TITLE 2. according to the trust; nor shall any right or title, derived by him from such trustee, in consideration of such payment, be impeached or called in question, in consequence of any misapplication by the trustee, of the monies paid.

10 Paige, 282; 12 N. Y., 403; 30 Barb., 133; 22 Barb.,

99; 7 Johns.

When estate of

trustee to

cease.

35 N. Y.,

Barb., 76; 49 Barb., 131;7

Ch. R., 150; 16 How. Pr. R., 357; 7 Lans., 98; 29 Hun, 195, 198.

§ 67. When the purposes for which an express trust shall have been created shall have ceased, the estate of the trustees shall also cease, and where an estate has been conveyed to trustees for the 475; 4 Hun, benefit of creditors and no different limitation is contained in the 286; 54 instrument creating the trust, such trust shall be deemed discharged at the end of twenty-five years from the creation of the same; and the estate conveyed to trustee or trustees and not granted or conveyed by him or them shall revert to the grantor or grantors, his or their heirs or devisees, or persons claiming under them, to the same effect as though such trust had not been created. [Thus amended by L. 1875, ch. 545.]

Bosw., 241; 70 N. Y., 81

11 Hun, 127;

2 Robt.,133;

5 Paige,458; 4 Page 404 Ch., 296; 9.

2 Sandf.

Barb., 516;

34 N. Y.,555; 15 Abb. N. C., 123; 27 Hun, 155; 37 Hun, 22; 103 N. Y., 655.

Trust estate not to descend,

etc.

Trust to vest in

chancery.

44 N. Y.,

257; 60

Barb., 13;

§ 68. Upon the death of the surviving trustee of an express trust, the trust estate shall not descend to his heirs, nor pass to his personal representatives; but the trust, if then unexecuted, shall vest in the court of chancery, with all the powers and duties of the original trustee, and shall be executed by some person appointed for that purpose, under the direction of the court.

59 Barb.,78; 3 Robt., 525; 1 Redf., 282; 2 Abb. Ct. App. Dec., 27; 51 N. Y., 647; 2 Hun, 95; 27 Barb., 407; 9Barb., 638, 7 Paige, 107; 5 Paige, 560; 47 Barb., 613; 38 Barb., 473; 11 Hun, 127; 39 Hun, 352; 40 Hun, 507; 3 Dem., 565; 5 Redf., 1; 88 N. Y., 174; 99 N. Y., 117.

When and how trustee

may resign.

19 N. Y., 455; 25

Barb., 99; 1 Barb.

Ch., 568; 3

When and

how trustee

moved.

§ 69. Upon the petition of any trustee, the court of chancery may accept his resignation, and discharge him from the trust, under such regulations as shall be established by the court for that purpose, and upon such terms, as the rights and interests of the persons interested in the execution of the trust may require.

Paige, 420; 3 Robt., 558; 1 Redf., 282; 24 Hun, 153; 89 N. Y., 136, 144; 96 N. Y., 327.

§ 70. Upon the petition or bill of any person interested in the execution of a trust, and under such regulations as for that purpose may be re- shall be established, the court of chancery may remove any trustee who shall have violated or threatened to violate his trust, or who 2 Abb. Pr. shall be insolvent, or whose insolvency shall be apprehended, or who, for any other cause, shall be deemed an unsuitable person to execute the trust.

1 Redf.,282;

R., N.S., 15;

41 N. Y.,

121; 9 N.Y., 176; 2

Barb., 447; 1 E. D. Smith, 572; 34 N. Y., 340; 45 Barb., 337; 65 Barb., 250; 3 Dem., 27.

How

place supplied.

[731] 41 Barb.,

§ 71. The chancellor shall have full power to appoint a new trustee, in place of a trustee resigned or removed; and when, in consequence of such resignation or removal, there shall be no acting trustee, the court, in its discretion, may appoint new trustees, or 3 Robt.,559; cause the trust to be executed by one of its officers, under its direc2 Redf, 282; tion.

