Page:United States Statutes at Large Volume 31.djvu/1405

 FIFTY-SIXTH CONGRESS. Sess. II. C11. 851. 1901. 1353 SUBCHAPTER Two. POVVERS. Powers. Sec. 1037. DEEINITIoN.——A power is an authority to do some act in D¢¤¤i¤<>¤· relation to lands or the creation of estates therein or of charges thereon which the owner granting oI· reserving such power might himself lawfully perform. Sec. 1038. GENERAL rowER.-—A power is general where it author- G€¤€¤¤*1>¤W<=r- izes the alienation in fee, by means of a conveyance, will, or charge, of the lands embraced in the power to any alienee whatever. Sec. 1039. SPECIAL POWER.·—·A power is special- Sveeialpewer. First. \Vhere the persons or class of persons to whom the disposition of the lands under the power is to be made are designated. _ Second. Where the power authorizes the alienation, by means of a conveyance, will, or charge, of a particular estate or interest less than a fee. Sec. 1010. BENEFICIAL POWER.-··A general or special power is bene- Be¤¤¤<¤ia1 newer. ficial where no person other than the grantee has, oy the terms of its creation, any interest in its execution. Sec. 1011. EFFECT oF ABSOLUTE POWER TO CWNER OF PARTICULAR p0§,‘§°lm°‘Ov*;*,;*;‘§°g*; EsTATE.—Where an absolute power of disposition, not accompanied by particular estate. 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. Sec. 1012. EFFECT OF sUCII rowER T0 ONE WITHOUT PARTICULAR ,0§‘f,‘;°fgfggg§PgrY,%{ ESTATE.——·VVl1B1’6 a like power of disposition shall be given to any per- ular estate. P son to whom no particular estate is limited, such person shall also take a fee, subject to any future estates that may be lin1ited thereon but absolute in respect to creditors and purchasers. Sec. 1013. EFFECT NVHERE NO REMAINDER ON PARTICULAR ESTATE.- m§,‘;‘§;r§,§;;€n?gu{;; In all cases where such power of disposition is given and no remainder estate. is limited on the estate of the grantee of the power, such grantee shall be entitled to an absolute fee. Sec. 1011. CONSTRUCTION OF POWER TO PARTICULAR TENANT TO poggysttorucatrigcglgf DEvIsE THE INHERITANcE.—Where a general and beneficial power to penaqt no devise the devise the inheritance shall be given to a tenant for life or for years, mhemanca such tenant shall be deemed to possess an absolute power of disposition, within the meaning and subject to the provisions of the three last preceding sections. Sec. 1015. .RIGHT OF GRANTOR vro RESERVE 1=·owER.—The grantor m§(}§§jp%f,v§Q§¤°°r‘° in any conveyance may reserve to himself any power, beneficial or in trust, which he might lawfully grant to another, and every power thus reserved shall be subject to the provisions of this subchapter as if granted to another. · Sec. 1016. LIABILITY OF BENEFICIAL POWERS IN EoUITY.—Every c,;{*;‘g§{};g of €§l€,g$;§· special and beneficial power shall be liable, in equity, to the claims of ` creditors, and the execution of the power may be decreed for the benefit of the creditors entitled. ‘ V Sec. 1017. GENERAL POWERS IN TRUsT.——A general power is in trust .m‘,:fS‘§‘°“’“ ¥"""°’S m when any person or class of persons other than the granteeiof such power is designated as entitled to the proceeds, or any portion of the proceeds or other benefits to result from the alienation of the `lands, accoI·ding to the power. ‘ _ _ Sec. 1018. SPECIAL POWERS IN TRUsT.——A special ower is in trust- t,.§g‘?°“" p°"'€“ ‘“ First. When the disposition which it authorizes is limited to be made to any person or class of persons other than the grantee of such power. Second. \Vhen any person or class of persons other than the grantee