of property, except such as are allowed by this title, are void. § 724. 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 sufficient to pass the property ou 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. 58 Cal. 480. $ 725. 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. § 726. 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. CHAPTER III. RIGHTS OF OWNERS. SECTION 732. Increase of property. 733. In certain cases who entitled to income of property. § 732. The owner of a thing also owns all its products and accessions. § 733. 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 in come is undisposed of, and no valid direction for its accumula tion is given, such income belongs to the persons presump tively entitled to the next eventual interest. CHAPTER IV. TERMINATION OF OWNERSHIP. SECTION 789. Future interests, when defeated. 741. Future interests, when not defeated. § 739. 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. § 740. 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. § 741. 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. § 742. No future interest, valid in its creation, is defeated by the determination of the precedent interest before the happening of the contingency on which the future interest is limited to take effect; but should such contingency 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. TITLE III. GENERAL DEFINITIONS. SECTION 748. Income, what. 749. Time of creation, what. § 748. The income of property, as the term is used in this part of the Code, includes the rents and prorits of real property, the interest of money, dividends upon stock, and other produce of personal property. $749. 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. PART II. REAL OR IMMOVABLE PROPERTY. TITLE I. GENERAL PROVISIONS, § 755. II. ESTATES IN REAL PROPERTY, §§ 761-811. 841. IV. USES AND TRUSTS, §§ 847-871. TITLE I. GENERAL PROVISIONS. SECTION 755. Real property, how governed. $755. REAL property within this State is governed by the law of this State, except where the title is in the United States. [In effect July 1, 1874.] TITLE II. ESTATES IN REAL PROPERTY. CHAPTER I. ESTATES IN GENERAL. SECTION 761. Enumeration of estates. 762. What estate a fee simple. 763. Conditional fees and estates tail abolished. SECTION 765. Freeholds. Chattels real. Chattel interests. 766. Estates for life of a third person, when a freehold, &c. 768. Reversions. 769. Remainders. 770. Limitations of chattels real. 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. Remainder upon estates for life of third person. 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. 781. Effect of power of appointment. § 761. 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. § 762. Every estate of inheritance is a fee, and every such estate, when not defeasible or conditional, is a fee simple, or an absolute fee. [In effect July 1, 1874.] § 763. 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. § 764. 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. § 765. Estates of inheritance and for life are called estates of freehold; estates for years are chattels real; and estates at will are chattel interests, but are not liable as such to sale on execution. § 766. An estate, during the life of a third person, whether limited to heirs or otherwise, is a freehold. [In effect July 1, 1874.] |