TITLE XII. CHAPTER 60. university fund quarterly. Fund relieved interest on ame &c. April, July and October, in each year, make out a statement of the notes or warrants received in payment of principal for university lands pursuant to the provisions of the sixty-eighth section of this chapter during the preceding quarter, with an interest account upon the same, and shall thereupon credit the university fund with the amount of such notes or warrants and interest. SEC. 71. From the date of each and every such credit, the univerfrom payment of sity fund shall be relieved from the payment of interest on an amount amount of stock, of the said "Michigan University State Stock," equal to the amount of such credit; and when the amount of said "Michigan University State Stock" shall have been received into the state treasury, the state treasurer shall continue to make quarterly statements of the amount of treasury notes or warrants received, and credit the same to the university fund, and interest shall thereupon accrue, and shall annually be paid by the state to the treasurer of the board of regents, for the use of the university. Seal, evidence SEC. 72. The seal of the land office affixed to any certificate of purof execution of chase, receipt or other instrument issued by the commissioner of the land office, according to the provisions of this chapter, shall be prima facie evidence of the due execution of such certificate. certificate. TITLE XIII. TITLE XIII. CHAPTER 61, CHAPTER 61. OF THE REGULATION OF INTERNAL IMPROVEMENT. SECTION 1. The internal improvements of the state shall continue to be regulated under existing provisions of law, until otherwise directed by the legislature. Internal im provements to be regulated under existing laws. 1840, p. 91, &c. TITLE XIV. CHAPTER 62. TITLE XIV. OF REAL PROPERTY, and of THE NATURE, QUALITIES AND ALIENA TION OF ESTATES THEREIN. Chapter 62. Of the Nature and Qualities of Estates in Real Property, and the Alienation thereof. Chapter 63. Of Uses and Trusts. Chapter 64. Of Powers. Enumeration of estates in land. What estate a fee simple. Estates tail abo ture declared. CHAPTER 62. OF THE NATURE AND QUALITIES OF ESTATES IN REAL PROPERTY, AND SECTION 1. Estates in lands are divided into estates of inheritance, estates for life, estates for years, and estates by (at) will and by sufferance. SEC. 2. Every estate of inheritance shall continue to be termed a fee simple, or fee; and every such estate, when not defeasable or conditional, shall be a fee simple absolute, or an absolute fee. SEC. 3. All estates tail are abolished, and every estate which would lished, their na be adjudged a fee tail, according to the law of the Territory of Michigan, as it existed before the second day of March, one thousand eight hundred and twenty-one, shall for all purposes be adjudged a fee simple; and if no valid remainder be limited thereon, shall be a fee simple absolute. Certain remainders valid. Freeholds; chattels real; chattel interests. Estates for life of SEC. 4. When a remainder in fee shall be limited upon any estate which would be adjudged a fee tail according to the law of the Territory of Michigan as it existed previous to the time mentioned in the preceding section, such remainder shall be valid as a contingent limitation upon a fee, and shall vest in possession, on the death of the first taker, without issue living at the time of such death. SEC. 5. Estates of inheritance and for life shall be denominated estates of freehold; estates for years shall be denominated chattels real; and estates at will or by sufferance shall be chattel interests, but shall not be liable as such to sale on executions. SEC. 6. An estate for the life of a third person, whether limited to heirs or otherwise, shall be deemed a freehold only during the life of the grantce or devisee, but after his death it shall be deemed a chattel real. SEC. 7. Estates, as respects the time of their enjoyment, are divided into estates in possession, and estates in expectancy. SEC. 8. An estate in possession, is where the owner has an immediate right to the possession of the land; an estate in expectancy is where the right to the possession is postponed to a future period. SEC. 9. Estates in expectancy are divided into, TITLE XIV. CHAPTER 62. Estates in possession, and in expectancy. Definition of those estates. Enumeration of 1. Estates commencing at a future day, denominated future estates: estates in expecand, 2. Reversions. tancy. SEC. 10. A future estate, is an estate limited to commence in pos- Future estates. session at a future day, either without the intervention of a precedent estate, or on the determination, by lapse of time or otherwise, of a precedent estate, created at the same time. SEC. 11. When a future estate is dependent upon a precedent es- When they are tate, it may be termed a remainder, and may be created and transfer- remainders. red by that name. Vested and contingent future es SEC. 12. A reversion is the residue of an estate left in the grantor Reversions. or his heirs, or in the heirs of a testator, commencing in possession on the determination of a particular estate granted or devised. SEC. 13. Future estates are either vested or contingent : They are vested when there is a person in being who would have tates. an immediate right to the possession of the lands, upon the ceasing of the intermediate