Leases of city lots, for over twenty years, void. SEC. 718. No lease or grant of any town or city lot, for a longer period than twenty years, in which shall be reserved any rent or service of any kind, shall be valid. Stats. 1851, 169, Sec. 1; N. Y. C. C., Sec. 203. ARTICLE IV. Dispositions of income. Accumulations, when void. Accumulation of income. Other direc ACCUMULATIONS. SECTION 722. Dispositions of income. 723. Accumulations, when void. 724. Accumulation of income. 725. Other directions, when void in part. 726. Application of income to support, etc., of minor. SEC. 722. Dispositions of the income of property to accrue and to be received at any time subsequent to the execution of the instrument creating such disposition, are governed by the rules prescribed in this Title in rela¿ion to future interests. N. Y. C. C., Sec. 204. SEC. 723. All directions for the accumulation of the income of property, except such as are allowed by this Title, are void. N. Y. C. C., Sec. 205. SEC. 724. An accumulation of the income of property, for the benefit of one or more persons, may be directed by any will or transfer in writing, sufficient to pass the property out of which the fund is to arise, as follows: 1. If such accumulation is directed to commence on the creation of the interest out of which the income is to alise, it must be made for the benefit of one or more minors then in being, and terminate at the expiration of their minority; or, 2. If such accumulation is directed to commence at any time subsequent to the creation ofthe interest out of which the income is to arise, it must commence within the time in this Title permitted for the vesting of future interests, and during the minority of the beneficiaries, and terminate at the expiration of such minority. N. Y. C. C., Sec. 206. SEC. 725. If, in either of the cases mentioned in the void in part, last section, the direction for an accumulation is for a tions, when longer term than during the minority of the beneficiaries, the direction only, whether separable or not from other provisions of the instrument, is void as respects the time beyond such minority. N. Y. C. C., Sec. 207. of income to support, etc., of minor. SEC. 726. When a minor for whose benefit an accumu- Application lation has been directed is destitute of other sufficient means of support and education, the proper Court, upon application, may direct a suitable sum to be applied thereto out of the fund. N. Y. C. C., Sec. 208. CHAPTER III. RIGHTS OF OWNERS. SECTION 732. Increase of property. 733. In certain cases who entitled to income of property. SEC. 732. The owner of a thing owns also all its pro- Increase of ducts and accessions. property. N. Y. C. C., Sec. 209. cases who entitled to income of property. SEC. 733. When, in consequence of a valid limitation In certain of a future interest, there is a suspension of the power of alienation or of the ownership, during the continuation of which the income is undisposed of, and no valid direction for its accumulation is given, such income belongs to the persons presumptively entitled to the next eventual interest. N. Y. C. C., Sec. 210. CHAPTER IV. TERMINATION OF OWNERSHIP. SECTION 739. Future interests, when defeated. 740. Same. 741. Future interests, when not defeated. Future interests.when defeated. Same. Future in terests,when SEC. 739. A future interest, depending on the contin gency of the death of any person without successors, heirs, issue or children, is defeated by the birth of a posthumous child of such person, capable of taking by succession. N. Y. C. C., Sec. 211; Stats. 1855, 171, Sec. 4. SEC. 740. A future interest may be defeated in any manner, or by any act or means, which the party creating such interest provided for or authorized in the creation thereof; nor is a future interest, thus liable to be defeated, to be on that ground adjudged void in its creation. N. Y. C. C., Sec. 212. SEC. 741. No future interest can be defeated or barred not defeated. by any alienation or other act of the owner of the intermediate or precedent interest, nor by any destruction of such precedent interest by forfeiture, surrender, merger or otherwise, except as provided by the next section, or where a forfeiture is imposed by statute as a penalty for the violation thereof. Same. N. Y. C. C., Sec. 213. SEC. 742. No future interest, valid in its creation, is defeated by the determination of the precedent interest before the happening of the contingency on which the future interest is limited to take effect; but should such contingency afterwards happen, the future interest takes effect in the same manner and to the same extent as if the precedent interest had continued to the same period. N. Y. C. C., Sec. 214. Income, what. TITLE III. GENERAL DEFINITIONS. SECTION 748. Income, what. 749. Time of creation, what. SEC. 748. The income of property, as the term is used in this Part of the Code, includes the rents and profits of real property, the interest of money, dividends upon stock and other produce of personal property. N. Y. C. C., Sec. 215. ation, what. SEC. 749. The delivery of the grant, where a limita. Time of cretion, condition or future interest is created by grant, and the death of the testator, where it is created by will, is to be deemed the time of the creation of the limitation, condition or interest, within the meaning of this Part of the Code. N. Y. C. C., Sec. 216. |