Page:United States Statutes at Large Volume 31.djvu/1403

FIFIY-SIXTH CONGRESS. Sess. II. Ch. 854. 1901. 1351 Sec. 1013. An estate in fee simple may be either absolute or quali— ggmy **0 “‘”S°l““’· fied, as to one and his heirs during an existing condition of things of ` uncertain duration. . Sec. 1014. FREEHOLDS.—ESCHt€S of inheritance and estates for life “°°h<>"***~ shall continue to be denominated freeholds, and estates for years shall be chattels real; estates at will or by sufferance shall be chattel interests, but shall not be liable, as such, to sale under execution; and all estates inay be subject to conditions precedent or subsequent. Sec. 1015. ESTATES PUR AUTRE VIE.·—.AIl estate for the life of a ,,,§S‘““’S pw ““"° third person, whether limited to heirs or otherwise, shall be deemed a A freehold only during the life of the grantee or devisee, but after his death it shall be deemed a chattel real and be a part of his personal estate. Sec. 1016. ESTATES G1.Ass1ErED.»Estates are either in possession or ES¤*¤€**°l¤S¤i“€d- in expectancy. Sec. 1017. An estate in possession exists when the owner has an —P°*$°S$i°“· immediate right to the possession of the land. - Sec. 1018. An estate in expectancy is either a reversion or a future ·€XP€°m¤c>'· estate. Sec. 1019. REvERSIONs.—A reversion is the residue of an estate R€V°¤‘»i°¤S· left in the grantor who has conveyed, or in the heirs of the devisor who has devised a particular estate less than his own, and which residue returns to his or their possession on the expiration of the particular estate. Sec. 1020. FUTURE EsTATEs.—A future estate is one limited to com- F“‘“" "S“““· mence at a future day, either without the intervention of a precedent estate or after the expiration or determination of a precedent estate created at the same time and by the same conveyance or devise. Sec. 1021. If it is to commence upon the full expiration of such ""’h"“‘"°""*’·i“d"’· precedent estate, it is a remainder and may be transferred by that name. _ _ If it is to commence on a contingency which, if it happen, will abridge {{Q,f§§0‘§,f’°“d“‘°““l or determine such precedent estate before its expiration, it shall be known as a conditional limitation. _ Sec. 1022. VESTED AND CONTINGENT FUTURE EsTATEs.—A future g€‘,§§§;’§,;,“§S,§§§;‘°‘ estate is vested when there is a person in being who would have an immediate right to the possession of the land upon the expiration of the intermediate or precedent estate, or upon the arrival of a certain period or event when it is to commence in possession. It is contingent when the person to whom or the event upon which it is limited to take eifect in possession or become a veste estate is uncertain. · Sec. 1023. PEaPETD*1T1Es.—Except in the case of gifts or devises to I"?*P"“*m°¤· charitable uses, every future estate, whether of freehold or leasehold, whether by way of remainder or without a precedent estate, and whether vested or contingent, shall be void in its creation which shall suspend, or may by possibility suspend, the power of absolute alienation of the property, so that there shall be no person or persons in being by whom an absolute fee in the same, in possession, can be conveyed, for a longer period than during the continuance of not more than one or more lives in being and twenty-one years thereafter. Sec. 1024. CHATTELS REAL.-The provisions aforesaid as to future C1¤me1¤r<>¤1- estates shall apply to limitations of chattels real as well as to freehold estates, so that the absolute ownership of a term for years and power to dispose of the same shall not be suspended for a longer period than the absolutefpower of alienation in respect to a fee simple. Sec. 1025Z WHAT ESTATES CREATED nr DEED on \VILL.—-Sl1l)j€Cl3 to wlliugesmrqsyrcared the provisions aforesaid, a freehold estate as well as a chattel real may bl °° °rW` ` be created by deed or will to commence at a future day, absolutely or conditionally; an estate for life may be created in a term for years and a remainder limited thereon; a remainder of freehold or for years, either vested or contingent, may be created expectant on the determination of aterm for years, and a fee may be limited on a fee upon a