Abbildungen der Seite
PDF
EPUB

sufficient to pass the property out of which the fund is to arise, as follows:

1. If such accumulation is directed to commence on the creation of the interest out of which the income is to arise, it must be made for the benefit of one or more minors then in being, and terminate at the expiration of their minority; or,

2. If such accumulation is directed to commence at any time subsequent to the creation of the interest out of which the income is to arise, it must commence within the time in this title permitted for the vesting of future interests, and during the minority of the beneficiaries, and terminate at the expiration of such minority. En. March 21, 1872.

Cal.Rep.Cit. 58, 480; 58, 482; 79, 623; 136, 142.

Ownership of undisposed accumulations: See sec. 733, post.

Accumulations liable for debts: See sec. 859.

Restraint upon disposition of beneficiary's interest: See sec. 867.

Bequests of income: See post, secs. 1357, subd. 3, 1366. Annuities: See same sections.

$ 725. Other directions, when void in part. If in either of the cases mentioned in the last section the direction for an accumulation is for a longer term than during the minority of the beneficiaries, the direction only, whether separable or not from other provisions of the instrument, is void as respects the time beyond such minority. En. March 21, 1872.

$ 726. Application of income to support, etc., of minor. When a minor for whose benefit an accumulation has been directed is destitute of other sufficient means of support and education, the proper court, upon application, may direct a suitable sum to be applied thereto out of the fund. En. March 21, 1872.

Cal.Rep.Cit. 58, 481.

Maintenance of ward out of his estate: See Code Civ. Proc., secs. 1770, 1771.

CHAPTER III.

RIGHTS OF OWNERS. 732. Increase of property. $ 733. In certain cases who entitled to income of property.

$ 732. Increase of property. The owner of a thing also owns all its products and accessions. En. March 21, 1872.

Accessions to real property: See post, secs. 1013 et seq.

Accessions to personal property: See post, secs. 1025 et seq.

$733. In certain cases who entitled to income of property. When, in consequence of a valid limitation of a future interest, there is a suspension of the power of alienation or of the ownership during the continuation of which the income is undisposed of, and no valid direction for its accumulation is given, such income belongs to the persons presumptively entitled to the next eventual interest. En. March 21, 1872.

CHAPTER IV.

TERMINATION OF OWNERSHIP. 739. Future interests, when defeated. 740. Same. $741. Future interests, when not defeated. $742. Same.

$ 739. Future interests, when defeated. A future interest, depending on the contingency of the death of any person without successors, heirs, issue, or children, is defeated by the birth of a posthumous child of such person, capable of taking by succession. En. March 21, 1872.

Posthumous children: See ante, sec. 698.

$ 740. Same. A future interest may be defeated in any manner or by any act or means which the party creating such interest provided for or authorized in the creation thereof; nor is a future interest, thus liable to be defeated, to be on that ground adjudged void in its creation. En. March 21, 1872.

$ 741. Future interests, when not defeated. No future interest can be defeated or barred by any alienation or other act of the owner of the intermediate or precedent interest, nor by any destruction of such precedent interest by forfeiture, surrender, merger, or otherwise, except as provided by the next section, or where a forfeiture is imposed by statute as a penalty for the violation thereof. En. March 21, 1872.

Future interests: See post, sec. 767.

8 742. Same. No future interest, valid in its creation, is defeated by the determination of the precedent interest before the happening of the contingencs 02 which the future interest is limited to take effect; but should such con. tingency afterwards happen, the future interest takes effect in the same manner, and to the same extent, as if the precedent interest had continued to the same period. En. March 21, 1872.

TITLE III.

GENERAL DEFINITIONS. $ 748. Income, what. § 749.

Time of creation, what. 8 748. Income, what. The income of property, as the term is used in this part of the code, includes the rents and profits of real property, the interest of money, dividends upon stock, and other produce of personal property. En. March 21, 1872.

$ 749. Time of creation, what. The delivery of the grant, where a limitation, condition, or future interest is created by grant, and the death of the testator, where it is created by will, is to be deemed the time of the creation of the limitation, condition, or interest, within the meaning of this part of the code. En. March 21, 1872.

Cal.Rep.Cit. 79, 622; 108, 647; 123, 142; 124, 537.

PART II.

REAL OR IMMOVABLE PROPERTY.

Title I. General Provisions, $ 755.

II. Estates in Real Property, 88 761-811.
III. Rights and Obligations of Owners, 88 818-841.
IV. Uses and Trusts, 88 847-871.
V. Powers, 88 878-940. [Repealed.]

TITLE I.
GENERAL PROVISIONS.

$ 755. Real property, how governed. $ 755. Real property, how governed. Real property within this state is governed by the law of this state, except where the title is in the United States. En. March 21, 1872. Am'd. 1873-4, 218.

Cal.Rep.Cit. 85, 282.

Territorial jurisdiction of the state: See Pol. Code, secs. 33, 34.

TITLE II.
ESTATES IN REAL PROPERTY.
Chapter I. Estates in General, 88 761-781.

• II. Termination of Estates, 88 789-793.

III. Servitudes, 88 801-811.

CHAPTER I.

ESTATES IN GENERAL. $761. Enumeration of estates.

762. What estate a fee simple. $763. Conditional fees and estates tall abolished. $764. Certain remainders valid. $765. Freeholds. Chattels real. Chattel interests. i 766. Estates for life of a third person, wben a freehold, etc.

767. Future estates, limitations of. 768. Reversions.

769. Remainders. § 770. Suspended ownership. $ 771. Suspension by trust. $ 772. Contingent remainder in fee.

773. Remainders, future and contingent estates, how created.

774. Limitation of successive estates for life.
§ 775. Remainders.
š 776. Contingent remainder on a term of years,
§ 777. Remainder of estates for life.
$ 778. Remainder upon a contingency.

779. Heirs of a tenant for life, when to take as purchasers.
780. Construction of certain remainders,
781. Effect of power of appointment.

$ 761. Enumeration of estates. Estates in real property, in respect to the duration of their enjoyment, are either:

1. Estates of inheritance or perpetual estates;
2. Estates for life;
3. Estates for years; or,
4. Estates at will. En. March 21, 1872
Cal.Rep.Cit. 79, 443.
See sec. 765.

$ 762. What estate a fee simple. Every estate of inheritance is a fee, and every such estate, when not defeasible or conditional, is a fee simple, or an absolute fee. En. March 21, 1872. Am'd. 1873-4, 218.

Transferring fee, words of inheritance not essential: See sec. 1072, post.

Devising fee, "heirs" not essential: Sec. 1329.

$ 763. Conditional fees and estates tail abolished. Estates tail are abolished, and every estate which would be at common law adjudged to be a fee tail is a fee simple; and if no valid remainder is limited thereon, is a fee simple absolute. En. March 21, 1872.

Cal.Rep.Cit. 104, 302.

$ 764. Certain remainders valid. Where a remainder in fee is limited upon any estate, which would by the common law be adjudged a fee tail, such remainder is valid as a contingent limitation upon a fee, and vests in possession on the death of the first taker, without issue living at the time of his death. En. March 21, 1872.

$ 765. Freeholds. Chattels real. Chattel interests. Es. tates of inheritance and for life are called estates of free

« ZurückWeiter »