escheat shall apply in the same manner as if the estate or interest were a legal estate in corporeal hereditaments.1

N. Y. REAL PROP. LAW., § 71. Uses and trusts concerning real property, except as authorized and modified by this article, have been abolished; every estate or interest in real property is deemed a legal right, cognizable as such in the courts, except as otherwise prescribed in this chapter.

§ 75. An implied or resulting trust shall not be alleged or established, to defeat or prejudice the title of a purchaser for a valuable consideration without notice of the trust.

§ 76. An express trust may be created for one or more of the following purposes:

1. To sell real property for the benefit of creditors.

2. To sell, mortgage, or lease real property for the benefit of annuitants or other legatees, or for the purpose of satisfying any charge thereon.

3. To receive the rents and profits of real property, and apply them to the use of any person, during the life of that person, or for any shorter term, subject to the provisions of law relating thereto.

4. To receive the rents and profits of real property, and to accumulate the same for the purposes and within the limits prescribed by law.

§ 78. Where a trust is created to receive the rents and profits of real property, and no valid direction for accumulation is given, the surplus of such rents and profits, beyond the sum necessary for the education and support of the beneficiary, shall be liable for the claims of his creditors in the same manner as other personal property, which cannot be reached by execution.

§ 80. Except as otherwise prescribed in this chapter, an express trust, valid as such in its creation, shall vest in the trustee the legal estate, subject only to the execution of the trust, and the beneficiary shall not take any legal estate or

ED.

'Similar statutes have been enacted in most of the United States.

interest in the property, but may enforce the performance of the trust.

§ 83. The right of a beneficiary of an express trust to receive rents and profits of real property and apply them to the use of any person, cannot be transferred by assignment or otherwise; but the right and interest of the beneficiary of any other trust may be transferred. Whenever a beneficiary in a trust for the receipt of the rents and profits of real property is entitled to a remainder in the whole or a part of the principal fund so held in trust subject to his beneficial estate for a life or lives, or a shorter term, he may release his interest in such rents and profits, and thereupon the estate of the trustee shall cease in that part of such principal fund to which such beneficiary has become entitled in remainder, and such trust estate merges in such remainder.

§ 84. Where an express trust is created, but is not contained or declared in the conveyance to the trustee, the conveyance shall be deemed absolute as to the subsequent creditors of the trustee not having notice of the trust, and as to subsequent purchasers from the trustee, without notice and for a valuable consideration.

$85. If the trust is expressed in the instrument creating the estate, every sale, conveyance or other act of the trustee, in contravention of the trust, except as provided in this section, shall be absolutely void.

§ 89. When the purpose for which an express trust is created ceases, the estate of the trustee shall also cease.

§ 91. On the death of the last surviving or sole trustee of an express trust, the trust estate shall not descend to his heirs nor pass to his next of kin or personal representatives; but in the absence of a contrary direction on the part of the person creating the same, such 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.

C. JOINT OWNERSHIP.

CHAPTER I.

JOINT TENANCY.

DIGBY, HIST. REAL PROP., Chap. V., § 4. Another class of rights which attained greater precision during the interval under consideration [from the end of the reign of Edward I. to the end of the reign of Henry VIII.] and assumed the characteristics which they have possessed ever since, are those which are enjoyed by two or more persons who are simultaneously entitled to rights of property over the same piece of land. From the earliest times it must have been common for two or more persons to have undivided interests of some kind in land. By the time of Littleton three kinds of undivided ownership had come to be distinguished as having different attributes. The persons entitled are called joint-tenants, tenants in common, coparceners. The main characteristics of this class of rights will sufficiently appear from the subjoined extracts. The point of resemblance between the three kinds is that the co-owners have no separate estate or interest in any distinct portion of the land over which they have simultaneously rights of property, they are each interested, according to the extent of their share, in every part of the whole land and its proceeds.

LIT., § 277. Joyntenants are as if a man bee seised of certaine lands or tenements, &c., and infeoffeth two, three, foure, or more, to have and to hold to them for terme of their lives, or for terme of another's life, by force of which feoffement or lease they are seised; these are joyntenants.

§ 278. Also, if two or three, &c., disseise another of any lands or tenements to their own use, then the disseisors are joyntenants. But if they disseise another to the use of one of them, then they are not joyntenants; but hee to whose use the disseisin is made is sole tenant, and the others have nothing in the tenancy, but are called coadjutors to the disseisin, &c.

§ 280. And it is to be understood, that the nature of joyntenancy is, that hee which surviveth shall have only the entire tenancie, according to such estate as hee hath, if the joynture be continued, &c. As if three joyntenants bee in fee-simple, and the one hath issue and dyeth, yet they which survive shall have the whole tenements, and the issue shall have nothing.1 And if the second joyntenant hath issue and dye, yet the third which surviveth shall have the whole tenements to him and to his heires for ever. But otherwise it is of parceners; for if three parceners be, and before any partition made the one hath issue and dyeth, that which to him belongeth shall descend to his issue. And if such parcener die without issue, that which belongs to her shall descend to her co-heires, so as they shall have this by descent, and not by survivor as joyntenants shall have, &c.

§ 281. And as the survivour holds place betweene joyntenants, in the same manner it holdeth place betweene them which have joynt estate or possession with another of a chattell, reall or personall. As if a lease of lands or tenements bee made to many for terme of yeares, hee, which survives of the lessees, shall have the tenements to him only during the terme by force of the same lease. And if a horse or any other chattell personall be given to many, hee which surviveth shall have the horse onely.2

§ 282. In the same manner it is of debts and duties,

This is the essential characteristic of joint-tenancy, distinguishing it

both from coparcenary and from tenancy in common.-Digby.

There is and has always been an exception in the case of property jointly owned for purposes of trade: the maxim being, "Jus accrescendi inter mercatores locum non habet.”—Digby.

&c., for if an obligation be made to many for one debt, hee which surviveth shall have the whole debt or dutie. And so is it of other covenants and contracts, &c.

§ 283. Also, there may be some joyntenants which may have a joint estate, and be jointenants for terme of their lives, and yet have severall inheritances. As if lands be given to two men and to the heires of their two bodies begotten, in this case the donees have a joint estate for term of their two lives, and yet they have severall inheritances; for if one of the donees hath issue and dye, the other which surviveth shall have the whole by the survivor for terme of his life, and if he which surviveth hath also issue and die, then the issue of the one shall have the one moitie and the issue of the other shall have the other moity of the land, and they shal hold the land betweene them in common, and they are not joyntenants, but are tenants in

common.

§ 285. Also, if lands be given to two and to the heires. of one of them, this is a good joynture, and the one hath a freehold, and the other a fee-simple. And if he which hath the fee dieth, he which hath the freehold shall have the entiertie by survivor for terme of his life. In the same manner it is, where tenements bee given to two and the heirs of the body of one of them engendred, the one hath a freehold, and the other a fee-taile, &c.

§ 287. Also if there be two joyntenants of land in feesimple within a borough where lands and tenements are devisable by testament, and if the one of the said two joyntenants deviseth that which to him belongeth by his testament, &c., and dieth, this devise is voide. And the cause is, for that no devise can take effect till after the death of the devisor, and by his death all the land presently commeth by the law to his companion which surviveth, by the survivor, the which hee doth not claim, nor hath anything in the land by the devisor, but in his own right by the survivor according to the course of law, &c., and for this cause such devise is void. But otherwise it is of parceners seised of