11 Wend., 240.

Certain devises in trust, to be

Profits of Land liable to Credit

1. To sell lands for the benefit of creditors;

2. To sell, mortgage or lease lands, for the benefit of legatees, or for the purpose of satisfying any charge thereon;

3. To receive the rents and profits of lands, and apply them to the use of any person, during the life of such person, or for any shorter term, subject to the rules prescribed in the last preceding chapter;

4. To receive the rents and profits of lands, and to accumulate the same for the benefit of any married woman, or for either of the purposes, and within the limits prescribed in the preceding chapter;

5. For the beneficial interest of any person or persons, when such trust is fully expressed and clearly defined upon the face of the instrument creating it, subject to the limitations as to time prescribed in this title.

(2642.) SEC. 12. A devise of lands to executors or other deemed powers. Trustees, to be sold or mortgaged, when such Trustees are not also empowered to receive the rents and profits, shall vest no estate in the Trustees; but the trust shall be valid as a power, and the lands shall descend to their heirs, or pass to the devisees of the testator, subject to the execution of the power. (2643.) SEC. 13. When a trust is created to receive the ors in certain rents and profits of lands, and no valid direction for accumulation is given, the surplus of such rents and profits, beyond the sum that may be necessary for the education and support of the person for whose benefit the trust is created, shall be liable in equity to the claims of the creditors of such person, in the same manner as other personal property which cannot be reached by an execution at law.

cases.

Other express trusts to be powers in trust.

8 Wend., 661.

Land to descend, etc., to persons entitled.

Trustees of express trusts to

(2644.) SEC. 14. When an express trust shall be created for any purpose not enumerated in the preceding sections of this chapter, no estate shall vest in the Trustees; but the trust, if directing or authorizing the performance of any act which may be lawfully performed under a power, shall be valid as a power in trust, subject to the provisions in relation to such. powers contained in the next succeeding chapter.

(2645.) SEC. 15. In every case where the trust shall be valid as a power, the land to which the trust relates shall remain in, or descend to the persons otherwise entitled, subject to the execution of the trust as a power.

(2646.) SEC. 16. Every express trust, valid as such in its have whole es- creation, except as herein otherwise provided, shall vest the 11 Wend., 248. whole estate in the Trustees, in law and in equity, subject

tate.

only to the execution of the trust; and the person for whose benefit the trust was created, shall take no estate or interest in the lands, but may enforce the performance of the trust in equity.

qualified.

(2647.) SEC. 17. The preceding section shall not prevent Last Section any person creating a trust from declaring to whom the lands to which the trust relates shall belong, in the event of the failure or termination of the trust, nor shall it prevent him from granting or devising such lands, subject to the execution of the trust; and every such grantee shall have a legal estate in the lands, as against all persons except the Trustees and those lawfully claiming under them.

Interest remaining in grantor of

(2648.) SEC. 18. When an express trust is created, every estate and interest not embraced in the trust, and not express trust. otherwise disposed of, shall remain in, or revert to, the person creating the trust, or his heirs as a legal estate.

trust, of party in

(2649.) SEC. 19. No person beneficially interested in a trust Powers over for the receipt of the rents and profits of lands, can assign or terested. in any manner dispose of such interest; but the rights and interest of every person for whose benefit a trust for the payment of a sum in gross is created, are assignable.

trust in convey

(2650.) SEC. 20. When an express trust is created, but is Effect of omitting not contained or declared in the conveyance to the Trustees, ance. such conveyance shall be deemed absolute as against the subsequent creditors of the Trustees, not having notice of the trust, and as against purchasers from such Trustees, without notice, and for a valuable consideration.

etc., by Trustees,

(2651.) SEC. 21. When the trust shall be expressed in the certain sales, instrument creating the estate, every sale, conveyance, or void. other act of the Trustees, in contravention of the trust, shall be absolutely void.

to be affected by

Trustees.

(2652.) SEC. 22. No person who shall actually and in good Other persons not faith make any payment to a Trustee, which the Trustee as misconduct of such is authorized to receive, shall be responsible for the application thereof according to the trust; nor shall any right or title derived by such person from the Trustee, in consideration of such payment, be impeached or called in question, in consequence of any misapplication of such payment by the

Trustee.

Trustees to cease.

(2653.) SEC. 23. When the purposes for which an express when Estate of trust shall have been created shall have ceased, the estate of 4 Paige, 403. the Trustee shall also cease.

(2654.) SEc. 24. Upon the death of the surviving Trustee

On death of sur of an express trust, the trust shall not descend to his heirs,

viving Trustee,

cuted under di

Court of Chan

trust to be exe- nor pass to his personal representatives; but the trust, if rection of the then unexecuted, shall vest in the Court of Chancery, with all the powers and duties of the original Trustees, and shall be executed by some person appointed for that purpose, under the direction of the Court.

cery.

When and how Trustees may resign.

3 Paige, 420.

When and how Trustees may be removed.

Places of Trus tees resigning or

supplied.

(2655.) Sec. 25. Upon the petition of any Trustee of an express trust, 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.

(2656.) SEC. 26. Upon the petition or bill of any person interested in the execution of an express trust, and under such regulations as shall be established by the Court for that purpose, the Court of Chancery may remove any Trustee who shall have violated or threatened to violate his trust, or who 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.

(2657.) SEC 27. The Chancellor shall have full power to removed, how appoint a new Trustee, in the 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 cause the trust to be executed by one of its officers, under its direction.

R. S. of N. Y.,
Art. 3, Title 2,
Chap. 1, Part 2.

Powers, except as
provided for in

Chapter Sixty-Four of Revised Statutes of 1846.

(2658.) SECTION 1. Powers, except as authorized and prothis Chapter, vided for in this chapter, are abolished; and from the time this

abolished.

Definition of Pow

er.

Who incapable of granting a Power.

Division of Powers.

Definition of General Powers.

Definition of Special Powers.

Beneficial Pow

ers.

Powers to Married Women.

Estate of Tenant for life, etc,

into a fee.

chapter shall be in force, the creation, construction and execution of powers, shall be governed by the provisions herein contained.

(2659.) SEC. 2. A power is an authority to do some act in relation to lands, or the creation of estates therein, or of charges thereon, which the owner granting or reserving such power, might himself lawfully perform.

(2660.) SEC. 3. No person is capable in law of granting a power, who is not at the same time capable of aliening some interest in the lands to which the power relates.

(2661.) SEC. 4. Powers as authorized in this chapter, are general or special, and beneficial or in trust.

(2662.) SEC. 5. A power is general, when it authorizes the alienation in fee, by means of a conveyance, will or charge of the lands embraced in the power, to any alienee whatever. (2663.) SEC. 6. A power is special:

1. When the person or class of persons to whom the disposition of the lands under the power is to be made, are designated;

2. When the power authorizes the alienation, by means of a conveyance, will or charge, of a particular estate or interest less than a fee.

(2664.) SEC. 7. A general or special power is beneficial when no person other than the grantee has, by the terms of its creation, any interest in its execution.

(2665.) SEC. 8. A general and beneficial power may be given. to a married woman, to dispose during the marriage, and without the concurrence of her husband, of lands conveyed or devised to her in fee.

(2666.) SEC. 9. When an absolute power of disposition, not when changed accompanied by any trust, shall be given to the owner of a particular estate, for life or years, such estate shall be changed into a fee, absolute in respect to the rights of creditors and purchasers, but subject to any future estates limited thereon, in case the power should not be executed, or the lands should not be sold for the satisfaction of debts.

Certain Powers create a fee, etc.

(2667.) SEC. 10. When a like power of disposition shall be given to any person to whom no particular estate is limited,