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Future Estates; Trust Estates.

§§ 3-5

3. Income of trust fund not alienable; merger.-The right of the beneficiary to enforce the performance of a trust to receive the income of personal property, and to apply it to the use of any person, can not be transferred by assignment or otherwise; but the right and interest of the beneficiary of any other trust in personal property may be transferred. Whenever a beneficiary in a trust for the receipt of the income of personal 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 income, 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.

§ 4. Validity of directions for accumulation of income.—An accumulation of the income of personal property, directed by any instrument sufficient in law to pass such property is valid:

I. If directed to commence from the date of the instrument, or the death of the person executing the same, and to be made for the benefit of one or more minors, then in being, or in being at such death, and to terminate at or before the expiration of their minority.

2. If directed to commence at any period subsequent to the date of the instrument or subsequent to the death of the person executing it, and directed to commence within the time allowed for the suspension of the absolute ownership of personal property, and at some time during the minority of the persons for whose benefit it is intended, and to terminate at or before the expiration of their minority.

All other directions for the accumulation of the income of personal property, not authorized by statute, are void; but a direction for any such accumulation for a longer term than the minority of the persons intended to be benefited thereby, has the same effect as if limited to the minority of such persons, and is void as respects the time beyond such minority.

5. Anticipation of directed accumulation.-When a minor, for whose benefit a valid accumulation of the income of personal property has been directed, shall be destitute of other sufficient means of support or education, the supreme court, at special term in any case, or, if such accumulation shall have been directed by a will, the surrogate's court of the county in which such will

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shall have been admitted to probate, may, on the application of such minor or his guardian cause a suitable sum to be taken from the moneys accumulated or directed to be accumulated, to be applied for the support or education of such minor.

§ 6. Power to bequeath executed by general provision in will. -Personal property embraced in a power to bequeath, passes by a will purporting to pass all the personal property of the testator; unless the intent, that the will shall not operate as an execution of the power, appears therein either expressly or by necessary implication.

87. Disaffirmance of fraudulent acts by executors and others. -An executor, administrator, receiver, assignee or trustee, may, for the benefit of creditors or others interested in personal property, held in trust, disaffirm, treat as void and resist any act done, or transfer or agreement made in fraud of the rights of any creditor, including himself, interested in such estate, or property, and a person who fraudulently receives, takes or in any manner interferes with the personal property of a deceased person, or an insolvent corporation, association, partnership or individual is liable to such executor, administrator, receiver or trustee for the same or the value thereof, and for all damages caused by such act to the trust estate. A creditor of a deceased insolvent debtor having a claim against the estate of such debtor, exceeding in amount the sum of one hundred dollars, may, without obtaining a judgment on such claim, in like manner, for the benefit of himself and other creditors interested in said estate, disaffirm, treat as void and resist any act done or conveyance, transfer or agreement made in fraud of creditors or maintain an action to set aside such act, conveyance, transfer or agreement. Such claim, if disputed, may be established in such action. The judgment in such action may provide for the sale of the property involved, when a conveyance or transfer thereof is set aside, and that the proceeds thereof be brought into court or paid into the proper surrogate's court to be administered according to law.

§ 8. When trust vests in supreme court.-On the death of a surviving trustee of an express trust, the trust estate does not pass to his next of kin or personal representatives, but, if the trust be unexecuted, it vests in the supreme court and shall be executed by some person appointed by the court, whom the court may invest with all or any of the power and duties of the original trustee. The beneficiary of the trust shall have such notice

Agreements Not in Writing.

§§ 9-21

as the court may direct of the application for the appointment of such person.

§ 9. Investment of trust funds.—An executor, administrator, guardian, trustee, or other person holding trust funds for investment may invest the same in the obligations of a city of this state issued pursuant to law.



SECTION 20. Definitions.

21. Agreements required to be in writing.

22. Validity of certain agreements made without consideration.

23. Transfers in trust for the transferrer.

24. Transfers and charges with fraudulent intent.

25. Sales and charges other than chattel mortgages without delivery and change of possession.

26. Fraudulent intent a question of fact.

27. Transfers of charges without consideration.

28. Successors to rights of creditors and purchasers.

29. Bona fide purchasers.

20. Definitions.-As used in this article, the term transfer, Includes sale, assignment, conveyance, deed and gift, and the term agreement includes promise and undertaking.

