566. $710. Conditions restraining marriage void. Conditions imposing restraints upon marriage, except upon the marriage of a minor are void; but this does not affect limitations where the intent was not to forbid marriage, but only to give the use until marriage. En. March 21, 1872. Am'd. 1873-4, 218. Contracts in restraint of marriage: See post, sec. 1676. § 711. Conditions restraining alienation void. Conditions restraining alienation, when repugnant to the interest created, are void. En. March 21, 1872. Cal.Rep.Cit. 64, 366; 74, 143; 110, 426; 110, 427. See also post, secs. 715, 772, and the title on Uses and Trusts, post, secs. 847 et seq. ARTICLE III. RESTRAINTS UPON ALIENATION. How long it may be suspended. Future interests void, which suspend power of alienation. § 715. How long it may be suspended. The absolute power of alienation cannot be suspended, by any limita tion or condition whatever, for a longer period than during the continuance of the lives of persons in being at the creation of the limitation or condition, except in the single case mentioned in section 772. En. March 21, 1872. Cal.Rep.Cit. 58, 473; 58, 481; 58, 482; 73, 103; 74, 143; 79, 622; 105, 197; 108, 646; 108, 647; 108, 656; 108, 657: 108, 658; 109, 330; 118, 657; 118, 658; 119, 146; 121, 382; 123, 142; 124, 536; 133, 620; 136, 141; 136, 142. See also post, sec. 771. § 716. Future interests void, which suspend power of alienation. Every future interest is void in its creation which, by any possibility, may suspend the absolute power of alienation for a longer period than is prescribed in this chapter. Such power of alienation is suspended when there are no persons in being by whom an absolute interest in possession can be conveyed. En. March 21, 1872. Cal. Rep.Cit. 73, 103; 79, 622; 108, 647; 108, 648; 119, 146; 121, 382; 123, 143; 124, 537; 136, 141; 136, 142. §717. Leases of agricultural land, for over ten years, void. No lease or grant of land for agricultural purposes for a longer period than ten years, in which shall be reserved any rent or service of any kind, shall be valid. En. March 21, 1872. Am'd. 1895, 76. 718. Leases of city lots, for over fifty years, void. No lease or grant of any town or city lot, for a longer period than fifty years, in which shall be reserved any rent or service of any kind, shall be valid; provided, that the property of any municipality, or any minor or incompetent person shall not be leased for a longer period than ten years. En. March 21, 1872. Am'd. 1903, 247. Cal.Rep.Cit. 136, 142. ARTICLE IV. ACCUMULATIONS. 722. Dispositions of income. 723. $724. § 725. 726. Accumulations, when void. Accumulation of income. Other directions, when void in part. Application of income to support, etc., of minor. Dispositions of the In 722. Dispositions of income. come of property to accrue and to be received at any time subsequent to the execution of the instrument creating such disposition, are governed by the rules prescribed in this title in relation to future interests. En. March 21, 1872. Cal.Rep.Cit. 58, 481; 79, 623. 723. Accumulations, when void. All directions for the accumulation of the income of property, except such as are allowed by this title, are void. En. March 21, 1872. Cal. Rep. Cit. 136, 103; 136, 142. $724. Accumulation of income. An accumulation of the income of property, for the benefit of one or more persons, may be directed by any will or transfer in writing |