or precedent estate: They are contingent whilst the person to whom, or the event upon which they are limited to take effect, remains uncertain. ding powers of SEC. 14. Every future estate shall be void in its creation, which Void future shall suspend the absolute power of alienation for a longer period estates, Suspen than is prescribed in this chapter: Such power of alienation is sus- alienation. pended, when there are no persons in being, by whom an absolute 4 Paige, 312. fee in possession can be conveyed. of alienation SEC. 15. The absolute power of alienation shall not be suspended How long power by any limitation or condition whatever, for a longer period than du- may be suspendring the continuance of two lives in being at the creation of the es- cd. tate, except in the single case mentioned in the next section. SEC. 16. A contingent remainder in fee may be created on a prior Contingent reremainder in fee, to take effect in the event that the persons to whom mainder in fee. the first remainder is limited shall 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 their full age. successive es SEC. 17. Successive estates for life shall not be limited, unless to Limitation of persons in being at the creation thereof; and when a remainder shall tates for life. be limited on more than two successive estates for life, all the life estates subsequent to those of the two persons first entitled thereto, shall be void, and upon the death of those persons, the remainder shall take effect, in the same manner as if no other life estate had been created. Remainder upon SEC. 18. No remainder shall be created upon an estate for the life of any other person or persons than the grantee or devisee of such certain estates estate, unless such remainder be in fee; nor shall any remainder be for life. created upon such an estate in a term for years, unless it be for the whole residue of the term. SEC. 19. When a remainder shall be created upon any such life when remainder estate, and more than two persons shall be named as the persons du- to take effect in ring whose lives the estate shall continue, the remainder shall take certain caбез. TITLE XIV. CHAPTER 62. Contingent remainder on a term for years. Remainder of estates for life. Meaning of 'heirs"and"issue" Limitations on chattels real. created. upon effect the death of the two persons first named, in the same manner as if no other lives had been introduced. SEC. 20. A contingent remainder shall not be created on a term for years, unless the nature of the contingency upon which it is limited be 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. SEC. 21. No estate for life shall be limited as a remainder on a term of years, except to a person in being at the creation of such estate. SEC. 22. When a remainder shall be limited to take effect on the death of any person without heirs, or heirs of his body, or without issue, the words "heirs" or "issue, shall be construed to mean heirs or issue living at the death of the person named as ancestor. SEC. 23. All the provisions in this chapter contained relative to future estates, shall be construed to apply to limitations of chattels real, as well as of freehold estates, so that the absolute ownership of a term of years, shall not be suspended for a longer period than the absolute power of alienation can be suspended, in respect to a fee. SEC. 24. Subject to the rules established in the preceding sections Remainders, how of this chapter, 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. Two or more future estates. Certain future SEC. 25. Two or more future estates may also be created to take effect in the alternative, so that if the first in order should fail to vest, the next in succession shall be substituted for it, and take effect accordingly. SEC. 26. No future estate, otherwise valid, shall be void on the ground estates not to be of the probability or improbability of the contingency on which it is limited to take effect. void. SEC. 27 A remainder may be limited on a contingency, which, in case it should happen, will operate to abridge or determine the precedent estate; and every such remainder shall be construed a conditional limitation, and shall have the same effect as such a limitation would have by law. SEC. 28. When a remainder shall be limited to the heirs, or heirs of the body of a person to whom a life estate in the same premises shall be given, the persons who, on the termination of the life estate, shall be the heirs, or heirs of the body of such tenant for life, shall be entitled to take as purchasers, by virtue of the remainder so limited to them. SEC. 29. When a remainder on an estate for life, or for years, shall not be limited on a contingency, defeating or avoiding such precedent estate, it shall be construed as intended to take effect only on the death of the first taker, or the expiration, by lapse of time, of such term of years. SEC. 30. When a future estate shall be limited to heirs, or issue, or children, posthumous children shall be entitled to take, in the same manner as if born before the death of the parents. SEC. 31. A future estate depending on the contingency of the death of any person without heirs or issue, or children, shall be defeated by the birth of a posthumous child of such person, capable of taking by descent. SEC. 32. No expectant estate can be defeated or barred by any |