§ 21. Agreements required to be in writing.-Every agreement, promise or undertaking is void, unless it or some note or memorandum thereof be in writing, and subscribed by the party to be charged therewith, or by his lawful agent, if such agreement, promise or undertaking:

1. By its terms is not to be performed within one year from the making thereof;

2. Is a special promise to answer for the debt, default or miscarriage of another person;

3. Is made in consideration of marriage, except mutual promises to marry ;

4. Is a conveyance or assignment of a trust in personal property ;

5. Is a subsequent or new promise to pay a debt discharged in bankruptcy;

6. Is a contract for the sale of any goods, chattels or things in

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action for the price of fifty dollars or more, and the buyer does not accept and receive part of such goods, or the evidences, or some of them, of such things in action; nor at the time, pay any part of the purchase money.

If goods be sold at pubiic auction, and the auctioneer at the time of the sale, enters in a sale book, a memorandum specifying the nature and price of the property sold, the terms of the sale, the name of the purchaser, and the name of the person on whose account the sale was made, such memorandum is equivalent in effect to a note of the contract or sale, subscribed by the party to be charged therewith.

§ 22. Validity of certain agreements made without consideration. An agreement for the purchase, sale, transfer or delivery of a certificate or other evidence of debt, issued by the United States or by any state, or a municipal or other corporation, or of any share or interest in the stock of any bank corporation or joint stock association, incorporated or organized under the laws of the United States or of any state, is not void or voidable, for want of consideration, or because of the non-payment of consideration, or because the vendor, at the time of making such contract, is not the owner or possessor of the certificate or certificates or other evidence of debt, share or interest.

§ 23. Transfers in trust for the transferrer.-A transfer of personal property, made in trust for the use of the person making it, is void as against the existing or subsequent creditors of such person.

§ 24. Transfers and charges with fraudulent intent.-Every transfer of any interest in personal property, or the income thereof, and every charge on such property or income, made with the intent to hinder, delay or defraud creditors or other persons of their lawful suits, damages, forfeitures, debts or demands, and every bond or other evidence of debt given, suit commenced, or decree or judgment suffered, with such intent, is void as against every person so hindered, delayed or defrauded.

8 25. Sales and charges other than chattel mortgages without delivery and change of possession.-Every sale of goods and chattels in the possession or under the control of the vendor, and every assignment of goods and chattels by way of security or on any condition, but not constituting a mortgage nor intended to operate as a mortgage, unless accompanied by an immediate delivery followed by actual and continued change of possession,

Laws Repealed; When to Take Effect.

S$ 26-41

is presumed to be fraudulent and void as against all persons who are creditors of the vendor or person making the sale or assignment, including all persons who are his creditors at any time. while such goods or chattels remain in his possession or under his control or subsequent purchasers of such goods and chattels in good faith; and is conclusive evidence of such fraud, unless it appear, on the part of the person claiming, under the sale or assignment, that it was made in good faith, and without intent to defraud such creditors or purchasers.

But this section does not apply to a contract of bottomry or respondentia, or to an assignment of a vessel of goods at sea or in a foreign port.

§ 26. Fraudulent intent a question of fact.—The question of the existence of fraudulent intent in cases arising under this article, is a question of fact and not of law.

27. Transfers or charges without consideration.-A transfer or charge shall not be adjudged fraudulent as against creditors or purchasers, solely on the ground that it was not founded on a valuable consideration.

§ 28. Successors to rights of creditors and purchasers.-A transfer, charge, sale or assignment, or proceeding declared by this article, to be void, as against creditors or purchasers, is equally void as against the heirs, successors, personal representatives or assignees of such creditors or purchasers.

§ 29. Bona fide purchasers.-This article does not affect or impair the title of a purchaser or incumbrancer for a valuable consideration, unless it appear that such purchaser or incumbrancer had previous notice of the fraudulent intent of his immediate vendor, or of the fraud rendering void the title of such vendor.



SECTION 40. Laws repealed.

41. When to take effect.

§ 40. Laws repealed. The laws or parts thereof specified in the schedule hereto annexed and all acts amendatory thereof are repealed.

841. When to take effect. This chapter shall take effect on the first day of October, eighteen hundred and ninety-seven.

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