dispose of 922. Every power of disposition is deemed abso- Power to lute by means of which the holder is enabled, in his foo. lifetime, to dispose of the entire fee, in possession or in expectancy, for his own benefit. NOTE.-Jackson vs. Edwards, 7 Paige, p. 401. revoke. 923. Where the grantor in any conveyance reserves Power to to himself, for his own benefit, an absolute power of revocation, such grantor is still to be deemed the abso lute owner of the estate conveyed, so far as the rights of creditors and purchasers are concerned. jere 924. A special and beneficial power is valid which Special and is granted: 1. To a married woman to dispose, during the marriage, of any estate less than a fee, belonging to her, in the property to which the power relates; or, 2. To the owner of a life estate in the property embraced in the power to make leases, commencing in possession during his life. beneficial powers, who may take. tion of powers. 925. A special and beneficial power to make leases Construcof agricultural land for more than ten years, or of town leasing and city lots for more than twenty years, is void only as to the time beyond ten or twenty years, and authorizes leases for those terms or less. 66 NOTE.-Stats. 1851, p. 169, Sec. 1. The contrary was make 926. The power of the owner of a life estate to Power to make leases is not transferable as a separate interest, leases by pass, but is annexed to his estate, and will unless spe owner for life. Release of such power. Mortgages by party having power to lease, etc. Effect thereof. Special and beneficial powers liable to creditors. Future beneficial powers. Trust powers cially excepted, by any grant of such estate. If spegially excepted in any such grant, it is extinguished. 927. The power of the owner of a life estate to make leases may be released by him to any person entitled to a future estate in the property, and is thereupon extinguished. 928. A mortgage executed by the owner of a life estate having a power to make leases, or by a married woman, by virtue of any beneficial power, does not extinguish or suspend the power; but the power is bound by the mortgage in the same manner as the real property embraced therein. 929. The effects on the power of a lien by mortgage, such as is mentioned in the last section, are: 1. That the mortgagee is entitled to an execution of the power, so far as the satisfaction of his lien may require it; and, 2. That any subsequent estate created by the owner, in execution of the power, becomes subject to the mortgage, in the same manner as if in terms embraced therein. 930. Every special and beneficial power is liable to the claims of creditors, in the same manner as other interests that cannot be reached by execution, and the execution of the power may be adjudged for the benefit of the creditors entitled. 931. No beneficial power, general or special, not already specified and defined in this Title, can hereafter be created. NOTE.-Jackson vs. Edwards, 7 Paige, p. 400. 932. Every trust power, unless its execution is imperative made expressly to depend on the will of the Trustee, is imperative, and imposes a duty on the Trustee, the performance of which may be compelled for the benefit of the parties interested. علیکم NOTE.-Arnold vs. Gilbert, 5 Barb., p. 195. right of selection. 933. A trust power does not cease to be impera- Effect of tive where the Trustee has the right to select any, and exclude others, of the persons designated as the beneficiaries of the trust. NOTE.-Hoey vs. Kenny, 25 Barb., p. 396. tion of powers. 934. Where a disposition under a power is direct- Construced to be made to, among, or between several persons, certain without any specification of the share or sum to be allotted to each, all the persons designated are entitled in equal proportion. 935. Where the terms of a power import that the Same. estate or fund is to be distributed among several persons designated, in such manner or proportions as the Trustee of the power may think proper, the Trustee may allot the whole to any one or more of such persons in exclusion of the others. Court to execute 936. If the Trustee of a power, with the right of When selection, dies, leaving the power unexecuted, its execution must be adjudged for the benefit, equally, of all the persons designated as objects of the trust. سلی NOTE.-Hoey vs. Kenny, 25 Barb., p. 396. power. 937. Where a power in trust is created by will, Same. and the testator has omitted to designate, expressly or by necessary implication, by whom the power is to be executed, its execution devolves on the District Court. NOTE.-Meakings vs. Cromwell, 5 N. Y., p. 139. Execution power of trust 938. The execution, in whole or in part, of any trust power, may be adjudged for the benefit of the creditors or assignees of any person entitled, as one of pelled by when com creditors, etc. Defective execution. Application of certain sections. the beneficiaries of the trust, to compel its execution, when his interest is transferable. 939. Where the execution of a power in trust is defective, in whole or in part, under the provisions of this Title, its proper execution may be adjudged in favor of the persons designated as the objects of the trust. 940. The provisions of the Title on Trust, saving the rights of other persons from prejudice by the misconduct of Trustees, and authorizing the Court to remove and appoint Trustees; the provisions of the Title on Succession, devolving express trusts upon the Court on the death of the Trustee; and the provisions of Section 871, in the Title on Uses and Trusts, apply equally to powers in trust, and the Trustees of such power. NOTE.-Hoey vs. Kenny, 25 Barb., p. 396; Hutchings vs. Baldwin, 7 Bosw., p. 236. On the general questions of the powers of Trustees as connected with the "cestui que trust" execution of resignation of the trust, see Butler vs. Welton, July Term, 1872, Cal. Rep. (No. 3,173); Weltch vs. Palmer, 39 Cal., p. 456; Learned vs. Welton, 40 Cal., p. 350. PART III. PERSONAL OR MOVABLE PROPERTY. TITLE I. PERSONAL PROPERTY IN GENERAL. TITLE I. PERSONAL PROPERTY IN GENERAL. SECTION 946. By what law governed. 947. Future interests in perishable property, how protected. law 946. If there is no law to the contrary in the place By what where personal property is situated, it is deemed to governed. follow the person of its owner, and is governed by the law of his domicile. interests in property, protected. 947. Where one has the present and another the Future future interest in a thing personal, and the thing is perishable perishable, the latter may require it to be sold, and how the proceeds invested for the benefit of both parties, according to their respective interests; except in case of a thing specially appropriated to a particular use. |