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Sec. 7. Every conveyance or devise of lands, and every gift or bequest of goods or chattels, to any minister of the gospel, as such, or to any religious sect or denomination, or for the support or in trust for the same, shall be void, except such as either of them are authorized to hold through trustees, by the provisions of chapter twenty, Part I, of this Code.
Sec. 8. No goods, chattels, or slaves, whereof the vendor, donor, mortgagor, or assignor, shall remain in possession, shall pass, or any property therein be transferred, as against the creditors of such vendor, donor, mortgagor, or assignor, or subsequent purchasers in good faith, except by an instrument in writing, acknowledged and certified as hereinbefore required with regard to deeds of real estate, and recorded and indexed, in the office of the recorder.
Sec. 9. The term creditors, as used in the last section, shall be construed to include all persons who shall be creditors of the vendor, donor, mortgagor, or assignor, at any time while such goods, chattels, or slaves, shall remain in his possession.
Sec. 10. Nothing contained in the last two sections shall avoid or defeat any contract of bottomry, or respondentia, nor any transfer, assignment, or hypothecation of any ship or goods, at sea or abroad, if the mortgagee or assignee shall take possession of such ship or goods, as soon as may be after the arrival thereof within this District.
Sec. 11. Every conveyance of any estate in lands, and every charge, trust, limitation of use, upon, or in any lands, made or created with intent to defraud prior or subsequent purchasers, for a valuable consideration, of the same lands, as against such purchaser for a valuable consideration, shall be void.
Sec. 12. No such conveyance, charge, estate, interest, use, or trust, otherwise valid, shall be deemed fraudulent in favor of a subsequent purchaser, who shall have actual or constructive notice thereof at the time of his purchase, unless it shall appear that the grantee in such conveyance, or person to be benefitted by such charge, estate, interest, use, or trust, was privy to the fraud intended.
Sec. 13. Every conveyance of, or charge upon, any estate in lands, containing any provision for revocation at the will of the grantor, shall be void as against subsequent purchasers, from such grantor, for a valuable consideration, of any estate or interest so liable to be revoked, although the same may not be expressly revoked.
Sec. 14. When a power to revoke a conveyance of any interest in lands, and to reconvey the same, shall be given to any person other than the grantor, and such person shall thereafter convey such interest to a purchaser, for a valuable consideration, such subsequent conveyance shall be valid.
Sec. 15. If a conveyance to a purchaser, under either of the last two preceding sections, shall be made before the person making the same shall be entitled to execute his power of revocation, it shall be valid from the time the power of revocation shall vest in such person.
Sec. 16. All conveyances or assignments, in writing or otherwise, of any estate in lands, of goods or things in action, every charge upon lands, goods, or things in action, and all bonds, contracts, evidences of debt, judgments, decrees, made or suffered with intent to hinder, delay, or defraud creditors of their lawful damages, forfeitures, debts, or demands, shall be void as to the persons sought to be defrauded.
Sec. 17. All deeds of gift, conveyances, transfers, or assignments, verbal or written, of goods or things in action, made in trust for the use of the person making the same, shall be void as against creditors, existing or subsequent, of such person.
Sec. 18. Every conveyance, charge, instrument, act, or proceeding, declared by the provisions of this chapter to be void as against creditors or purchasers, shall be void against the heirs, executors, administrators, or assignees, of such creditors or purchasers.
Sec. 19. The provisions of this chapter shall not be construed to affect the title of a purchaser for a valuable consideration, unless it shall appear that such purchaser had previous notice of the fraudulent intent of his immediate grantor or assignor, or of the fraud rendering void the title of such grantor or assignor.
Sec. 20. The question of fraudulent intent, in all cases arising under any of the provisions of this chapter, shall be deemed a question of fact, nor shall any conveyance or charge be adjudged fraudulent as against creditors or purchasers, solely on the ground that it was not founded on a valuable consideration.
Sec. 21. All assignments of property in trust which shall be made by debtors to trustees, in contemplation of insolvency, with the design to prefer one or more creditors to the exclusion of others, shall be held to enure to the benefit of all creditors in proportion to their respective
demands; and such trusts shall be subject to the control of the circuit court, which may require security of the trustees for the faithful execution of the trusts, or remove them and appoint others, as justice may require.
