SECTION 678. Ownership, absolute or qualified. 679. When absolute. 680. When qualified. 681. Several ownership, what. 682. Ownership of several persons. 683. Joint interest, what. 684. Partnership interest, what. 685. Interest in common, what. 686. What interests are in common. 694. Vested interests. 695. Contingent interests. 696. Two or more future interests. 697. Certain future interests not to be void. 698. Posthumous children. 699. Qualities of expectant estates. 700. Same. 701. Interests in real property. 702. Same. 703. What future interests are recognized. § 678. The ownership of property is either: 1. Absolute; or, 2. Qualified. $679. The ownership of property is absolute when a sin gle person has the absolute dominion over it, and may use it of dispose of it according to his pleasure, subject only to general § 680. The ownership of property is qualified: 1. When it is shared with one or more persons; 2. When the time of enjoyment is deferred or limited; 3. When the use is restricted. § 681. The ownership of property by a single person is designated as a sole or several ownership. § 682. The ownership of property by several persons is either: 1. Of joint interests; 2. Of partnership interests; 3. Of interests in common; 4. Of community interest of husband and wife. § 683. A joint interest is one owned by several persons in equal shares, by a title created by a single will or transfer, when expressly declared in the will or transfer to be a joint tenancy, or when granted or devised to executors or trustees as joint tenants. § 684. A partnership interest is one owned by several persons in partnership, for partnership purposes. § 685. An interest in common is one owned by several persons, not in joint ownership or partnership. 56 Cal. 209; 57 Cal. 180; 58 Cal. 21. § 686. Every interest created in favor of several persons in their own right is 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. § 687. Community property is property acquired by husband and wife, or either, during marriage, when not acquired as the separate property of either. § 688. In respect to the time of enjoyment, an interest in property is either: 1. Present or future; and, 2. Perpetual or limited. § 689. A present interest entitles the owner to the imme diate possession of the property. § 690. A future interest entitles the owner to the possession of the property only at a future period. § 691. A perpetual interest has a duration equal to that the property. § 692. A limited interest has a duration less than that of he property. § 693. A future interest is either: 1. Vested; or, 2. Contingent. § 694. 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. § 695. A future interest is contingent, whilst the person in whom, or the event upon which, it is limited to take effect remains uncertain. § 696. 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. § 697. A future interest is not void merely because of the improbability of the contingency on which it is limited to take effect. § 698. When a future interest is limited to successors, eirs, issue, or children, posthumous children are entitled take in the same manner as if living at the death of their parent. § 699. Future interests pass by succession, will, and transfer, in the same manner as present interests. $ 700. A mere possibility, such as the expectancy of au heir apparent, is not to be deemed an interest of any kind. § 701. 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. § 702. 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. § 703. No future interest in property is recognized by the law, except such as is defined in this division of the Code. ARTICLE II. CONDITIONS OF OWNERSHIP. SECTION 707. Fixing the time of enjoyment. 709. Certain conditions precedent void. 707. 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. § 708. Conditions are precedent or subsequent. The former fix the beginning, the latter the ending, of the right. § 709. 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 instrument takes effect and the condition is void. § 710. 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. [In effect July 1, 1874.] § 711. Conditions restraining alienation, when repugnant to the interest created, are void. ARTICLE III. RESTRAINTS UPON ALIENATION. SECTION 715. How long it may be suspended. 716. Future interests void, which suspend power of alienation. § 715. The absolute power of alienation cannot be suspended, by any limitation 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. 58 Cal. 473, 482. § 716. Every future interest is void in its creation which, by any possibility, may suspend the absolute power of aliena tion 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. § 717. No lease or grant of agricultural land for a longer period than ten years, in which shall be reserved any rent or service of any kind, shall be valid. § 718. No lease or grant of any town or city lot, for a longer period than twenty years, in which shall be reserved any rent or service of any kind, shall be valid. ARTICLE IV. ACCUMULATIONS. STION 722. Dispositions of income. 723. Accumulations, when void. 724. Accumulation of income. 725. Other directions, when void in part. 726. Application of income to support, &c., of minor § 722. Dispositions of the income 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. § 723. All directions for the accumulation of the income |