121; 65

Barb., 259;

25 Barb..99;

1 Barb. Ch., 568; 5 Paige, 47, 560; 11 Abb. Pr., 472; 31 How. Pr. R., 78; 89 N. Y., 136, 144; 98 N. Y., 39.

Applica

tion of

three last sections.

§ 72. The three last sections shall extend only to cases of express trusts.

41 N. Y., 121; 65 Barb., 250; 2 Abb., N. S., 15; 28 Hun, 64.

[Supplementary Article.]

ARTICLE 2a.

ACTS RELATING TO TRUSTS OF REAL AND PERSONAL PROPERTY.

L. 1839, Chap. 174 - An act in relation to certain trusts. Certain deeds of trust for any Shaker society valid; estates may be continued. SECTION 1. All deeds of trust in relation to real and personal estate executed and delivered prior to the first day of January, eighteen hundred and thirty, to any persons in trusts for any united society of the people commonly called Shakers, shall be valid and effectual to vest in the trustees the legal estates and interests purported to be conveyed by such deeds, to and for the uses and purposes declared therein, or declared by any declaration of trusts executed by such trustees in the same manner and to the same effect as before the first day of January, eighteen hundred and thirty and such legal estate and trusts, and all the legal authority with which the original trustees were vested by virtue of their appointment and conferred powers, shall forever descend in regular succession to their successors in office and trust, who in conformity to the constitution of said society have been duly chosen and appointed. [Thus amended by L. 1849, ch. 373.]

27 Barb., 386; 17 Barb., 105.

Such trusts may be created hereafter; limitation of value of property. § 2. Trusts of real and personal estate for the benefit of any united society of the people called Shakers, may hereafter be created for the use of the members of any such society according to the religious constitution of such society; and the legal estates of any property so held in trust shall be vested in the trustees and in those to whom such property may be transmitted in trust by the appointment of any such society, so long as may be required for the objects and purposes of such trusts. But no society shall become beneficially interested in any real or personal property, or acquire any equitable right or interest in any such property, either directly or indirectly, the annual value or income of which after deducting necessary expenses, shall exceed twenty-five thousand dollars, on pain of forfeiture of the privileges conferred by this act: nor shall any trustee be a trustee of more than one such society at the same time. [Thus amended by L. 1852, ch. 203.]

Meaning of "society." § 3. The word "society," for the purposes of the preceding section, shall be construed and understood to mean and include all persons of the religious belief of the people called Shakers, resident within the same county.

Right to repeal. § 4. The legislature may at any time alter, modify or repeal this act.

L. 1839, Chap. 184 - An act in relation to trusts for the benefit of the meetings of the religious society of Friends.

Former trusts for Friends, valid. SECTION 1. All deeds or declarations of trusts of real or personal estate, heretofore executed and delivered to any person or persons, in trust, or for the use and benefit of any meeting of the religious society of Friends, and the trusts thereby created or declared, shall be valid; and the legal estates may be transmitted, and the trusts so created or declared may be continued and pursued, so long as may be required for the purposes of the trusts, by conveyances from the trustees named in such deeds to other trustees appointed by such meeting, and by conveyances from them to others appointed in like manner or otherwise, according to the directions of such meeting.

31 Barb., 563; 27 Barb., 387; 17 Barb., 106.

Society of Friends, trusts may be created for use of. § 2. Trusts of real or personal estate for the benefit of any meeting of the religious society of Friends may be

hereafter created for the use of such meeting according to the regulations and rules of discipline of said society; and the legal estate of any property, so held in trust, shall be vested in the trustees and in those to whom such property may be conveyed in trust, by the appointment of any such meeting, so long as may be required for the objects and purposes of such trusts, but nothing contained in this act shall be so construed as to impair or diminish the rights of any person, meeting, or association of persons claiming to be a meeting of the religious society of Friends, which such person, or meeting, or association claiming to be a meeting as aforesaid, had either in law or in equity to or in any real or personal estate held in trust for the use and benefit of any meeting of the said religious society, prior to the division which took place in said religious society at the yearly meeting held in the city of New York in the month of May, in the year of our Lord one thousand eight hundred and twenty-eight; and nothing in this act contained shall authorize any real or personal estate to be held in trust for any meeting of such society, the annual value or income of which shall exceed twenty thousand dollars. [Thus amended by L. 1880, ch. 337.]