Of trusts and powers; and limitations of personal and real
CHAPTER 66. Of trusts and powers.
property; and limitations of real estate.
OF TRUSTS AND POWERS.
rents and profits cannot dispose of same
unless, &c. 2. When conveyance is made to one and
consideration paid by another, no trust
as against creditors of person paying
4. Exceptions to section two.
plication of purchase money.
trust to vest in the circuit court. 7. Trustee may be allowed to resign. 8. When trustee may be removed.
SECTION 1. No person beneficially interested in a trust for the receipt of the rents and profits of lands can dispose of such interest, unless the right to make disposition thereof is conferred by the instrument creating such trust; but the interest of every person for whose benefit a trust for the payment of a sum in gross is created, is assignable.
SEC. 2. When a conveyance for a valuable consideration is made to one person and the consideration therefor is paid by another, no use or trust shall result in favor of the latter ; but the title shall vest in the former, subject to the provisions of the next two sections.
Sec. 3. Every such conveyance shall be presumed fraudulent as against the creditors of the person paying the consideration therefor; and where a fraudulent intent is not disproved, a trust shall, in all cases, result in favor of prior creditors to the extent of their just demands; and also in favor of subsequent creditors, if there be sufficient evidence of fraudulent intent.
Sec. 4. The provisions of the section next before the last shall not extend to cases where the alienee shall have taken an absolute conveyance in his own name, without the consent of the person with whose money the consideration was paid ; or where such alienee, in violation of some trust, shall have purchased the land with moneys not his own, or where it shall be made to appear that by agreement, and without any fraudulent intent, the party to whom the conveyance was made, or in whom the title shall vest, was to hold the land, or some interest therein, in trust for the party paying the purchase money, or some part thereof.
Sec. 5. No person who shall in good faith pay money to a trustee authorized to receive the same, shall be responsible for the proper application of such money; nor shall any right or title derived by him from such trustee in consideration of such payment, be called in question in consequence of misapplication by the trustee of such money.
Sec. 6. Upon the death of a sole or surviving trustee of an express trust, the same shall vest in the circuit court, and such court shall forth with appoint a successor in whom the trust shall vest.
Sec. 7. Upon petition of any trustee of an express trust, the circuit court may accept his resignation, and discharge him from the trust, upon such terms as the rights of the persons interested in the execution of the trust may require.
Sec. 8. Trustees having violated, or attempted to violate, any express trust, or becoming insolvent, or of whose solvency, or that of their sureties, there is reasonable doubt, or for other cause, in the discretion of the circuit court, may, on petition of any person interested, after hearing, be removed by such court, and all vacancies in express trusteeships may be filled by such court.
OF THE ACCUMULATION, SUSPENSION OF OWNERSHIP, AND JOINT TENANCY OF PERSONAL PROPERTY; AND LIMITATIONS OF REAL ESTATE.
} Proceedings therefor.
may be suspended.
valid. 3. Minor may have allowance for support. 4. Rights of survivor of persons holding in
joint tenancy. 5.
Limitations of real estate; how far valid. 6.
deed or will. 11. Conveyance ordered to purchaser. 12. Proceeds of sale; how invested and dis
Section 1. No limitation or condition shall suspend the absolute ownership of personal property longer than till the termination of lives in being at the time of the execution of the instrument containing such limitation or condition; or, if in a will, of lives in being at the death of the testator.
SEC. 2. Any provision for the accumulation of interest, or income of money, or other personal property, by any conveyance or will, shall be void, except as follows:
1. If the accumulation be directed to commence from the date of the instrument, or the death of the person executing the same, it may be for the benefit of one or more minors then in being, or in being at such death, and to terminate at the expiration of their minority.
2. If the accumulation be directed to commence at any period sulsequent to the death of the person executing such instrument, it may be within the time allowed in the first section of this chapter for the suspension of ownership, and at some time during the minority of the persons for whose benefit it is intended, and must terminate at the expiration of their minority. Any provisions for accumulation beyond the minority of such persons shall be void only as respects the time beyond such minority.
Sec. 3. If a minor for whose benefit such accumulation may have been directed shall be destitute of means of support or of education, the circuit court may, on complaint of such minor or his guardian, cause a reasonable sum to be taken from such accumulation for his support or education, or both.