Page:United States Statutes at Large Volume 47 Part 1.djvu/1178

 1154 CROSS REFERENCES Community property, see section 202 Interest in common, see sections 200 and 201. Ante, p.1553. Joint interest, see section 193 . Partnership interests, see section 199. Joint interest. SEC. 198 . JOINT INTEREST, WHAT .-A joint interest is one owned by several persons in equal shares, by a title created by a single will or transfer, wh en expressly declared in the will or tra ns fer to be a joint tenancy, or when granted or devised to executors or trustees as joint tenants. Partnership interest. EC. 199 . PARTNERSHIP INTEREST, WHAT .-A partnership interest is one owned by several persons, in partnership, for partnership purposes. Int erest incom mon. S EC. 200 . INTE REST IN COMMON, WHAT .-An interest in common is one owned by several per sons, not in jo int o wners hip or par tners hip. CROSS REFERENCES See, also, sections 198 and 201 . Ante, p .1139. Husband and wife as owners in common, see section 116. Post, p .1175. Legacy to two or more makes them owners in common, see section 381 . Interests in common. ,,SEC. 201. WHAT INTERESTS ARE IN COMMON .-Every interest cr ea ted in fa vor of sev eral perso ns in thei r own righ t is an in teres t in com- mon, unless acquired by them in pa rtner ship, for partn ershi p pur - poses, or unless declared in its creation to be a joint interest, as provi ded in section 198, or unless acquired as community property . CROS S RmmaanccR Interests in common, see sections 198 and 200 . Comm unity prop ° arty. Ante, p. 1139. Inteiests as to time. Present Interest. Future interest. Post, pp. 1156, 1157 . Post, p. 1155. Post, p. 1157. Perpetual interest Limit ed int erest. Kinds of future Rrests. 72d CONGRESS. SESS. II. CH. 128 . FEBRUARY 27, 1933 . SEC. 202. COMMUNITY PROPERTY .-Community property is property acquired by husband and wife, or either, during marriage, when not acq ui red as the separate pro pe rty of either or as joi nt interests or inter ests in co mmon. CROSS REFERENCE See also section 119. SEC. 203. INTERESTS AS To TIME .-In respect to the time of enjoy- men t an int er est in property is either 1. Pr esent or f uture ; and, 2. Perpetual or limited. SEC. 204. P RESEN T INT EREST , WHAT .-A present interest entitles the owner to the immediate possession of the property. SEC. 205 . FUTURE INTEREST, WHAT.-A future interest entitles the owner to the possession of the property only at a future period. CROSS REFERENCES Accumulations as future interests, see sections 224 et seq ., and 230. Conditions upon enjoyment of estates, see sections 217 et seq. Terminating future interests, see sections 231 et seq. SEC. 206. PERPETUAL INTEREST, WHAT.-A perpetual interest has a duration equal to that of the property. SEC. 207. LI MITED INTE REST, WHAT. -A limited interest has a dura- tion less than that of the property. 'n. SEC. 208. KINDS OF FUTURE INTERESTS .-A future interest is either 1. Vested ; or, 2.' Contingent.