Death of trustees. § 3. In case of the death of all the trustees heretofore ap.pointed, or who may be hereafter appointed by virtue of this act, any regular meeting of the religious society of Friends, for whose use and benefit said property was held in trust, may appoint a trustee or trustees in the place of such person or persons, and the person or persons thus appointed by such meeting shall succeed to and be invested with all the powers, rights and duties conferred by this act and the deed or declaration of trust upon the trustee or trustees. [Added by L. 1878, ch. 209.]

Sale of property; deed, what to contain. § 4. The trustee or trustees, or survivor of any trustees, appointed pursuant to this act, may sell, convey and grant or demise any or all of the trust property described in said trust deed or declaration of trust to any person absolutely, or in trust for said meeting, whenever any meeting of said society shall by resolution direct the same to be sold and conveyed; any conveyance of real estate or property so held in trust by any meeting of the religious society of Friends, which may hereafter be made under and in pursuance of a resolution of the said meeting as provided herein, shall be as valid and effectual for the conveyance of the title of any real estate so held in trust, as if the heirs of any trustee who may have died prior to the passage of said resolution had joined in the execution of said conveyance or demise. Any instrument for the sale or demise of said property shall embody the said resolution of said meeting, relating to said sale or demise of said property, and shall be executed by the said trustee or trustees; and in said acknowledgment said trustee or trustees shall make an affidavit that the person or persons so executing said conveyance or demise are the trustee or trustees of said trust property, and that the said resolution embodied in said conveyance or demise was duly passed by said meeting; and the said affidavit thus made shall be prima facie evidence of the facts therein stated. [Added by L. 1878, ch. 209.]

L. 1840, Chap. 318 – An act authorizing certain trusts.

Property may be granted to certain literary institutions in trust. SECTION 1. Real and personal property may be granted and conveyed to any incorporated college or other literary incorporated institution in this state, to be held in trust for either of the following purposes:

1. To establish and maintain an observatory.

2. To found and maintain professorships and scholarships.

3. To provide and keep in repair a place for the burial of the dead; or

4. For any other specific purposes comprehended in the general objects authorized by their respective charters. The said trusts may be created, subject to such conditions and visitations as may be prescribed by the grantor or donor, and

agreed to by said trustees, and all property which shall hereafter be granted to any incorporated college or other literary incorporated institution in trust for either of the aforesaid purposes, may be held by such college or institution upon such trusts, and subject to such conditions and visitations as may be prescribed and agreed to as aforesaid.

17 Barb., 105; 9 Barb., 99, 324; 4 Hun, 290; 3 Lans., 357; 43 N. Y., 438, 494; 45 Hun, 354. To corporations of cities or villages. § 2. Real and personal estate may be granted and conveyed to the corporation of any city or village of this state, to be held in trust for any purpose of education, or the diffusion of knowledge, or for the relief of distress, or for parks, gardens, or other ornamental grounds, or grounds for the purposes of military parades and exercise, or health and recreation, within or near such incorporated city or village, upon such conditions as may be prescribed by the grantor or donor, and agreed to by such corporation; and all real estate so granted or conveyed to such corporation, may be held by the same, subject to such conditions as may be prescribed and agreed to as aforesaid.

15 Barb., 147; 43 N. Y., 494; 41 Hun, 350.

For nse of common schools. § 3. Real and personal estate may be granted to commissioners of common schools of any town, and to trustees of any school district, in trust for the benefit of the common schools of such town, or for the benefit of the schools of such district.

Trusts how long to continue. § 4. The trusts authorized by this act may continue for such time as may be necessary to accomplish the purposes for which they may be created.

2 T. & C., 191.

L. 1841, Chap. 261-An act in addition to the "Act authorizing certain trusts," passed May 14, 1840.

Devise and bequest in trust to be as valid as a conveyance. SECTION 1. Devises and bequests of real and personal property in trust, for any of the purposes for which such trusts are authorized under the "act authorizing certain trusts," passed May 14, 1840, and to such trustees as are therein authorized, shall be valid in like manner as if such property had been granted and conveyed according to the provisions of the aforesaid act.

