I order and ordain that my above named sons, or either of them, dying without issue, shall give and bequeath his share aforesaid at his option or choice to either of my remaining sons, or to their child or children, or to any one of them. I order and ordain that no part or parcel of my real estate shall be sold without the written consent of all my above named sons. Query Is the bequest to the three sons a deed or gift to them in fee giving them full and complete ownership? Does the order that they shall bequeath the property in a certain way debar them from selling and make their interest a simple life estate? In case a portion of the undivided property be destroyed by fire, would two of the heirs have the legal right to mortgage their share for the purpose of rebuilding? A. "Conditions that are repugnant to the estate to which they are annexed are absolutely void. Thus, if a testator, after giving an estate in fee, proceeds to qualify the devise by a proviso or condition which is of such nature as to be incompatible with the absolute dominion and ownership, the condition is nugatory, and the estate absolute." (Jarman on Wills, ii, 15.) In the case of our correspondent the first clause conveys an estate in fee simple, and the subsequent conditions are in our opinion repugnant and void. The devisees may therefore deal with it as their absolute property, and a mortgage by two would cover and bind their respective interests. 4. A man having no children wishes to will to his wife all his real and personal property, mostly cash. He does not wish to limit her in the use of the money, or even prevent her from selling the real estate, but at the same time he desires that at her death whatever be left should revert to his and not to her relatives, as she had nothing of her own before marrying. State whether he can so dispose, and how the disposition should be worded, to prevent interference with the wife in spending the money while living, and with his relatives in inheriting what she leaves at her death. Also, she being named executrix, are her rights in any way restricted by naming and appointing also an executor? A. You may leave your property to your wife, both principal and interest to her use, with remainder at her death to the heirs desired. There might be a little restriction on unnecessary waste in the appointment of an additional executor, but nothing, perhaps, to which the widow would object. 5. Can a married man, having minor children, make a will leaving his entire estate (personal only) to his wife? In making her sole ex ecutrix is it understood that no bonds shall be required, or must it be so mentioned in the will? A. A will of the kind described can be legally made, and though perhaps not essential where the executrix is sole legatee, it would be better to insert a direction in the will that bonds shall not be required. 6. A will written by myself would be valid if simply witnessed by my two sisters, who are not mentioned in it as receiving anything, or must it also be acknowledged before a notary, or either or both, and is one person sufficient to name to administer the will? A. Only two witnesses are necessary to a will in this State, (N. Y.), while in some others three are required. The two sisters would answer, but if the matter is of any importance, the better selection is of persons outside the family. They must sign in the presence of the testator and in each other's presence, and at the testator's request, and these facts should be stated above the signature. It is important that they certify that the testator declared the document, when he signed it, to be his last will and testament, and there is a penalty, in this State, if the witnesses fail to affix their residences to their names. No notary is required. 7. Is a will in a person's own handwriting legal without being subscribed to by a witness? A. In this State, (N. Y.,) the statute restricts the right of making nuncupative wills to sailors and soldiers in service and in peril. All other wills must be signed by the testator and at least two witnesses, in whose presence the testator must publish and declare it to be his last will and testament. INDEX. A ASSIGNMENT (SEE ALSO INSOLVENCY). Compromise without surrender of notes, Creditor's right to compel foreclosure of mortgage as collateral, 66 66 "retain negotiable paper, Unclaimed dividend in the hand of assignee, When judgment precluded by, MICH.-Effect of, on failure to file assignee's bond, ATTACHMENT. Unearned wages not attachable, What property attachable, Assignment of wages to creditor, R. I.-Mariner's wages exempt until voyage completed, B BANKS (NATIONAL AND STATE). Checks, Drafts, and Notes. Bank not required to hold note till close of banking hours before 66 66 66 on raised check, protesting, Cancelled check not returned to depositor, Certified check not charged to depositor's account, Certifying forged or raised checks, Decisions as to checks deposited in drawee bank, Drawee bank may sue and recover on raised check, Indorsement of check, "for deposit only," is guaranteed by, Liability of, on payment of check stopped by written notice, "for directing payment of depositor's draft, may be required before certification, Method of payment on check in excess of depositor's credit, 66 "hold check a reasonable time for examination, 66 "refuse payment of check drawn against deposit of same day, 19 20 Steps to be taken by, on presentation of note past due, 66 21 22 23 66 66 66 แ 66 (551) 24 23 Collection. Liability of, on accepting check instead of money, 33 26 34 25 26 26 27 Liability of, for cashier's guaranty and indorsement of depositor, 32 Directors are not officers, 66 Directors and Stockholders. of, may act as proxies for stockholders, Duties and privileges of directors, Liability of stockholders to depositors, 42 43 44 secure, Transfer of stock, Authorities applicable to, for usury, Miscellaneous. 47 48 Prohibited from lending on their shares of stock, Stockholders may apply to department at Washington when in- When director is not allowed to vote, Bank account attached by judgment creditors, Bank's right to demand bond of indemnity on loss of certificate Law in regard to foreign banking capital, Judgment in hands of national, formerly state, valid,. แ "cashier's acts, Method of computing time on loans, Penalty for charging more than legal rate of interest, . Rate of United States bonds on returns for internal revenue, 56 57 58 66 66 59 60 61 Right of, under bank act to become surety on municipal bonds, 65 42 to reduce rate of interest on certificate of deposit payable on demand, When not responsible for cashier's breach of trust, 36 37 37 38 38 39 39 39 40 40 40 41 42 42 43 |