and profits, vests no estate in them; but the trust is valid as a power in trust. 1 R. S., 729, § 56. 1 Hawley v. James, 16 Wend., 114, 115; Darling v. Germond v. Jones, 2 Hill, 573; Campbell v. Johnston, 1 Sandf. Ch., 148. S287. 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 that may be necessary1 for the education and support of the person for whose benefit the trust is created, is liable to the claims of the creditors of such person, in the same manner as personal property which cannot be reached by execution. 1 R. S., 729, § 57. 'Sillick v. Mason, 2 Barb. Ch., 79; Clute v. Bool, 8 Paige, 83. 'L'Amoreux v. Van Rensselaer, 1 Barb. Ch., 34; Noyes v. Blakeman, 6 N. Y., 567. Profits of land liable in certain cases. press trusts ers in trust. $288. Where an express trust in relation to real Other exproperty is created for any purpose not enumerated to be pow in the preceding sections, such trust vests' no estate in the trustees; but the trust, if directing or authorizing the performance of any act which may be lawfully performed under a power, is valid as a power in trust, subject to the provisions in relation to such powers, contained in Title V of this Part. 1 R. S., 729, § 58. 1 This expression is substituted for "no estate shall vest 22 Wend., 494. Hotchkiss v. Elting, 36 Barb., 45. $289. Nothing in this Title prevents the creation of a power in trust, for any of the purposes for which an express trust may be created. This section is new. The contrary was assumed by And land, &c., to descend to persons entitled. Trustees of express estate. amendment enacts the construction adopted expressly by DUER, J., in Lang v. Ropke, 5 Sandf., 367, 372, 373, and by implication in Tucker v. Tucker, 5 N. Y., 408, and Downing v. Marshall, 23 N. Y., 380. $290. In every case where a trust is valid as a power in trust, the real property to which the trust relates, remains in, or passes by succession to, the persons otherwise entitled, subject to the execution of the trust as a power in trust. 1 R. S., 729, § 59. The words "in trust" are new. S 291. Except as hereinafter1 otherwise provided, have whole every express trust in real property, valid as such, in its creation, vests the whole2 estate in the trustees, subject only to the execution of the trust. The beneficiaries take no estate or interest in the property, but may enforce the performance of the trust. Author of trust may 1 R. S., 729, § 60. 2 But the express trusts exception referred to § 282. Savage v. Burnham, 17 N. Y., 569; Noyes v. Blake- S 292. Notwithstanding anything contained in the devise, &c. last section, the author of a trust may, in its creation, prescribe to whom the real property to which the trust relates shall belong, in the event of the failure or termination of the trust, and may transfer or devise such property, subject to the execution of the trust. 1 R. S., 729, § 61. See Corse v. Leggett, 25 Barb., 395. Title of grantor of trust pro perty. S293. The grantee or devisee of real property subject to a trust acquires a legal estate in the property, as against all persons except the trustees and those lawfully claiming under them. 1 R. S. 729, 61. remaining of express $294. Where an express trust is created in relation Interests to real property, every estate not embraced in the in grantor trust, and not otherwise disposed of, is left in the trust. author of the trust, or his successors. over trust of party $295. The beneficiary of a trust for the receipt of Powers the rents and profits of real property cannot transfer, or in any manner dispose of, his interest in such trust. 1 R. S., 730, § 63; Belmont v. O'Brien, 12 N. Y., 402. interested. $296. The beneficiary of a trust for the payment 1. of an annuity out of the rents and profits' of real property, or of a sum in gross, can dispose of his interest in such trust. 1 R. S., 730, § 63. 'Modified so as to adopt the construction given to this $297. Where an express trust is created in relation to real property, but is not contained or declared in the grant to the trustee, such grant must be deemed absolute, in favor of the subsequent creditors of the trustees, not having notice of the trust, and in favor of purchasers from such trustees, without notice, and for a valuable consideration. 1 R. S., 730, § 64. Davis v. Graves, 29 Barb., 480. $298. Where a trust in relation to real property is expressed in the instrument creating the estate, every transfer or other act of the trustees, in contravention of the trust, is absolutely void. 1 R. S., 730, § 65. Belmont v. O'Brien, 12 N. Y., 394, When es tate of trus $299. When the purpose for which an express tee to cease. trust was created ceases, the estate of the trustee also ceases. 1 R. S., 730, § 67. TITLE V. POWERS. The provisions of this title are from 1 R. S., 732; omitting § 127, which is embodied in the title on Succession, and § 126, which is inserted in the chapter on Interpretation of Wills. SECTION 300. What powers exist. 301. Application of this title. 302. Definition of a power. 303. Terms "author of a power" and "holder of a power" defined. 304. Division of powers. 305. Definition of general powers. 306. Definition of special powers. 307. Beneficial powers. 308. Powers in trust. 309. General powers, when in trust. 310. Special powers, when in trust. 311. Who may create power. 312. To whom power may be given. 313. How created. 314. Reservation of powers in conveyances. 315. When power irrevocable 316. When power a lien. 317. Power of sale in mortgage. 318. Beneficial powers, &c., transferred by insolvent assign ments. 319. Who to execute powers. 320, 321. Married women. 322. How executed. 323. Execution by survivors. 324. Execution of power to dispose by devise. 325. Execution of power to dispose by grant. 326, 327. Directions by author, when disregarded. 328. Nominal conditions. 329. When directions of author to be observed. 330, 331. Consent of third person to execution of power. 333. Instruments deemed conveyances. 334. Certain dispositions not void. 335. Computation of term of suspension. 337. Married women, their authority. 338. Defective execution. 339. Fraud. 340. General and beneficial powers to married women. 341. Estate of owner for life, &c., when changed into a fee. 344. Effect of power to devise inheritance in certain cases. 346. Power to revoke. 347. Special and beneficial powers, who may take. 348. Construction of leasing powers. 349. Power to make leases by owner for life. 350. Release of such power. 351. Mortgages by party having power to lease, &c. 352. Effect thereof. 353. Special and beneficial powers liable to creditors. 354. Future beneficial powers. 355. Trust powers imperative. 356. Effect of right of selection. 357, 358. Construction of certain powers. 359, 360. When court to execute power. 361. Execution of trust power when compelled by creditors, &c. 362. Defective execution. 363. Application of certain sections. $300. Powers, in relation to real property, are What those only which are specified in this Title. 1 R. S., 732, § 73. The phraseology of this sec- powers exist. of this $301. The provisions of this Title do not extend Application to a simple power of attorney to convey real property in the name of the owner and for his benefit. 1 R. S., 738, § 134. title. of a power S302. A power, as the term is used in this Title, is Definition an authority to do some act in relation to real property, or to the creation or revocation' of an estate therein, or a charge thereon, which the owner grant |