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it consisted of personal property, the adjustment must be made out of the surplus of personal property to be distributed to the next of kin. If either species of property is insufficient to enable the adjustment to be fully made, the deficiency must be adjusted out of the other.
LAWS REPEALED; WHEN TO TAKE Effect.
SECTION 300. Laws repealed.
301. When to take effect.
$ 300. Laws repealed. Of the laws enumerated in the sched. ule hereto annexed, that portion specified in the last column is repealed.
§ 301. When to take effect. This chapter shall take effect on October 1, 1896.
SCHEDULE OF LAWS REPEALED.
Revised Statutes, part II, chapters 1, 2, 3.. All, except §§ 5, 6,
7 of tit. I of ch.
Revised Statutes, part II, chapter 7, title I.. All.
OF THE GENERAL LAWS.
[CHAP. 417 OF 1897.]
THE PERSONAL PROPERTY LAW.
ARTICLE I. Future estates; accumulation of income; trust estates (§§ 1-9). II. Agreements not in writing; without consideration; fraudulent (§§ 20-29).
III. Laws repealed; when to take effect (§§ 40-41).
FUTURE ESTATES; ACCUMULATION OF INCOME; TRUST ESTATES.
SECTION 1. Short title; definition.
2. Suspension of ownership.
3. Income of trust fund not alienable; merger.
4. Validity of directions for accumulation of income.
5. Anticipation of directed accumulation.
6. Power to bequeath executed by general provisions of will.
9. Investment of trust funds.
SECTION 1. Short title; definition.-This chapter shall be known as the personal property law. The term "income of personal property," as used in this article, means the income or profits arising from personal property, and includes the interest of money and the produce of stock.
§ 2. Suspension of ownership.--The absolute ownership of personal property shall not be suspended by any limitation or condition, for a longer period than during the continuance and until the termination of not more than two lives in being at the date of the instrument containing such limitation or condition; or, if such instrument be a will, for not more than two lives in being at the death of the testator; in other respects limitations of future or contingent interests in personal property, are subject to the rules prescribed in relation to future estates in real property.