PART II. REAL OR IMMOVABLE PROPERTY. TITLE I GENERAL PROVISIONS. II. ESTATES IN REAL PROPERTY. III. RIGHTS AND OBLIGATIONS OF OWNERS. V. POWERS. TITLE I. GENERAL PROVISIONS. SECTION 755. Real property, how governed. SEC. 755. Real property within this State is governed Real propby the law of this State. erty, how governed. N. Y. C. C., Sec. 217. TITLE II. ESTATES IN REAL PROPERTY. CHAPTER I. ESTATES IN GENERAL. II. TERMINATION OF ESTATES. CHAPTER I. ESTATES IN GENERAL. SECTION 761. Enumeration of estates. 762. What estate a fee simple. 763. Conditional fees and estates tail abolished. Enumera tion of estates. What estate a fee simple. Conditional fees and estates tail abolished, SECTION 764. Certain remainders valid. 765. Freeholds. Chattels real. Chattel interests. 766. Estates for life of a third person, when a freehold, etc. 767. Future estates, what. 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. Same. 777. Contingent remainder on a term of years. 778. Remainder of estates for life. 779. Remainder upon a contingency. 780. Heirs of a tenant for life, when to take as purchasers. 781. Construction of certain remainders. 782. Effect of power of appointment. SEC. 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. N. Y. C. C., Sec. 218. SEC. 762. Every estate of inheritance, notwithstanding the abolition of tenures, continues to be called a fee simple, or fee; and every such estate, when not defeasi ble or conditional, is called a fee simple absolute, or an absolute fee. SEC. 763. N. Y. C. C., Sec. 219. Conditional fees at Common Law and estates tail under the statute de donis are abolished; and every estate which would be adjudged a conditional fee at Common Law, or a fee tail by the statute de donis, is a fee simple; and, if no valid remainder is limited thereon, is a fee simple absolute. N. Y. C. C., Sec. 220. NOTE. The words "conditional fees at Common Law" and "fee tail by the statute de donis" are substituted for the words "fee tail, according to the law of this State as it existed on the 12th day of July, 1782," in the New York Civil Code. It is not certain whether our Act adopting the Common Law included the conditional fee at Common Law or its successor, the fee tail, under the statute de donis. The remainders SEC. 764. Where a remainder in fee is limited upon Certain any estate, which would by the Common Law be adjudged valid. a conditional fee, or 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. SEC. 765. N. Y. C. C., Sec. 221. Estates of inheritance and for life are called Freeholds. estates of freehold; estates for years are chattels real; Chattels real and estates at will are chattel interests, but are not liable Chattel as such to sale on execution. interests. N. Y. C. C., Sec. 222. SEC. 766. An estate during the life of a third person, whether limited to heirs or otherwise, is a freehold only during the life of the grantee or devisee. After his death it is a chattel real. N. Y. C. C., Sec. 223. estates, what SEC. 767. A future estate may be limited by the act of Future the party to commence in possession at a future day, either without the intervention of a precedent estate, or on the termination, by lapse of time or otherwise, of a precedent estate created at the same time. N. Y. C. C., Sec. 224. SEC. 768. A reversion is the residue of an estate left, by operation of law, in the grantor or his successors, or in the successors of a testator, commencing in possession on the determination of a particular estate granted or devised. SEC. 769. N. Y. C. C., Sec. 225. Reversions. When a future estate, other than a rever- Remainders. sion, is dependent on a precedent estate, it may be called a remainder, and may be created and transferred by that name. N. Y. C. C., Sec. 226. of chattels SEC. 770. The provisions of Tit. II of Part 1 of this Limitations Division, relative to future estates, apply to limitations of real." chattels real, as well as of freehold estates, so that the Suspension by trust. Contingent remainder in fee. Remainders, future and contingent estates, how created. Limitation of successive estates for life. Remainder upon estates absolute ownership of a term of years cannot be suspended for a longer period than the absolute power of alienation can be suspended in respect to a fee. N. Y. C. C., Sec. 227. SEC. 771. The suspension of all power to alienate the subject of a trust, other than a power to exchange it for other property to be held upon the same trust, or to sell it and reinvest the proceeds to be held upon the same trust, is a suspension of the power of alienation, within the meaning of Sec. 715. N. Y. C. C., Sec. 228. SEC. 772. A contingent remainder in fee may be created on a prior remainder in fee, to take effect in the event that the persons to whom the first remainder is limited die under the age of twenty-one years, or upon any other contingency by which the estate of such persons may be determined before they attain majority. N. Y. C. C., Sec. 229. SEC. 773. Subject to the rules of this Title, and of Part I of this Division, a freehold estate, as well as a chattel real, may be created to commence at a future day; an estate for life may be created in a term of years, and a remainder limited thereon; a remainder of a freehold or chattel real, either contingent or vested, may be created, expectant on the determination of a term of years; and a fee may be limited on a fee, upon a contingency, which, if it should occur, must happen within the period prescribed in this Title. N. Y. C. C., Sec. 230. SEC. 774. Successive estates for life cannot be limited, except to persons in being at the creation thereof; and where a remainder is limited on more than two successive estates for life, all the life estates subsequent to those of the two persons first entitled thereto are void, and upon the death of those persons the remainder, if valid in its creation, takes effect in the same manner as if no other life estates had been created. N. Y. C. C., Sec. 231. SEC. 775. No remainder can be created upon an estate third for the life of any other person than the grantee or de for life of person. visee of such estate, unless such remainder is in fee; nor can a remainder be created upon such an estate in a term for years, unless it is for the whole residue of such term. N. Y. C. C., Sec. 232. SEC. 776. When a remainder is created upon an estate Same. for the life of any other person than the grantee or devisee thereof, and more than two persons are named as the persons during whose lives the life estate shall continue, the remainder, if valid in its creation, takes effect upon the death of the two persons first named, in the same manner as if no other lives had been introduced. N. Y. C. C., Sec. 233. remainder on a term of years. SEC. 777. A contingent remainder cannot be created Contingent on a term of years, unless the nature of the contingency on which it is limited is such, that the remainder must vest in interest during the continuance of not more than two lives in being at the creation of such remainder, or upon the termination thereof. N. Y. C. C., Sec. 234. SEC. 778. No estate for life can be limited as a remainder on a term of years, except to a person in being at the creation of such estate. N. Y. C. C., Sec. 235. Remainder life. of estates for Remainder upon a con SEC. 779. A remainder may be limited on a contingency which, in case it should happen, will operate to tingency. abridge or determine the precedent estate; and every such remainder is to be deemed a conditional limitation. N. Y. C. C., Sec. 236. SEC. 780. When a remainder is limited to the heirs, or heirs of the body, of a person to whom a life estate in the same property is given, the persons who, on the termination of the life estate, are the successors or heirs of the body of the owner for life, are entitled to take by virtue of the remainder so limited to them, and not as mere successors of the owner for life. N. Y. C. C., Sec. 237. of certain SEC. 781. When a remainder on an estate for life or Construction for years is not limited on a contingency defeating or remainders. avoiding such precedent estate, it is to be deemed in |