2T. & C., 191; 43 N. Y., 438, 494; 17 Barb., 106; 15 Barb., 147; 9 Barb., 99, 343; 6 T. & C., 351; 45 Hun, 354.

L. 1846, Chap. 74-An act to amend the act, passed May, 1841, authorizing colleges and other incorporated literary institutions to hold real and personal estate in trust, so as to allow the same to accumulate for certain specific purposes.

Income may be accumulated. SECTION 1. The income arising from any real or personal property granted or conveyed, devised or bequeathed in trust to any incorporated college or other incorporated literary institution, for any of the purposes specified in the "Act authorizing certain trusts," passed May 14th, 1840, or for the purpose of providing for the support of any teacher in a grammar school or institute, may be permitted to accumulate till the same shall amount to a sum sufficient, in the opinion of the regents of the university, to carry into effect either of the purposes aforesaid, designated in said trust.

3 Lans., 357.

L. 1855, Chap. 432–An act in relation to the accumulation of the income of certain trust funds.

Diminution of income, how suppplied. SECTION 1. If any of the principal of any trust fund actually received by any incorporated college, or other incorporated

[PART II. literary institution, or by the corporation of any city or village, or by the commissioners of common schools of any town, or by the trustees of any school district, under any grant, conveyance, devise or bequest, for any of the purposes for which trusts are authorized under the "Act authorizing certain trusts," passed May fourteenth, one thousand eight hundred and forty, and the act in addition to the act authorizing certain trusts, passed May twenty-sixth, eighteen hundred and forty-one, shall subsequently become diminished from any cause; such diminution may be made up by the accumulation of the interest or income of the principal of such trust fund, in accordance with the direction (if any) contained in the grant, conveyance, devise or bequest of such trust fund; and if no directions for that purpose are contained in such grant, conveyance, devise or bequest, then such diminution may be made up in whole or in part by such accumulation, in the discretion of the trustees of such trust fund; but in no case shall such accumulation be allowed to increase the trust fund, beyond the true amount or value thereof, actually received by the trustees, to be estimated after the deduction of all liens and incumbrances on such trust fund, and of all expenses incurred or paid by the trustees in the collection or obtaining the possession of the same.

L. 1879, Chap. 203-An act to authorize historical societies in this state to hold real estate for preservation and monumental purposes and to receive historical articles in trust.

Real estate for monumental purposes; historic articles. SECTION 1. Any historical society in this state is hereby authorized to have and hold for the purposes of inclosure, preservation and the erection of monuments, but under no circumstances for the purposes of business, the sites of old forts and battles, not to exceed six acres in one locality, and when such sites have been so appropriated and improved, and used for such purposes only, they shall be exempt from taxation; and to receive donations of articles of historic interest on the condition that it shall not dispose of the same, except with the consent of the donor, and that in case of its dissolution or inability to pay its debts otherwise than from its effects, the said articles shall revert to the donors or their heirs. But nothing herein contained shall be construed as authorizing the charging of any fee for the exhibition of such inclosure or structure by such historical society or their agents.

L. 1882, Chap. 185 An act in relation to trustees of personal estates. Trust estate not to descend, but vest in supreme court. SECTION 1. Upon the death of a surviving trustee of an express trust, the trust estate shall not descend to his next of kin or personal representatives, but the trust, if unexecuted, shall vest in the supreme court, with all the powers and duties of the original trustee, and shall be executed by some person appointed for that purpose under the direction of the court. But no person shall be appointed to execute said trust until the beneficiary thereof shall have been brought into court by such notice and in such manner as the court may direct.

3 Dem., 563; 99 N. Y., 114.

ART. 3.

ARTICLE THIRD.

OF POWERS.

SEC. 73. Powers as they now exist abolished; future powers to be governed by this

article.

74. Definition of a power.

75. Who capable of granting powers.

76. Division of powers, general or special, and beneficial or in trust.

77 & 78. Definitions of general and special powers.